Hurricane Apartments LLC is the proposed new construction of 280 rental apartments and 3 retail stores. The subject will consist of 150 one bedroom and 130 two bedroom units. In-unit amenities at the property include: central heat and air conditioning, a frost-free refrigerator with icemaker, a dishwasher, a self-cleaning oven/range, and a full-size washer/dryer set. Common amenities include: 24 hour doorman concierge, health and fitness center, children’s playroom, bicycle storage room, entertainment lounge, as well as landscaped rooftop and sun terrace.
HookandFisher Development, Inc. (“Sponsor”) is offering an equity stake in this exceptional investment opportunity. A $42,000,000 investment will create an approximant 50% investment in Hurricane Apartments, LLC. The property will be held for five years, with an overall post tax IRR of 21.99%
HookandFisher Development, Inc. was founded in 1991 and specializes in luxury apartment rentals. The team is made up of proven, experienced professionals who have established, enviable records in completing and operating residential developments.
Since 1991, HookandFisher Development, Inc has successfully developed over 8,000 high quality rental units throughout the east coast of the United States, from New York to Florida, with 28 developments in seven states and the District of Columbia. Currently, there are no underperforming assets in their portfolio; the weighted average DSC for the portfolios is 1.63 with available cash flow of $8.8M to flow through the cash waterfalls.
In addition, Roberts Property Management Company, an affiliate of the developer, has over 15 years of experience in managing multi-family housing and specializes in luxury apartment building management.
The subject is located in the Sutton Place South area of Manhattan, one of the most luxurious neighborhoods in Manhattan. This sophisticated Midtown East address...