(ME NewsWire)- Arzan Wealth (DIFC) Limited (‘Arzan Wealth’), a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, is pleased to announce that it has successfully advised its clients on the sale of their residential investment at 25 Mercer Street (“The Property”), New York, USA.
The Property was acquired in November 2014 as part of Arzan Wealth’s residential refurbishment and development platform (“Platform”) that targets assets in major global cities such as New York and London. Since acquisition, the Property has undergone extensive internal refurbishment, while maintaining its distinctive façade, and has transformed what were old rental apartments into modern and luxurious condominiums for sale.
The project created 3 luxury full-floor apartments, 1 duplex penthouse and 1 multi-level townhouse, in the very vibrant and popular SoHo neighborhood of New York City. The Property is also unique in being one of the few remaining buildings in New York that retains its original cast iron columns, which are now an important design feature of the apartments. In recognition of the distinctive nature of the project, one of the homes in the Property was voted as one of “New York’s Prettiest Homes” by a NYC publication in November 2016.
The success of the project culminated in the sale of all 5 residential units at prices that exceeded expectations, with sales proceeds exceeding $52m. The project therefore generated an IRR of 23.5% for investors, which was above the projected return of 18% – 20% at the time of acquisition. Due to the success of 25 Mercer Street, investors have informed Arzan Wealth that they wish to re-invest their proceeds into further similar projects in New York.
Muhannad Abulhasan, CEO of Arzan Wealth said:
“While most of our clients ask our advice on safe and income-producing assets, we do have a small group of clients that are seeking higher-return opportunities in property development. However, in keeping with Arzan Wealth’s philosophy of controlling risks, we have been very prudent in selecting only major global cities with high barriers to entry, and only those projects where major construction risk can be reduced or eliminated. We are very pleased that this first project in our residential development platform has been exited with returns that exceeded expectations, and we are grateful to our clients for their continued confidence in our abilities, and their desire to pursue further projects with Arzan Wealth. We look forward to continue advising them on future New York projects of this kind.”
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