According to the conference call Q&A session they completed 25-30 contract sales for the Oosten. They are moving customer by customer because sales prices are increasing on the Brooklyn Waterfront. Also, they are 18-24 month pre-project completion with most developers starting sales around 12 month pre-completion. That's not bad. I also heated that they are trying to lower project acquisition cost to achieve 50% return on investment going forward. As for earnings, so far we have 0.20 for 2014. With full year expected at $0.70 (55 million at 78 million ADRs), and Q3 at 0.12 ($9 million earnings) that's $0.38 for Q4!!!
The stock will start moving up after the Q3 call in Nov. Maybe a little bit earlier.
Located in Manhattan CBD business/residential district:
East river luxury codos located in the international finical, transportation, cultural, media center. Williamsburg, Central Brooklyn, NY. On the east side of east river.
10 mins to Wall Street:
Transportation includes water taxi(one block away), Subway ( 3 block) and bus. 15mins driving to midtown and towntown Manhattan.
15 year tax abatement:
Calculation based on 1mio estamate, in 15 years the tax saving est 250,000 USD.
on the Brooklyn project... per confer call... it's going very well.... "... in regard to the Brooklyn project, we’re executing the sales in a relatively controlled manner, especially the rhythm and pace of sales. As you probably know, the Brooklyn Waterfront Condo market is extremely supply constrained and in pretty consistent upswing in the last two years. So under that backdrop, it would be relatively foolish to try to dash to the finish line this early in the game. Typically as a U.S developer, they would start presale typically about 6 to 12 months ahead of the final delivery of the project. As a strategic decision, the Company decided to start that presale process earlier. So we’re probably 18 to 24 months before the final delivery of the product. So we’re -- like I said we’re adapting a very prudent and controlled manner in executing our sales. But the trend is very encouraging. Even before we completed the sales office, I will just give you an example on our Web site we had accumulated 300 registered potential customers and right now we had to slow down the sales, because the demand is too high and we wanted to gradually create this hype and we wanted to do it in a very limited and controlled manner, so that each customer is treated as a VIP on a exclusive basis. So they have (indiscernible) that prices will increase and we’re getting them a privileged preview of our product. But right now we have completed somewhere between 25 and 30 contract sales. And we’re not in a rush to do more. We are doing it in a very controlled manner. Thank you."