AG Capital (Brooklyn Queens Operator): What is their business model? What do their per deal numbers look like?
Their website says:
"AG Capital, founded in 2008, is one of the fastest growing real estate development companies in New York City. With strong ties in Brooklyn, Queens, and the Bronx, we focus on rehabilitating distressed properties by transforming them into luxury homes, while providing clients with excellent service and support throughout their home-buying journey. In addition to designing, renovating and marketing properties, we also hold an arsenal of proven professionals ranging from Real Estate Agents, Bank Negotiators, Legal Clerks, and General Contractors.
With our years of experience, dedication, and a portfolio of over $60 Million, our clients are highly satisfied with our standard of quality, innovative approach, and professional service."
Their website shows multi-family housing in Brooklyn (ex, 414 Halsey, 1132 Decatur) that have been gut renovated and converted into condos. A search of Indeed with their name gives some details of the type of vertically integrated company they are building.
My question is what does their business plan look like (eg, buying distressed multifamily in areas like brooklyn and converting them to affordable condos maybe with millennials as their target audience) and what does their average profit per deal look like (assuming conventional financing structure)?
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Example of Indeed posting:
Housing Specialist
AG Capital Group NY - Forest Hills, NY
AG Capital Group is a real estate investment and development firm focused on redeveloping properties in NYC. We strive to provide a collaborative, creative environment where each employee is encouraged to contribute to our processes, decisions, planning, and culture. Currently seeking a Housing Specialist to assist in their Tenant Care Department facilitating the permanent housing of owners, tenants, and occupants of Foreclosed Homes.
Responsibilities Include, but not limited to:
Performing field visits to assess properties and needs of occupants with respect to permanent housing while exploring possibilities of monetary assistance
Pre-Qualifying individuals for housing assistance and any programs/vouchers
Creating relationships with Brokers and Real Estate Agencies to further expand housing options
Requirements:
Must possess "No task is too big or too small" attitude
Must be detail oriented and cater to needs and best interest of occupants and company
Bilingual and Fluent in Spanish is a plus
Establish relationships with brokers and realtors is preferred
Knowledge of housing programs, Section 8, CEPS/FEPS, LINCS, Rent Subsidy programs, etc. preferred
Job Type: Full-time
Required experience:
Housing: 2 years
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