Distressed co-op building with faded brick facade, scaffolding netting, and board notice taped to lobby glass
As Found
Renovated co-op building with repointed brick facade, new intercom panel, and lit lobby with polished terrazzo visible through door
Stabilized

New York City · Co-op Acquisition

The Deal Is in the Building
Nobody Wants.

Drag to see what we see — and what everyone else walked past.

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2.4×Avg. Equity Multiple
14Buildings Stabilized
18.6%Projected 5-Yr IRR
312Units Under Mgmt
31%Avg. Acquisition Discount
7 BuildingsActive Pipeline
$48M+Investor Capital Deployed
BK · MHT · BXBoroughs Active
2.4×Avg. Equity Multiple
14Buildings Stabilized
18.6%Projected 5-Yr IRR
312Units Under Mgmt
31%Avg. Acquisition Discount
7 BuildingsActive Pipeline
$48M+Investor Capital Deployed
BK · MHT · BXBoroughs Active

Live Underwriting Tool

Run the numbers on any
co-op in the city.

Enter three public data points. The model does the rest — cap rate, equity multiple, five-year IRR. No email required.

$

Find on StreetEasy or the board's offering plan

From the proprietary lease or city tax records

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Distressed buildings trade at 40–60% below market

Enter the three inputs on the left to generate your underwriting output.

Projections use stabilized NOI assumptions with a 3% annual growth rate and exit cap rate compression of 150bps. Not investment advice. Past performance of completed deals does not guarantee future results. For accredited investors only.

The Playbook
Pre-renovation brick apartment building in Washington Heights with faded facade and scaffolding
Completed
2.39× equity

Washington Heights, Manhattan

1847 Amsterdam Ave

8.4%
Cap Rate
21.2%
4-Yr IRR
32
Units
Acquired
$62,000 / unit
Exit Value
$148,000 / unit
As Found

Deferred facade maintenance, aging boiler, 6 vacant units

Post-Stabilization

Repointed brick, new mechanicals, 100% occupancy at market rents

+$86,000 / unit value created through board relationship, not renovation spend.
Brooklyn co-op building exterior with brick facade before renovation showing deferred maintenance
Completed
2.35× equity

Bushwick, Brooklyn

423 Decatur St

7.9%
Cap Rate
19.4%
5-Yr IRR
18
Units
Acquired
$54,000 / unit
Exit Value
$127,000 / unit
As Found

Contested board, deferred roof, DHCR violations pending

Post-Stabilization

Resolved violations, new roof membrane, stabilized board

+$73,000 / unit value created through board relationship, not renovation spend.

The Strategy

Why the flip tax is the edge nobody talks about.

01

Board Relationship

We spend 6–18 months building trust with aging board presidents who need a capital partner, not a corporate buyer. Most deals never hit the market.

6–18 mo.Avg. relationship before LOI
02

Flip Tax Arbitrage

Co-op boards charge a flip tax on resale — typically 1–3% of gross sale price. We negotiate this into our acquisition structure, creating an immediate yield advantage invisible to outside buyers.

1.5–3%Flip tax captured on exit
03

Deferred Maintenance Discount

Buildings with visible deferred maintenance scare off institutional buyers. We price the repair scope precisely, buy at a 30–45% discount, and execute the capex ourselves.

30–45%Typical acquisition discount
Read Our Acquisition Thesis
Founder walking a co-op building hallway mid-renovation, hands testing a doorframe during inspection
60 sec

The hallway tells you
everything the listing won't.

Marcus Rivera, Managing Partner — walking a building mid-negotiation

New York City
Manhattan
Brooklyn
Bronx

Active Pipeline

7 buildings.
None on LoopNet.

LOI Signed
1
Active Diligence
2
Under Negotiation
2
Watching
2

2214 Amsterdam Ave

Washington Heights · 28 units

7.8%

Active Diligence

540 W 163rd St

Washington Heights · 36 units

8.2%

LOI Signed

881 St Nicholas Ave

Harlem · 22 units

7.4%

Under Negotiation

1204 Bushwick Ave

Bushwick · 16 units

8.9%

Active Diligence

See Current Deals

For Accredited Investors

Stop bidding against
algorithms.

The co-op market is one of the last corners of New York real estate where relationships with board presidents matter more than speed of capital. We've spent years building those relationships so you don't have to.

$48M+
Investor capital deployed
100%
Deals sourced off-market
14
Buildings stabilized
0
Deals lost to a competing bid
See Current DealsRead Our Acquisition Thesis
See Current Deals