From: "David Mitchell" <IM I=>
To: "Jeffrey Epstein" <jeevacation@gmail.com>
Subject: Thanks
Date: Thu, 04 Aug 2011 15:03:01 +0000
Importance: Normal
For calling me back ,
As I outlined there is 950,000 in investor unit on 21 e 26 th street
We closed our deal in February and since then have received Landmark approval to extend the building one more
floor
We have also completed the demolition and have removed all the asbestos
The 950,000 is part of the placement that I did with friends and family of 7,000,000
The deal is that after the mortgage debt is paid 100 percent goes to return of capital ,once that happens 75 percent
goes to the investment group
No fees are paid until return of capital
There- after the development group receives the residual
A quick snapshot is
Mortgage 15.625
Debt 338,000
Equity 7,800,000
Square feet to sell 33,000
We plan to offer a white box unit at 1300 a foot
And one finished unit at 1600 a foot
(Comps are higher)
I believe there is a sellout of over 36-38 million
I also believe it will happen with in 12 months
I think this is attractive because most of the risk of approvals and asbestos removal is behind
No guarantees but should be good
Sent via BlackBeny from T-Mobile
David Mitchell
MITCHELL HOLDINGS LLC
815 Fifth Avenue
New York NY 10065
1212-486-4444
EFTA00917498
1212-588-0286 fax
cell
EFTA00917499