A simple thesis, executed by a team, one house at a time.

Rivet Builders acquires un-renovated townhouses near Central Park, rebuilds them and sells finished homes. We co-invest in every project and work with a small number of private investors.

The thesis

Scarcity

Manhattan townhouse inventory sits more than 20% below its ten-year average. Turnkey houses are a fraction of that. Buyers pay a large premium to avoid a two-year renovation.

Value is created, not waited for

Un-renovated houses in the walk-shed trade at roughly $1,000 to $1,400 per square foot. Finished, enlarged houses on the same blocks have sold at $2,500 to $3,600. The spread is construction, not appreciation.

Repeatable

The playbook is public record: buy for cash from a long-term owner, file plans while in contract, add a floor and a cellar, bank construction financing at month eight, sell at month twenty-two. We follow it.

How a project is structured

Vehicle

One New York single-purpose LLC per house.

Capital

Equity for the purchase and early construction; a community-bank construction loan once permits are issued. Modest leverage.

Sponsor

Rivet Builders invests alongside investors and runs acquisition, design, construction and sale.

Underwriting

Every candidate house is screened on city zoning, landmark and permit records before an owner is approached. Investors see the full model: as-is basis, hard and soft costs, carry, financing, exit comps and sensitivities.

Reporting

Monthly: budget vs actual, schedule, photos, permit status.

Horizon

About 24 months from purchase to sale.

Terms, minimums and documents are discussed privately with qualified investors. This page is not an offering.

Pipeline

We maintain a screened list of every qualifying house in the walk-shed, with owner outreach under way. Current opportunities are shared with investors under NDA.

Talk to us

646-644-4641 · david@rivetbuilders.com