fbpx

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.

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Your email address will not be published.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:

50% Stabilized Asset Sells for $8,000,000 in NoLita

New York City’s NoLita neighborhood is a desirable area for multifamily owners because it’s an epicenter of young professionals, high-end stores, and trendy restaurants.

With proximity to surrounding neighborhoods, like SoHo and the East Village, NoLita is a very attractive location for renters.

read more

NYM Monthly Metrics – February 2020

NYM had an active month in February with a total of $275,040,000 in activity! This month we listed 12 properties totaling $134,965,000.

Last month we closed on 1388 Second Avenue for $5,975,000. The building contains 9 residential units and 2 commercial units.

read more