Redevelopment Opportunity in Bellmore, New York
Deal Overview
Total Raise
$2.5M
Minimum Investment
$100K
Hold Period
2.5 Years
LP IRR
33.05%
Return on Equity
2.4x
Transit-Oriented Redevelopment Opportunity in Affluent Long Island Suburb
AVGI presents an exclusive investment opportunity to participate in the development of a mixed-use property at 200 Pettit Avenue in Bellmore, NY. Located directly adjacent to the Bellmore Long Island Rail Road station, this transit-oriented development site benefits from favorable overlay zoning, allowing for increased density and maximizing value.
Key Highlights:
- Prime Location: Directly across from Bellmore LIRR station in a high-income, supply-constrained Long Island market.
- Development Potential: Transit-Oriented Development zoning allows for a 3-story mixed-use building with apartments and retail.
- Downside Protection: Existing 2-story asset comprising of 6500 sqft of retail and 2 apartments.
- Attractive Returns: Projected 54.21% annualized return and 2.36x equity multiple in the base case scenario over a 2.5-year hold period.
- Experienced Sponsor: AVGI and CXA Management bring a proven track record in real estate development, asset management, and value creation in the New York market.
This offering provides a compelling opportunity to invest in a strategically located development project poised to capitalize on the strong demand for transit-oriented multifamily and retail in an affluent Long Island suburb.
Investment Highlights
- Located Directly Adjacent to Bellmore LIRR: Transit-Oriented Development overlay zoning allowing for increased density.
- Downside Protection: Existing 2-story asset comprising of 6500 sqft of retail and 2 apartments.
- Affluent Suburb with Limited Housing Inventory: High household income and limited new construction creates strong demand.
- 2.5 Year Target Hold Period: Aiming for capital return by end of Year 3.
- Attractive Return Potential: Projected returns based on conservative assumptions.
Property Overview
| Investment Name: | The Pettit |
| Property Type: | Mixed-Use Development |
| Market: | Long Island |
| Address: | 200 Pettit Ave and 2700 Grand Ave, Bellmore, NY 11710 |
| County: | Nassau County |
| Lot Size: | 9,402 sf +/- |
| Proposed Parking: | 5,000 sf (20 spaces) |
| Proposed # of Stories: | 3 stories |
| Buildable SF: | 22,150 sf +/- |
| Proposed Apartments: | 20-25 |
| Proposed Retail SF: | 3,000 sf |
Meet the Team
AVGI is a real estate investment firm that purchases opportunistic assets in New York as well as secondary and tertiary markets throughout the United States. The firm currently has in excess of $80 million of new developments under construction throughout Long Island and $120 million of real estate holdings across 6 markets - Long Island, Houston, Little Rock, New York City, Binghamton, and St. Louis.
Leadership Team
Allon Avgi
Chief Executive Officer
Allon Avgi is the Founder and CEO of AVGI. Mr. Avgi started AVGI at 21 years old when he acquired his first real estate investment. Mr. Avgi has since developed a diverse real estate holdings company that has reached $50,000,000 in AUM within only 4 years using his own capital and that of a select few individuals. As he starts to open the firm's investments to outside capital and build strategic partnerships, he has ambitiously set a target to acquire and manage a $1 billion real estate portfolio over the next 5 years. In his free time Allon loves reading, creating content for his social profiles, finding new art for his collection and envisioning the future. Allon is a strong believer in giving back, both to his alma mater, Hofstra University & Chabad Lubavitch.
Christopher Catalano
Chief Operating Officer
Chris manages full service property & asset management. With a customer-centric approach, Chris is committed to providing the best services to both properties owners and tenants. Currently, Chris and his team have over 450 units under management since formation in early 2020. Chris and his team members also manage leasing, accounting, property manager and landlord relations, and the in-house construction and maintenance staff.
Chris Wraback
Chief Investment Officer
Chris Wraback serves as the Director of Investments at AVGI. In this role, Mr. Wraback works jointly with the Acquisitions and Asset Management teams to oversee underwriting and due diligence guidelines, business plan preparation and execution, and communications with new and existing investors. Mr. Wraback is co-chair of the firm's Investment Committee along with Mr. Avgi. Prior to joining AVGI, Mr. Wraback was an investment associate for Besen Partners' Principal Investments Team, where he underwrote and completed due diligence on more than $750 million of prospective acquisitions and advisory assignments. Prior to Besen, Mr. Wraback was an investment analyst at a family office based in Manhattan. Mr. Wraback graduated from the Peter J. Tobin College of Business at St. John's University with a Bachelor's degree in Finance and a minor in Accounting. He was recently elected to the school's Young Alumni Advisory Board
Matthew Heyman
Investor Relations
Former college football player at Minnesota and William Paterson University, after graduating in 2014, Matthew transitioned into the business world through medical device sales before moving in to marketing. He currently leads Investor Relations in private equity real estate, focusing on both maintaining strong relationships with current investors and expanding new partnerships. His role has also grown to include heading the Athletes and Entertainment Division, where he bridges connections with prominent figures in sports and entertainment. This blend of experiences allows Matthew to offer investors both strategic insights and access to exclusive opportunities in real estate. He is dedicated to building a solid investment foundation that maximizes value and strengthens long-term partnerships.
Michael Genovese
Investor Relations
Michael brings a unique blend of leadership and service to his role as Investor Relations Manager in the real estate sector. With a solid background as a retired police officer, he managed treasury operations for his department's Police Benevolent Association (PBA), demonstrating his financial awareness and integrity. Prior to his law enforcement career, Michael served in the U.S. Army, where he developed a deep sense of discipline and commitment. In addition to his service background, Michael led athletic divisions in two corporate fitness facilities, where he refined his management, operations, and client relations skills. His experience in these diverse fields makes him especially adept at fostering strong, trust-based relationships with investors, guiding them through opportunities with transparency and dedication. A devoted family man, Michael balances his professional pursuits with a commitment to his loved ones, aiming to create a meaningful legacy both at home and in his career.
Market Overview
Long Island's multifamily market is characterized by a supply-constraint nature due to limited land availability and historical single-family home development.
This scarcity, coupled with a growing need for affordable and diverse housing, has led municipalities to encourage multifamily development near train stations.
The graph below illustrates the limited new supply relative to demand on Long Island (population 2.9 million).
Area Demographics
3 Mile Radius Highlights
- Avg. Household Income: $167,976
- Consumer Spending: $2.4 Billion
- Median Home Value: $663,496
- Population (2024): 156,146
- Households (2024): 49,389
Base Case - Financial Overview
Sources of Capital
- Debt (75%) $7,481,910
- Equity (25%) $2,500,000
Uses of Capital
- Purchase Price $1,338,755
- Closing Costs $336,507
- Carrying Costs $211,106
- Soft Costs $400,000
- Hard Costs $6,645,000
- Interest Reserve $755,652
- Cash Reserves $294,889
Base Case - Project Timeline
Base Case - Key Assumptions
Base Case - Return Projections
| Metric | Year 1 | Year 2 | Year 3 (Annualized) |
|---|---|---|---|
| Rent Income | $215,913.60 | - | - |
| Retail Income | $26,250.00 | - | - |
| Other Income | $750.00 | - | - |
| Potential Gross Income | $242,913.60 | - | - |
| Effective Gross Income | $235,626.19 | - | $15,229,502.72 |
| Net Operating Income | $149,607.41 | - | - |
| Investor Equity Multiple | 2.36x | - | - |
| Investor Annualized Return | 54.21% | - | - |
Note: Year 3 income is annualized. No income or loss is projected in Years 1-2 as it's capitalized into the cost basis. Debt service and carrying costs are factored into the cost basis, resulting in breakeven for the first 2 years. Preferred return is recorded for 30 months but not distributed until Month 30 exit.
Downside Case - Financial Overview
Sources of Capital
- Equity $2,500,000
Uses of Capital
- Purchase Price $1,338,755
- Closing Costs $135,000
- Carrying Costs $125,756
- Renovation Costs $600,000
- Cash Reserves $225,489
Downside Case - Project Timeline
Downside Case - Key Assumptions
Downside Case - Return Projections
| Metric | Year 1 | Year 2 (Annualized) |
|---|---|---|
| Rent Income | $70,831.25 | - |
| Retail Income | - | - |
| Effective Gross Income | $68,706.31 | $3,127,707.50 |
| Net Operating Income | $39,596.00 | - |
| Investor Equity Multiple | 1.19x | - |
| Investor Annualized Return | 12.60% | - |
Note: Year 2 income is annualized assuming 3 months of income collection and Month 18 exit. No income/loss is projected in Year 1 as it's capitalized into the cost basis. Debt service and carrying costs are factored into the cost basis, resulting in breakeven for the first 2 years.
Upside Case - Financial Overview
Sources of Capital
- Debt (74%) $7,144,444
- Equity (26%) $2,500,000
Uses of Capital
- Purchase Price $1,338,755
- Closing Costs $326,383
- Carrying Costs $192,856
- Soft Costs $400,000
- Hard Costs $6,645,000
- Interest Reserve $446,561
- Cash Reserves $294,889
Upside Case - Project Timeline
Upside Case - Key Assumptions
Upside Case - Return Projections
| Metric | Year 1 | Year 2 (Annualized) |
|---|---|---|
| Rent Income | $215,913.60 | - |
| Retail Income | $26,250.00 | - |
| Other Income | $750.00 | - |
| Potential Gross Income | $242,913.60 | - |
| Effective Gross Income | $235,626.19 | $15,229,502.72 |
| Net Operating Income | $149,607.41 | - |
| Investor Equity Multiple | 2.41x | - |
| Investor Annualized Return | 94.33% | - |
Note: Year 2 income is annualized assuming 3 months of income collection and Month 18 exit. No income/loss is projected in Year 1 as it's capitalized into the cost basis. Debt service and carrying costs are factored into the cost basis, resulting in breakeven for the first 17 months.
Invest in Redevelopment Opportunity in Bellmore, New York
Total raise
$2.5M
Min Investment
$100K
Hold time
2.5 Years
LP IRR
33.05%
Return on equity
2.4x
↓ More details available to qualified investors ↓
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