Coast Development Group, LLC is a private company engaged in the development and sale of upscale homes in the Hamptons area of Long Island, New York.

(See our website at coastdevelopmentgroup.com
to learn more).

As a full service developer we provide site selection, acquisition, construction and property management services. Our firm also offers capital and development partnership opportunities to building lot owners interested in participating in the development and subsequent upside from the sale of a new home.

The purpose of this summary is to provide a narrative for the formation of a partnership between the Land Owner of a vacant building lot and Coast Development Group, LLC . This letter summarizes our proposal.

Partnership Structure:

The partnership is being formed for the purpose of building and selling a new luxury home on the Land Owner’s vacant building lot.


A Special Purpose Entity (SPE) will be created for the purposes of forming a partnership between the Land Owner and Coast Development Group.

The Land Owner will contribute the land to the partnership and Coast Development Group will contribute all the necessary services to develop and build the home.

Coast Development Group via an investment from its Capital Partner will provide the necessary funds for all hard and soft costs associated with the build.

Terms :

  • CDG will provide the seller with a down payment
    towards the purchase price.
  • A second mortgage for the remaining land balance will be established between the land owner and CDG.
  • Once the home is completed and sold, Land Owner will receive an annualized accrued interest of TBD % .
  • Once the home is completed and sold, Land Owner will receive a TBD% of all profits generated from the sale of the home.

Cash Flow Waterfall :

Cash generated from the sale of the property will be distributed via the following waterfall (in this priority):

  1. Capital Investor will receive principal cash
    amount advanced along with profits.
  2. Land Owner will receive the cash balance due
    on the land transfer.
  3. Land Owner will receive accrued interest payment from the financing of the land.
  4. Land Owner will receive percentage of all net profits.
  5. The remaining profits will be distributed to Coast Development Group.


We are willing to enter into a Sales Contract with the land owner, whereby the owner pays the engineering fees associated with getting the lot approved. We will take the lead on hiring the necessary professionals (engineer, surveyors, etc) to get Board of Health approvals. After we have approvals, at closing, we can reimburse the seller for the fees associated with preparing the lot for building. With this approach the owner has a guaranteed sale with us when the approvals are in place.

Management Team

Richard J. Gherardi, Co-Founder/Partner & Managing Member

Richard J Gherardi is the principal owner and president of several New York construction and real estate development companies. For over 30 years he has been involved in high-end residential and commercial building projects, as well as land development projects throughout the United States. An authority in the building industry, Mr. Gherardi’s comments and related building projects have appeared in The New York Times, Newsweek, and Builder’s Magazine. Mr. Gherardi was awarded Builder of the Year in 2005 by Long Island Builders Institute, has been listed in America’s Registry of Outstanding Professionals since 2003, and was featured in the “Five People to Watch” in the National Association of Home Builders publication. Mr. Gherardi earned a bachelor’s degree in business and marketing from St. John’s University. An avid fisherman and golfer, he resides in East Hampton with his wife. Having successfully developed many properties, Mr. Gherardi’s primary focus is on acquisition due diligence and development.

Glenn D. Callahan, Co-Founder/Partner

Glenn Callahan is an entrepreneurial business leader with over 25 years of experience in the real estate development and construction industry throughout the New York Metropolitan area. The range of his work includes: single and multi-family residential developments, commercial office buildings and retail projects. Glenn is responsible for the overall strategic direction of the company’s project design and development efforts. Glenn attended undergraduate studies at the State University of New York Collage at New Paltz. When not working, he enjoys playing tennis with his wife and two children.

Richard F. Gherardi, Partner

As a second generation builder, Richard F. Gherardi has been in the construction industry all his life. A dedicated team player, Mr. Gherardi is committed to providing high-quality support while orchestrating tasks and achieving project goals. His duties include: setting up estimates, managing budgets, building code compliance and managing the construction timetable. Mr. Gherardi was born and raised in East Hampton, NY and earned his Undergraduate Degree in Industrial Technology & Construction Management at Fitchburg State at University of Massachusetts. He was recently appointed a seat on the Town of East Hampton Contractor Licensing Review Board. Mr. Gherardi resides in East Hampton with his wife. When not at work he enjoys fishing and boating of Montauk Point.

Noel Roberts, Partner

Noel Roberts is responsible for Client Relationships as well as supporting Coast Development Group’s acquisition efforts. He assists the firm in helping to identify suitable properties, underwriting them, negotiating the purchase and sale agreements, getting the properties under contract, and helping to ensure a smooth and successful closing. Mr. Roberts has both real estate investment and business experience. He has managed the finance, operations, and human resources activities of several successful companies. In his free time he enjoys playing table tennis, reading and attending the orchestra.



Coast Development Group is pleased to announce it has acquired three contiguous waterfront residential building lots on the North Sea Harbor in Southampton, NY. We are preparing to build 3 new modern luxury homes ranging from 5,000-7,000 s.f. with selling prices of $6,500,000 - $14,000,000. Each home will feature a spectacular view and all the amenities of a modern Hampton's home. We are in the final stages of design and anticipate a construction start in the Spring of 2016.


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