fbpx

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Your email address will not be published.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:

$29,000,000 Greenpoint Sale Sets Price-Per-Unit Record

When rent law reform was passed in the summer of 2019, rent-stabilized investments immediately became more complicated to multifamily owners.

The demand for free-market units increased, and the sale of 105-115 Greenpoint Avenue is the perfect example of that shift in today’s real estate climate

read more

NYM Monthly Metrics – December 2019

NYM had an active month in December with a total of $312,882,500 in activity! This month we listed 16 properties totaling $189,885,000.

Last month we closed on 422 East 81st Street for $6,250,000. The building contains 20 units and was 80% Fair Market. At the sale price, this equates to a 4.0% Cap Rate and $568/SF.

read more