Term sheet for the purchase of a property by an entity to be formed by Mitchell Holdings LLC. The purchase price is $48,000,000, with $38,000,000 paid at closing and $10,000,000 upon approval for conversion to a multi-family dwelling. Conditions include clean title, engineering study, and cooperation with NYC Department of Buildings. Deposit of 3.5% to be held by First American Title. No binding obligations until a formal contract is executed.
documents/EFTA01196066.pdf
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