Midtown Owner Sells for $33,000,000 and Doubles His Passive Income

Midtown Owner Sells for $33,000,000 and Doubles His Passive Income

5/18/2017

“I was more than pleased with the brokerage services provided by Peter, Joe, and the rest of the New York Multifamily team. After owning our midtown asset for many years, I was also delighted that the team was able to assist me in a 1031 exchange and subsequent purchase of multiple NNN (triple-net) properties. As a result of their work, my cash flow has more than doubled. For anyone looking to make this transition, I would highly recommend using them.”
– George, former owner of 15 East 36th Street

THE OBJECTIVE

After owning this Midtown Manhattan asset for many decades, this family came to us with the objectives of 1.) selling the property, 2.) deferring capital gains taxes, and 3.) reinvesting in triple-net leased (NNN) assets with the goal of dramatically improving the annual cash flow.

THE RESULT

After producing a competitive bidding environment with multiple offers on the property, the building was successfully sold allowing the owner to reinvest the proceeds into four large net-leased assets. As a result, the passive income to the family more than doubled.

Keep up-to-date with market commentary by following here!

CLICK HERE

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Buy Peter's Book Today! Available on Amazon.

Catch up on our most recent posts here:

NYM Team Brings New Capital to LES with $61,500,000 Sale

To be a successful seller in this market you need the right broker, using the right process, who provides accurate pricing guidance.

This story is timely given today’s phase of the real estate cycle. In a flat market, investors cannot make mistakes. It’s imperative you work with a specialist.

read more

It’s Not What You Make, It’s What You Keep: Tax Savings for NYC Multifamily Owners

It’s not what you make, it’s what you keep. While helping New York City owners buy and sell investment properties, the ultimate objective is very clear: either improve cash flow or increase appreciation.

Becoming more tax efficient is a very important part of that strategy. This month, I have asked Rob Rahner from Cost Recovery Solutions to explain cost segregation and why it’s beneficial for New York City multifamily owners.

read more

Behind the Bricks – The Podcast

Behind The Bricks is the #1 podcast on New York City Multifamily Real Estate Investing. Through discussions with the most influential NYC apartment building owners, we get a deeper look into this exciting investment industry.

The goal of these talks is to go behind the transactions and explore what drives these individuals and the investment choices they make.

read more