5 King st, new york, ny

PROJECT DESCRIPTION: 5 King St is located in the heart of SOHO, NYC. This historic structure consists of two multifamily buildings. JEL Development was able to renegotiate the relocation of rent controlled and rent stabilized tenants. This allowed for the sale of one building while retaining the other for additional development. Further value was added to the property after a multi-year approval process to convert the residential ground floor into a commercial space. Once the development plan was fully realized the second property was sold.

DEVELOPER: JEL Development

COMPLETION YEAR: 2002

STATUS: Completed and sold.

PROJECT METRICS: 

• Completed in time?: Yes
•  ROI: 18%
• CAP rate: 3.5%

INVESTMENT OPPORTUNITY?: Contact us for more information.