Great Neck, NY – condo package flipped for corp housing
About This Project
Ralph Trionfo: Acquisition & Disposition
I sourced, negotiate, acquire and manage this project package consisting of a 29-unit portfolio of modern luxury condominiums in the town of Great Neck, NY. I enjoyed working on this deal and meeting different people as a result of marketing the units for sale. It took a while but I was focused on a specific requirement for corporate housing long-term furnished rentals. My target areas that I canvassed covered the New York metro area convenient to public transportation options. The modern condominium building is with a short walk to the Long Island Rail Road.
Our strategy was to net-lease the apartments to a credit tenant Marriott for their long-term corporate rentals. Upon possession of each unit, we vacated, renovated and furnished the apartments in accordance with Marriott’s standards & requirements. Once the portfolio was repositioned, I executed a broad marketing campaign that yielded a smooth bid and sale process. The healthy and stable income of the net lease for all the units provided attractive post-sale returns for the buyer and a significant profit for our group. All done within nine months.