“Chelsea Manhattan, 244 – 246 W 18TH STREET” is a project by Gotham One Italia Srl involving the development of a condominium of about 19 highly prestigious residential units. The complex includes a mix of 1-4 bedroom apartments, a townhouse, 3 penthouses, and commercial and retail space. The development aims to achieve Passive House certification and be carbon-neutral, focusing on sustainable construction practices and near-zero energy consumption.

The permits were granted to the previous owner, but according to the Business Plan, since project modifications have been submitted, approval from the relevant authorities is expected by early 2025.

The authorization process is still under approval, and as of today, construction is expected to start in early 2025.

The estimated duration of the project is 30 months, so the projected completion date for construction and the sale of residential units is set for June 2027.

The operation is supported by a bank loan ($ 35 million) granted by a local financial institution.

The minimum investment ticket to join in "Chelsea Manhattan" is €1,000, with a maximum fundraising target of €1,400,000.

A liquidation preference of both the capital invested in the transaction and its return is provided for BuildBull investors in the equity crowdfunding campaign. For this project, it’s estimated that investors will receive a total gross ROI of 75 % on the invested capital, equivalent to an annual gross ROI of 25 % (returns before USA and Italian taxes paid by the SPVs).

• Preferential Liquidation Right: You will receive a priority capital reimbursement and a preferential profit distribution up to an ROI of 75%.
• Periodic Reporting: You will receive regular updates on the progress of the operation.
• Bank financing: The project is supported by a bank loan of 35 Mln, strengthening the financial structure of the operation.
• Return of Invested Capital: Within 30 months.
• Competitive ROI: Expectation of an annualized gross ROI of 25% and a total gross ROI of 75%.
• Prestige Area: The project is located in New York City, in the Chelsea neighborhood, which, for more than 130 years, has been the city's arts district , attracting cultural enthusiasts from around the world.
• Developer's Experience: The developer refers to a team of developers with very long and proven experience in real estate development at home and abroad.
• Independent Evaluation: The project has received a score of 4.8/5 from an independent evaluator.
• Co-sale Right: Investor protection in case of proposals to purchase the majority or the entire share capital of the Offeror.

The property under analysis is located in New York City, specifically at 244-246 W 18th Street  in the Chelsea neighborhood, which, for more than 130 years, has been New York City's arts district , attracting cultural lovers from all over the world. It all began with the opening of the famous Chelsea Hotel, which was intended to bridge class divides and “enhance the arts” and today houses hundreds of art galleries displaying the world's most iconic and innovative works.

It began as a Native American trading post, then became an industrial hub with the Hudson River Railroad and the abandonment of warehouses and lumber yards, became a hub for punk music and art, and also welcomed the LGBTQ community. In recent years it has seen major architectural development and the influx of some of New York's coolest cultural venues and restaurants.

• The Property is located in the proximity of Van Cortlandt Park-242 St subway station
• Chelsea district has been New York City's arts district for over 130 years, attracting culture enthusiasts from around the world
• The Property is located 26 km far from JFK international airport.

The business plan for the project includes an investment period of about 30 months.

• January 2025: Start of operation
• January 2026: Start of commercialization
• June 2027: Exit for investors