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.
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