High-yield, value-add mixed-use asset
Deal Overview
Total Raise
$150K
Minimum Investment
$50K
Hold Period
7 Years
LP IRR
21.09%
Return on Equity
3.0x
MYE 510 LLC presents a rare opportunity to invest in a high-yield, value-add mixed-use asset located at 510 9th Avenue in the heart of Manhattan. The property consists of 22 residential units and 2 commercial spaces, situated within the highly desirable 9th Avenue corridor with exceptional transit access and tenant demand.
The investment strategy centers on a Free-Market Conversion. By executing a substantial rehabilitation in strict accordance with DHCR guidelines, the sponsor intends to achieve the full deregulation of all 22 residential units. This process modernizes the building’s infrastructure while unlocking significant market-rate rent potential that is currently untapped.
Investment Highlights
- Free-Market Conversion: Substantial rehabilitation following DHCR guidelines, enabling full deregulation of all 22 residential units.
- Prime Manhattan Location: Highly desirable 9th Avenue corridor with strong tenant demand and excellent transit access.
- Mixed-Use Income Diversification: 22 residential units plus 2 commercial spaces offer stable, diversified cash flow.
- Significant Value-Add Opportunity: Comprehensive system upgrades modernize the building and unlock substantial market-rate rent potential.
Project Financial Details
| Deal Metrics | |
|---|---|
| RSF | 11,450 |
| $/Unit | $229,166.67 |
| IRR (Year 7 Sale) | 17.97% |
| Avg YOC | 7.16% |
| MOIC (Year 7 Sale) | 2.70x |
| Uses | At-Closing | $/SF |
|---|---|---|
| Purchase Price | $5,500,000.00 | $480.35 |
| Estimated Financing Costs | $159,652.00 | $13.95 |
| Closing Costs | $319,406.00 | $27.89 |
| Acquisition Fee | $32,895.00 | $2.87 |
| Due Diligence Costs | $62,000.00 | $5.42 |
| Escrows | $3,096,526.00 | $270.44 |
| Total Uses | $9,137,583.00 | $798.04 |
| Sources | LTV | LTC | Amount |
|---|---|---|---|
| Debt (First Mortgage) | 60.00% | 60.00% | $5,482,550 |
| Equity | 40.00% | 40.00% | $3,655,033 |
| Total Sources | 100.00% | 100.00% | $9,137,583 |
Meet the Team
MYE PROPERTY HOLDINGS LLC
Michael and Yuval co-founded MY Property Holdings LLC, a real estate syndication business and have since syndicated a single tenant office building in Bridgeport, CT, as well as a 27,000 sf industrial site in 2021. Ethan joined the syndication group in 2022 as counsel and the company changed to MYE Property Holdings. MYE Property Holdings continues to target opportunistic deals, balancing downside protection and profit upside.
Michael Mintz
Principal
Michael Mintz is the co-founder of MYE Property Holdings LLC and the founder and CEO of MD Squared Property Group, LLC. MD Squared is a 3rd party property management company managing over 120 buildings and 3,000 units with offices in New York City, New Haven, CT and Tulsa, OK.
Yuval Plattner
Partner
Yuval Plattner is the co-founder of MYE Property Holdings LLC and COO at MD Squared Property, LLC. Yuval is responsible for all syndication, underwriting, and due diligence for MYE Property Holdings.
Ethan Blinder, Esq.
Counsel
In his role, Ethan primarily focuses on legal and tax structuring as well as financing, acquisition and disposition strategy. Ethan is a graduate of Cornell University and Brooklyn Law School.
Why New York City?
New York City is the most populous city in the United States and the financial, media, and cultural capital of the world. Composed of five distinct boroughs—Manhattan, Brooklyn, Queens, The Bronx, and Staten Island—the city serves as a global nexus of commerce and diplomacy.
Situated on one of the world's largest natural harbors, this metropolis covers over 300 square miles. Each neighborhood possesses its own distinctive character, from the towering modern skyscrapers of Midtown and Lower Manhattan to the 19th-century brownstone charm of its historic residential districts. As the home of the United Nations headquarters, NYC remains a primary stage for international affairs.
The region's dynamic economy is supported by a vast workforce across industries including finance (Wall Street), technology, fashion, media, and healthcare. Known as "The City That Never Sleeps," its relentless energy is anchored by world-famous attractions such as Times Square, Central Park, the Statue of Liberty, and the Broadway theater district.
New York boasts the largest and most complex mass transit system in the country, providing unparalleled connectivity. With world-renowned universities, museums, and an electric atmosphere, the city continues to be a magnet for artists, entrepreneurs, and institutional investors seeking a truly cosmopolitan environment in a world-class real estate market.
Invest in High-yield, value-add mixed-use asset
Total raise
$150K
Min Investment
$50K
Hold time
7 Years
LP IRR
21.09%
Return on equity
3.0x
↓ More details available to qualified investors ↓
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