Project is located at 5515 8th Ave, Brooklyn, New York. When fully completed it will be a 7-story building, consisting of 34 medical office units, 13,000 square feet of retail store space and 154 parking spots. Project started in September 2014 and has completed in 2020. I-526 Approved.
Raymond Chan Architect was formed by Mr. Raymond Chan in 2002. He is licensed to practice architecture in New York, New Jersey, Maryland and Pennsylvania. Over the years, he has built numerous multi‐story and mid‐rise buildings including commercial, residence, mixed‐use, and hotels. Raymond Chan has won many design awards including design of the “China Buddhist Center” to jazzy “Beama Grill” in Manhattan. The commercial projects which have won design awards include “Asia Bank Loan Center”, “Asia Plaza”, “Queens Office Tower” and “New York Eye Center” among many others.
ARCFE Group 3 offers 16 investment units to raise $8 million for the project. EB-5 fund is structured as a mezzanine loan and will be used toward construction cost. After project completion, income from sales of units will be used to repay investors. The investment can be repaid after 5 years.
Total project investment
Required jobs to be created
Expected jobs created
8th Avenue is the largest Chinese community in New York City and one of the most diverse and thriving areas in New York City. There are many shops here, including bank branches, doctor’s clinics, law firms, accounting firms, tourism companies, training schools, restaurants, supermarkets and other commercial institutions. The 8th Avenue real estate market is even stronger, and it did not decline even during the 2008 financial turmoil. With the economic recovery, real estate prices in this area have begun a new round of increases. With the influx of a large number of domestic immigrants and capital, the real estate value increase in this area is expected. The population living around 8th Avenue needs medical treatment, and a large number of doctors practice medicine in this area. Because there is no centralized office space around, clinics are currently generally opened in two-story old buildings. The medical clinic industry urgently needs a new and modern centralized office space. In particular, this project has 154 parking spaces. In the case of very difficult parking in the surrounding area, the office property of this project is more attractive to doctors.
The project is located in the most prosperous center of the Chinese community on 8th Avenue in Brooklyn. It is where the original HSBC Bank branch is located (now moved out). It is only 5 minutes away from the N train subway station and there are many Bus lines around it.
– Medical Clinic: 41,800 square feet X $900/square feet = $37.62 million
– Commercial shops: 11,000 square feet X $1,500 = $16.5 million
– Underground parking space: 154 X $30,000 = $4.62 million
– Total value: $58.74 million
– Upon completion of the project, the developer will sell some of the office units of the doctor’s clinic as a source of repayment. The project will have enough sales income to repay bank loans and EB-5 funds.
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