7TH STREET OFFICE PLAZA
The 7th Street office Plaza is a 90,000 sq. ft. class B office space, located in two buildings at 233 and 229 7th Street, Garden City, New York. The major tenant is the Automobile Club of America (AAA) and several law firms. The building was purchased in 2001 for $8,300,000 and financed by Lehman Brothers for $6,600,000. It has returned 13 to 15% annually. It was refinanced in 2004 and all investors received their capital back and it is anticipated that they will continue to receive a 13% annual return on their original investment. The NOI in 2007 was $750,000 – we reinvest $350,000 annually into the building.