PROJECTS AT A GLANCE
401-403-405 West 40th Street
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Distribution |
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Demographics |
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Studios | 2 |
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Existing Tenants | 25 |
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One Bedrooms | 21 |
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Community Referrals | 12 |
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Two Bedrooms | 8 |
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Management | 1 |
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Three Bedrooms | 7 |
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Total | 38 |
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Total | 38 |
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*5 commercial spaces not included
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Development Costs |
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Financing |
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Acquisition | 7 |
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HPD Neighborhood Revitalization | 2,430,311 |
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Soft Costs | 704,626 |
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Clinton Fund | 400,000 |
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Construction | 3,851,437 |
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Merchant's Equity | 260,007 |
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Capital Reserves | 123,060 |
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LIHTC | 1,588,812 |
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Total
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4,679,130
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Total
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4,679,130
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Construction Cost per Unit: 101,354 Total Development cost per unit: 118,106
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Annual Expense |
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Annual Income |
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Operating | 181,157 |
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Rental Income | 184,235 |
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Debt Service | 29,164 |
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Commercial Income | 54,480 |
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Total
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210,320
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Net Revenue
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238,715
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Surplus/Deficit | 28,394 |
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Operating Coverage
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114%
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Operating Coverage w/Debt
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91%
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