106-Unit Off-Market Deal in Mott Haven

Mott Haven, Bronx, NY – Conversion Opportunity (Shelter / Senior Living) Approx. 85,000 SF 5-story building approved for 106-unit shelter / senior living conversion. 10-year government-approved contract in place paying $3.1M annually with 3% annual escalations and renewal option. Lease structured NNN, with tenant/operator covering real estate taxes, utilities, maintenance, insurance, staffing, and operations. Contract commences upon delivery and TCO. Construction cost estimated $3.5M–$5M. Seller can deliver turnkey within ~10 months, with buyer contingency confirming contract effectiveness and construction pricing. Ask: without construction-$17M (as-is) Delivered Turnkey: $20M–$22M (depending on construction cost)(14% to 15.5% Cap)