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!
Buy Peter's Book Today! Available on Amazon.
Catch up on our most recent posts here:
The Consequences & Opportunities of Getting to 2% Inflation
With so many people unsure of what to do with their real estate holdings and the uncertainty that has been placed on our business recently, these are the questions that I get asked every day. The best way I can answer that question is not by telling you, but by showing you, deal by deal.
read moreIn Detail: Who Is Buying And Who Is Selling?
With so many people unsure of what to do with their real estate holdings and the uncertainty that has been placed on our business recently, these are the questions that I get asked every day. The best way I can answer that question is not by telling you, but by showing you, deal by deal.
read more2023: A Decision-Making Year
As we move further into 2023, we are getting a better idea of what the remainder of the year will look like for the NYC multifamily market. To figure out what the future holds it’s often helpful to study the past. I’ve assigned a “theme” to each year: 2019 = HSTPA; 2020 = COVID; 2021= revitalized economy; 2022 = rising rates; And 2023 = decision making.
read more
0 Comments