Egyptian Threads to NYC's Fabrics: Seeking Own Space

Idris El-Masry
is organizing this fundraiser.
301 Covert St #2C, Brooklyn, NY 11237
Created
January 12, 2023 12:57 AM
Independence
$339,000
raised of goal
$565,000
90
Investors
Join the Waitlist
Monthly Residency Payment:
3674
Initial Investment:
Price Per Share:
Total Shares:
10000
Idris El-Masry

Salaam!

I am Idris El-Masry, from Alexandria's shores, now weaving dreams in NYC's fabric markets. My textile stall, draped with vibrant patterns, yearns for permanence beyond rental confines.


The Beginnings:

By the Mediterranean, my loom wove tales of pharaohs. Here, it dreams of owning a fragment of the Big Apple.


The Vision:

A store that isn’t dictated by landlords but resonates with ancient Egyptian legacies and modern aspirations.


The Quest Begins:

Dyur illuminated a path, sewing the possibility of a space truly mine.


Your Role:

Backing this initiative isn't just business. It's crafting a tapestry of independence.


Why It Matters:

Supporting weaves a narrative where culture thrives without constraints.


Join My Quest:

Together, let’s stitch a future where every fabric tells a tale of freedom.


Conclusion:

With heartfelt thanks, I seek your hand in weaving this dream into reality.


Appreciatively,

Idris El-Masry

Features:

301 Covert St, 2C is nestled right in the heart of Bushwick! An ever-growing community with transportation, restaurants, schools, shopping, and recreation all within close proximity. This one-bedroom condo was a new construction built in 2019 and comes with many standard amenities and features. Upon entering, your attention will immediately be drawn to the finishes throughout the condo. Brand new hardwood floors, sleek quartz countertop with Bloomberg kitchen stainless steel appliances, large windows, bright & spacious bathroom with a standing shower, and washer/dryer equipped. A washer/dryer common area is also located in the building. A significant benefit of owning this amazing home is that an assigned parking spot is incorporated into the sale. The parking spot also comes with its own deed. This package is such an amazing deal, not only for a homeowner/resident, but a potential investor that chooses to rent the condo, rent the parking spot, or even both! You decide!

Total Investment Value
Home Cash Price
549000
Closing costs
Upfront LLC fees:
500
Dyur listing fee (6%)
Annual gross rents
Property taxes
Homeowners insurance
2205
Property management Fee (8%)
Annual LLC administration and filing fees
500
Annual cash flow
Monthly cash flow
3674
Why New York?
Here are the latest trends in the NYC real estate market as well as the statewide market. A prolonged scarcity of properties on the market, along with high prices and high mortgage rates, continues to impede the New York housing market. According to the housing report released by the New York State Association of REALTORS®, the number of properties for sale declined for the 37th straight month in year-over-year comparisons, while mortgage rates remain more than double what they were at this time last year.

The number of available properties for sale fell by 12%, from 40,321 in November 2021 to 36,490 this month. In year-over-year comparisons, the months' supply of dwellings stayed unchanged at 3.2 months. Months' supply is the number of months it would take to sell the present inventory of homes at the current sales rate. A balanced market has a supply of six to six and a half months.
Graph depicting the median sale price trend in New York, NY, from 2018 to 2023. The line graph shows two trends: one for New York with prices fluctuating around $800K, indicated in black, and another for the United States overall, with prices around the $400K mark, shown in orange. Source and more details available on Redfin.
Organizer:
Idris El-Masry
Bushwick, NY
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