“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
After marketing the properties on their own and on an unofficial basis with several brokers for many months, the sellers engaged the New York Multifamily team at Marcus and Millichap to bring them to the promised land. A 90-day marketing plan was activated, ultimately leading to the highest bidder who closed all cash with no contingencies. In the next step, we guided the seller with his 1031 Exchange, giving him access to a triple–net (NNN) property that significantly increased his cash flow.
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