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!
Buy Peter's Book Today! Available on Amazon.
Catch up on our most recent posts here:
New York Multifamily Team Uses Extensive Network to Quietly Close $37 Million Tribeca Asset
In the first half of 2019, the future of New York City’s rent laws was up in the air. Building owners weren’t sure if state-wide rent caps and strict regulations were going to be implemented.
The internet was full of articles about real estate doomsday scenarios and what these new “anti-landlord” laws could mean for owners and their future profits. This cloud of uncertainty had the potential to derail certain real estate deals.
Why You NOW Need a Specialized Multifamily Team Even More
It’s been a busy year for New York City real estate owners.
Throughout the year all participants were full of uncertainty about the NYC real estate landscape.
Team Effort Creates $18 Million Brooklyn Multifamily Sale For Win-Win Scenario
In the first half of 2019, the future of New York City’s rent laws was up in the air. Building owners weren’t sure if state-wide rent caps and strict regulations were going to be implemented.
The internet was full of articles about real estate doomsday scenarios and what these new “anti-landlord” laws could mean for owners and their future profits. This cloud of uncertainty had the potential to derail certain real estate deals.
0 Comments