Brooklyn: Overcoming Loft Law Hurdles to Sell Building for $1,000,000 / Unit

Brooklyn: Overcoming Loft Law Hurdles to Sell Building for $1,000,000 / Unit

3/18/2017

“I was fortunate to meet Shaun Riney and the New York Multifamily team who were extremely professional and diligent at every step of the process. After having been in the business since 1985, I have never experienced this level of competency, toughness, honesty and dedication through every twist and turn as was exemplified with this team.”

– Gina, former owner of 35 Claver Place

THE OBSTACLE

Inverso Warehousing Inc. had owned 35 Claver Place since 1985 and initially operated the property as a shipping and manufacturing warehouse. The owners converted the building to Artists in Residence Lofts in the early 2000s and ran the building as a live-work community up until closing. There was a significant loft law challenge figuring in utilizing 6,000 square feet of commercial storage space, as well as 2,000 + square foot lofts.

CREATIVITY + HUSTLE = SOLUTION

The New York Multifamily team was able to leverage its in-depth understanding of residential conversions and strong relationships with loft law attorneys in order to educate buyers and get them comfortable with an ||as-is where-is|| sale with no additional vacancies represented. Multiple loft law applications were filed during the marketing period but the New York Multifamily team was able to navigate seamlessly through the issues that arose and secure a buyer that performed every step of the way and purchased the asset for over $1,000,000 per unit.

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Your email address will not be published.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:

7 Habits of NYC’s Most Successful Real Estate Entrepreneurs

I’ve met countless NYC multifamily owners and entrepreneurs. All types. Those that own 12 units, and others with yuge 5,000-unit portfolios.

As a by-product of working with them, I have become a student of their success. They all share similar qualities. Regardless of your stage of life or industry, these habits transcend real estate and have something to teach us all.

read more

$16,850,000 in Upper Manhattan Buys a 107-Unit, Affordable Housing Portfolio.

New York’s real estate market beats to an entirely different rhythm to any other in the world. Here, we have everything; fast-paced transactions with property which changes hands rapidly sitting next to ancient buildings which have been held by the same families for generations.

The recent sale of the a family’s Greenwich Village portfolio perfectly represents the antique side of New York – the low-velocity, long cycle of property which rarely changes hands and are often the architectural and cultural heritage of the city.

read more

Learn These 5 Insurance Clauses, OR You’ll Regret it When Renovating In NYC

There are any number of reasons to separate from a real estate partnership. One partner may need to free the capital for other purposes – such as retirement or education funding.

The investment’s performance may not be living up to expectations. The property owned by the partnership may require more upkeep, maintenance, or repair than anticipated, or management responsibilities may be proving burdensome.

read more