about us
This development project will be spearheaded by Shiraz Sanjana who is a leading real estate developer with over 25 years of experience delivering top-quality condo projects in New York Boroughs. With an unwavering commitment to delivering both exceptional design and the highest quality products, Shiraz has earned a reputation as a trusted choice for discerning investors. From start to finish, Shiraz brings a level of attention to detail and expertise to each project, ensuring that every investment is not only profitable, but also a true reflection of the company’s passion for design and quality.
Albert Aranbaev will act as a managing partner in this development project. As a highly skilled project manager in New York, Albert has extensive experience in managing complex projects. Albert’s ability to handle multiple tasks and deadlines, while effectively communicating with stakeholders, sets him apart as a valuable asset to any project team. His focus on quality and attention to detail, combined with his in-depth knowledge of the industry, allows him to successfully bring projects to completion on time and within budget.
why choose us
With the combined expertise and leadership of these two individuals, investors can expect a development project that is well-planned, expertly executed, and delivered with unparalleled success. The combination of their diverse skills and experience in project management, development, and operations, will ensure a smooth and efficient project from start to finish. By partnering with these two leaders, investors can rest assured that their investment is in good hands and that the project will be completed to the highest standards, delivering maximum returns and long-term success.
199 N. 5TH STREET
The Sponsor, 199 N 5th Development LLC, is in contract to purchase a development site located at 199 N 5th Street, which is in the heart of Williamsburg (Brooklyn). The property, currently occupied by a Church, sits on a 5,700 square feet lot with a residential R6B zoning yielding up to 11,400 buildable square feet.
The contract price of the property is $5.8 million ($509.26/sf). The anticipated closing date of the property is May 2023. The total estimated cost of the project is approximately $13.7 million. The sponsor expects a construction loan of $8.9 million. The sponsor is seeking to raise $4.8 million from investors. The anticipated return for every $100,000 invested is $55,000 over a period of 37 months.
- Location
- 199 North 5th Street is located in the Williamsburg neighborhood of Brooklyn.
- Without question, Williamsburg is an extremely desirable residential neighborhood!
- Williamsburg is home to numerous boutique and national retailers such as Google and Nike.
- BUDGET
The total Hard Costs for the project are estimated to be $5.6 million. Total Soft Costs, which include interest, are estimated at $2.26 million.
Total project costs are projected to be $13.66 million.
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