I am the mortgage holder on an 80% completed, 16 unit building on Fairmont Place in the Bronx, New York.
There are 12 one bedroom units and 4 two bedroom units. The anticipated rent for the one bedrooms is $1,200 a month, and $1,450 for the two bedrooms for gross annual rents of $242,400 .
Because it is currently under construction we are valuing it on a times rent roll basis as opposed to net operating income, but we estimate the finished value to be between $1,700,000 and $2,000,000.
We are currently entertaining offers for our note, and are available to go over the details with any interested parties.
Michael Haltman, President
Exeter Commercial LLC/Exeter Holding Ltd.
131 Jericho Turnpike, Suite 202
Jericho, New York 11753