Condominium Development - New York

Project Overview

This project involved the ground-up development of a high-density residential condominium asset in New York. The client provided baseline underwriting inputs, including revenue projections, construction timelines, and operating assumptions. Our role was to translate those inputs into a clear, structured model that could be used to evaluate deal performance and support external presentations.

Objective

To develop a comprehensive model from land acquisition through sellout, incorporating condo-specific timing, cost structure, and cash flow distributions based on the client’s development strategy.

Scope of Work

1. End-to-End Development Model
We built a custom model covering acquisition, construction, phasing, and unit sales. Sellout pacing was modeled in monthly detail, with assumptions for closing schedules, pricing, and absorption.

2. Client-Driven Assumptions
All inputs were sourced directly from the client’s internal analysis, including projected revenue, soft and hard costs, and general operating structure. The model was designed to reflect their business plan while remaining flexible for future scenario testing.

3. Structured Outputs
The final model produced clear, investor-facing summaries including monthly and annual cash flows, project-level IRR and equity multiple outputs, and a sources and uses breakdown — all formatted to support both internal and external review.

Outcome

The completed model served as a foundation for project feasibility review and equity partnership discussions. It provided the client with a clean, accurate tool for evaluating deal economics and aligning stakeholders on key financial metrics.