Immo Moana LLC - The Project

Parkchester is a vibrant, safe and diverse neighborhood in the Bronx, one of the five Boroughs in New York City.

The entire 171 building complex, is organized into two condominiums, Parkchester North and Parkchester South.

Jointly, the two condo boards manage approximately 13,000 apartments ranging in size from 400 sqf (40 square meters) studios, to 800sqf three bedrooms.

More information about the neighborhood can be found on the link below.

Luca has been recently voted into the Parkchester North board, and serves on the finance committee - which means that he has direct access to the finances and conditions of the condominium, and is among the 27 owners who set policy for the entire neighborhood.

Parkchester information

INVENTORY AND PRICES:

Note: The price estimates below are accurate as of January 2020. We have experienced very fast growth over the last 12 months - but we expect a slight slump this summer due to Covid-19 and it would be stupid of us not to capitalize on it!

Announcement from Mayor's Office

Update on Metro-North:

Over the last year, the MTA (Metro North) and Amtrak had been negotiating the terms of the use of the Amtrak rail line for use by the Metro North.

An agreement has been reached - another milestone in project progress.

January 22nd, 2019 press release available here:

Press Release

Rent Security:

All apartments are rented to “Section 8 tenants”, meaning low income tenants who are fully or almost fully subsidized by the City of New York.

The paperwork and bureaucracy of the City is complex and (as Luca learned over the years) necessitates experience to navigate, but the fact that the government pays the rent on behalf of the tenant means that rent payments are guaranteed.

Another advantage of renting to City subsidized tenants, is that the rent amounts are standardized, and automatically go up every year to keep up with inflation. See the 2020 prices to the left.

Dividends:

The table below shows projected dividends from various apartment types:

Liquidity:

Should you wish to sell, it won’t be hard to do so.

As word got out about the new train station, prices kept rising, and a large portion of owners realized they should wait to sell.

This created a strong “seller’s market”, and it takes all the connections with brokers and large landlords which Luca created over a decade, to continue to find and secure inventory for ourselves and our clients.

The flipside to this challenge is that for the next two or three years it will be very easy to sell.

We recommend holding on to this investment for at least one year after the train station is complete. But should you wish to divest earlier, we predict you will be able to turn a profit or at least break even, and get your money back in a timely fashion.

Reliability of the NYC market:

There is always some risk with any investment, even with real estate investments - which are among the least speculatory.

Nonetheless, New York City is one of the most stable, predictable, vibrant and energetic real estate markets in the world.

There is so much wealth and disposable income in New York that the city manages to absorb most national and international market fluctuations. When the national real estate market collapsed because of the 2008 mortgage crisis, prices in Miami, Chicago, and LA were dropping by dozens of points, while New York barely deviated from its historic market growth of a few points above inflation.

You can never completely eliminate risk, but f you want to come close to total risk elimination, New York City is where you want to invest!

The Team:

We insist on working with a professional and well establised team. All our team members have a proven track record, and since we always work with the same lawyers/accountants/builders/title deed companies, we can guarantee a smooth, quick and competitive process. See our Team tab to meet our partners.