At the end of 2014 former reserve defensive back and major contributor to the Cranley campaign, Chinedum Ndukwe, locked in a humongous profit on the Mabley Parking Garage. New to real estate development, Nedu was brought in at the eleventh hour (December of 2013) to partner with Jake Warm of Warm Construction. They bought Tower Place Mall from the city for $1 and the Port Authority wrote off over $1,000,000 in back property taxes to make the deal work. Shortly after construction was completed less than a year later – touchdown! – the garage sold to a newly-created real estate investment trust specializing in urban parking facilities that was being marketed on-line to middle-class investors.
Now Nedu’s at it again! On May 20, 2015 his company, Kingsley Property Development, purchased a 23,000 square foot building at 21 W. Court St. for $181,000. He sold it 4 months later to Towne Properties for $400,000 – a 121% profit (or 362% annualized). Towne Properties intends to turn it into 6 luxury condominiums.
I know, I know. This measly, little $219,000 profit is peanuts compared to the Mabley Garage deal. But all the same, not half-bad for a newbie.
Now we’ll just have to wait to see if Ndukwe’s golden touch continues with his USquare Hotel deal with NAI Bergman and Hotel Development Services purchased in November of 2014 near UC. All I know is this guy seems to have what it takes – whatever that is.