{"id":30376,"date":"2024-08-21T19:12:45","date_gmt":"2024-08-21T23:12:45","guid":{"rendered":"https:\/\/www.lee-associates.com\/new-york\/?p=30376"},"modified":"2024-09-03T19:14:37","modified_gmt":"2024-09-03T23:14:37","slug":"1-park-row-case-study","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/new-york\/2024\/08\/21\/1-park-row-case-study\/","title":{"rendered":"1 Park Row \u2013 Case Study"},"content":{"rendered":"<h2>POTENTIAL SCENARIOS<\/h2>\n<ul>\n<li>1 Park Row, New York, NY<\/li>\n<li>+\/-5,672 sq\/ft lot with approximately 80,000 sq\/ft of development rights<\/li>\n<li>Represented both sides of the transaction<\/li>\n<li>Structured a complex joint venture with multiple uses within the project<\/li>\n<li>+\/-$40,000,000 valuation<\/li>\n<\/ul>\n<h2>THE CHALLENGE<\/h2>\n<p>The property owner had owned and occupied the site with their business (J&amp;R Music) for several decades. Their business had become obsolete but the remaining property had greatly appreciated. It was clear the highest and best use for the property was to redevelop it to take advantage of the air rights. The time eventually came when they wanted to monetize the real estate but they were subject to tax implications and they struggled with selling a property that had such great sentimental value to them. As a result, the target price at which they wanted to sell the property was more than the market could produce.<\/p>\n<h2>OUR APPROACH<\/h2>\n<p>After carefully analyzing the site\u2019s potential uses and the clients\u2019 goals, we determined that the best approach would be to structure a joint venture. We devised plan where the property owner would participate in the development by contributing the land and bringing in a developer with construction expertise to make a monetary contribution to show commitment\/aligned interests and ultimately execute the plan. The split zoning on the site meant that the best use was a mixed-use project consisting of a retail base, office on the lower floors, and residential condo units at the crown. Each component of the building would be structured as an individual condo unit.<\/p>\n<h2>THE OUTCOME<\/h2>\n<p>Ultimately, the sales team was able to bring in a local developer who made an equity contribution equal to 20% of the project. The new partners would be responsible for the debt, construction, and management of the new building. Each party will get their pro-rata share of the revenues generated from the completed project with an agreed upon development and management fee paid to the development partner along the way. The residential condos will be sold and the land owner will get first dollars back from the sale.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>POTENTIAL SCENARIOS 1 Park Row, New York, NY +\/-5,672 sq\/ft lot with approximately 80,000 sq\/ft of development rights Represented both sides of the transaction Structured a complex joint venture with multiple uses within the project +\/-$40,000,000 valuation THE CHALLENGE The property owner had owned and occupied the site with their business (J&amp;R Music) for several decades. Their business had become obsolete but the remaining property had greatly appreciated. It was clear the highest and best&#8230;<\/p>\n","protected":false},"author":203,"featured_media":30300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-30376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>1 Park Row \u2013 Case Study - Lee &amp; Associates New York City<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/new-york\/2024\/08\/21\/1-park-row-case-study\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"1 Park Row \u2013 Case Study\" \/>\n<meta property=\"og:description\" content=\"POTENTIAL SCENARIOS 1 Park Row, New York, NY +\/-5,672 sq\/ft lot with approximately 80,000 sq\/ft of development rights Represented both sides of the transaction Structured a complex joint venture with multiple uses within the project +\/-$40,000,000 valuation THE CHALLENGE The property owner had owned and occupied the site with their business (J&amp;R Music) for several decades. Their business had become obsolete but the remaining property had greatly appreciated. It was clear the highest and best...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/new-york\/2024\/08\/21\/1-park-row-case-study\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates New York City\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-21T23:12:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-03T23:14:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/new-york\/wp-content\/uploads\/sites\/42\/2024\/08\/Website-News-Tags7.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1667\" \/>\n\t<meta property=\"og:image:height\" content=\"1667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kas Xhakli\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kas Xhakli\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2024\\\/08\\\/21\\\/1-park-row-case-study\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2024\\\/08\\\/21\\\/1-park-row-case-study\\\/\"},\"author\":{\"name\":\"Kas Xhakli\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/#\\\/schema\\\/person\\\/41703dec08a71207097a3de765c4b952\"},\"headline\":\"1 Park Row \u2013 Case Study\",\"datePublished\":\"2024-08-21T23:12:45+00:00\",\"dateModified\":\"2024-09-03T23:14:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2024\\\/08\\\/21\\\/1-park-row-case-study\\\/\"},\"wordCount\":351,\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2024\\\/08\\\/21\\\/1-park-row-case-study\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/wp-content\\\/uploads\\\/sites\\\/42\\\/2024\\\/08\\\/Website-News-Tags7.jpg\",\"articleSection\":[\"Case Studies\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2024\\\/08\\\/21\\\/1-park-row-case-study\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2024\\\/08\\\/21\\\/1-park-row-case-study\\\/\",\"name\":\"1 Park Row \u2013 Case Study - Lee &amp; 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Their business had become obsolete but the remaining property had greatly appreciated. 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