Manhattan NY – sale of 2 rental buildings with air-rights
About This Project
Ralph Trionfo: Broker
Ralph Trionfo was approached by an investor with a 1031 tax-free exchange requirement looking to acquire apartment buildings. The investor recently sold a property and needed to identify a replacement asset to avoid paying capital gains tax. The property was sold at a very attractive sale price that was reduced even further with the sale of remaining development rights. The buyer assumed the existing mortgage. The deal closed in 60 days.
The property was on the market for years with numerous agents. Ralph was able to secure a qualified buyer and negotiate the sale and terms that satisfied both parties. The property was purchased with 9,000 square feet of additional development rights that were transferred (sold) to a new mixed-use high rise development on the same block, reducing the acquisition cost.As you can see, the buildings were combined and the facade was extensively upgraded.