Type: Debt
Target: $1,100,000
Annual Return: 8.50% - 8.75%
Min-invest Amount: $10,000
Duration: 12 – 18 Months
Fund Type | Private Equity Fund |
Offering Amount | $1,100,000 |
Estimated Return | 8.50 – 8.75% Annualized Return*1 |
Investment Type | Equity Pledge Loan |
Unit Price | $10,000 per Subscription Unit |
Offering Date | September 2024 |
Investment Timeline | 12 – 18 Months*2 |
Dividend Schedule | Prepaid per 6 Months*3 |
*1 8.50% Annualized Return for Investment of 1-19 Units; 8.75% Annualized Return for Investment above 20 Units.
*2 Investors will receive a minimum of 12 months of dividend; dividends will be calculated in terms of days till Borrower repays the loan.
*3 After the first dividend period, Borrower owns 1 extension option, and investors will receive dividends accordingly at the same dividend rate.
Address | 97-30 64th Avenue, Flushing, NY 11374 |
Area | Rego Park, Queens, New York |
Building Area | 19,025 Sqft |
Retail Area | 3,717 Sqft |
Intended Use | 23 Condominium Units, 1 Retail Unit, 7 Parking Lots |
Expected Dividend Calendar | ||||||
---|---|---|---|---|---|---|
Round of Dividend | Dividend Date *1 | Counting Date | Ending Date | Dividend Period | Notes | |
First | No Later than 10/1/2024 | 9/20/2024 | 3/19/2025 | 181 days | Prepaid Dividend *2 | |
Second | No Later than 4/1/2025 | 3/20/2025 | 9/19/2025 | 184 days | Prepaid Dividend | |
Third | No Later than 10/1/2025 | 9/20/2025 | 3/19/2026 | 181 days | Extension Option Owned by Developer*3 |
*1 In case of holidays and non-working days, the dividend date will be automatically postponed to the next working day.
*2 Investors will receive a minimum of 12 months of dividend; dividends will be calculated in terms of days till Borrower repays the loan.
*3 After the first dividend period, Borrower owns 1 extension options, and investors will receive dividends accordingly at the same dividend rate.
Capital Stack | Percentage | ||
---|---|---|---|
CrowdFunz 619 Mortgage | $3,300,000 | 19.75% | |
CrowdFunz Fund 850 Equity Pledge Loan | $1,100,000 | 6.58% | |
Developer Equity | $11,310,000 | 73.67% | |
Total | $16,710,000 | 100.00% |
Rego Park/Forest Hills | |
---|---|
Population | 128,592 |
Median Age | 43.60 |
Born in | New York(49.60%)/ Out of the U.S.(22.50%) |
Race | Asian(26.0%)/Caucasian(43.00%)/Latino(21.50%)/African American(3.20%) |
Median Family Income | $93,960 |
Child-bearing (Under 18) | 20.6% |
Unemployment Rate | 2.6% |
Rego Park offers convenient transportation with direct access to the LIRR and public transit options. Over the past decade, the area has developed rapidly, with a full range of retail and dining options catering to the daily needs of Asian residents.
The population in Rego Park is diverse, with 43.00% White, 26.00% Asian, 21.50% Hispanic, and 3.20% Black residents. The area is populated, with 45% of residents being full-time workers who commute by public transportation.
The community is mainly composed of middle-aged families with stable incomes, with an average age of about 44 years. Families with children make up 20.60% of the population, and the homeownership rate is 44.70%.
The population in this area has seen steady growth in recent years, driven by strong demand from first-time homebuyers, contributing to stable housing prices.
* Source: NYU Furman Center and U.S. Census Bureau, in September 2024
Rego Park, located in the central area of Queens, shares similarities with the neighboring Forest Hills, with a high proportion of Jewish residents. The area has well-developed shopping districts, convenient facilities, and is known for its good public safety, making it a traditional residential community in Queens. In recent years, it has attracted many local professionals to settle down.
According to the valuation report by Marshall & Stevens, the market for condominiums in Rego Park has been very strong in past years. Although the housing sales volume was affected during the pandemic, the recovery of the local business districts and the anticipated significant interest rate cuts have created a positive market outlook for the future.
The current average price for comparable condominiums in the Rego Park area is about $611,101 per unit, with an average price of $930 per square foot. Given the limited supply of new condominium units, prices for comparable units generally fall within the ideal range of $900 to $1,200 per square foot.
* Source: NYU Furman Center and U.S. Census Bureau.
The underlying property is a 7-story mixed-use building. The construction has been completed, and the project Condominium Offering Plan was filed in July 2024. The final inspection by the New York City Department of Building is expected to be completed in October 2024, after which a Temporary Certificate of Occupancy will be issued.
According to the valuation report provided by Marshall & Stevens, the current market value of the property is approximately $16,710,000, with an average price of $878.32 per square foot (Details shown on the right).
Based on the current project progress, CrowdFunz believes that the project’s valuation is close to its final sales value. The $16,310,000 property value, assessed using the Income Capitalization Approach by Marshall & Stevens, aligns with the actual value of the project.
* Source: Appraisal Report Provided by Marshall & Stevens
The project is in the central area of Rego Park, just a 4-minute driving to the LIRR station, and a 30-minute subway ride to Manhattan. The site is close to major transportation routes, providing a 20-minute driving to both LGA and JFK airports. The area is also well-served with malls, hospitals, police stations, banks, schools, and senior centers, offering comprehensive community services.
Rego Park has 5 public elementary schools, 1 private Catholic elementary school, and 3 public middle schools, providing ample educational options for local children.
Rego Park, as an emerging Asian community, has attracted many Chinese homebuyers and investors in recent years, including many new immigrants. The nearby Queens Boulevard features several Chinese, Central American and Mediterranean cuisine options.
Rego Park is near local libraries and close to Flushing Meadows-Corona Park, the Queens Museum of Art, the Science Museum, and the U.S. Open tennis courts. These abundant recreational facilities make the area ideal for families with children looking to settle down.
Developer Company: New Empire Corp.
Developer Website: https://www.greatstoneny.com/
Prior Cooperation: CrowdFunz Fund 804 / CrowdFunz Fund 807 / CrowdFunz Fund 809 / CrowdFunz Fund 812 / CrowdFunz Fund 818 / CrowdFunz Fund 822 / CrowdFunz Fund 823 / CrowdFunz Fund 617 / CrowdFunz Fund 827 / CrowdFunz Fund 841 / CrowdFunz Fund 843