Harlem: Steve Sold on 139th Street, Doubled his Cash Flow, and Reduced Management… How?
Harlem: Steve Sold on 139th Street, Doubled his Cash Flow, and Reduced Management… How?
4/4/2017
“It is my pleasure to acknowledge Joe Koicim, Peter Von Der Ahe, and Seth Glasser on their selling of my buildings on 139th Street in Harlem. Not only do I commend their ability to execute the objective in selling our assets, through their extended team, they were able to locate Triple-Net (NNN) buildings which allowed me to do a 1031 exchange and increase my cash flow significantly. Without hesitation I recommend them and keep them in the highest regard.”
– Steve, Former Owner of 515 & 526 West 139th Street
THE OPPORTUNITY
The ownership of these two Harlem buildings on 139th Street had three clear and specific goals: 1.) Dissolve the partnership so the Principals could go their separate ways on their next investment 2.) Sell for the highest price possible and 3.) Reinvest the proceeds in a management free triple net asset which would increase their cash flow.
THE SOLUTION
The ownership of these two Harlem buildings on 139th Street had three clear and specific goals: 1.) Dissolve the partnership so the Principals could go their separate ways on their next investment 2.) Sell for the highest price possible and 3.) Reinvest the proceeds in a management free triple net asset which would increase their cash flow.
I can recall a time when Rose, an elderly widow, forced me to price her $30 million Brooklyn portfolio 25% over market, saying, “Sometimes you got to ask a lot… just to get a little.” This was a strategic mistake. Why? Although it is counter-intuitive, sometimes, the lower your asking price, the higher your selling price.
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