New York City – We have information on suitable 1031 Exchange replacement properties. Some Investors prefer the Absolute NNN Lease Properties for a 1031 Exchange transaction. Other investors go with the value of a property for a 1031 Exchange. These Investors might acquire an Apartment Building, Industrial Property or Office Building for a 1031 Exchange Replacement property.
We have New York Office Building news today for suitable 1031 Exchange replacement property suggestion. The office tower at 28 West 44th Street, in Midtown Manhattan, will close soon with new owners. This New York Office Building was not at the top of the list for commercial real estate investors but the golden rule is that you only need one Buyer. Well this 1031 Exchange Candidate is being purchased by two commercial real estate investment groups in a joint venture.
APF Properties and Prudential Real Estate Investors have signed up to purchase this New York Office Building for $161 million. Although not an Absolute NNN Lease Property with no landlord responsibilities, it is still suitable for a 1031 Exchange replacement property. However we are not inclined to report yet whether this property is involved in a 1031 Exchange.
SL Green Corporation was the seller of this New York Office Building. SL Green Corporation purchased this New York Class B office building back in in 2005 for the price of $105.5 million. This New York Office Building is approximately 367,119 square-feet of space for net lease Tenants. This New York area in Manhattan is known as Club Row.
Although SL Green Corporation has not said directly that this will be a 1031 Exchange transaction, it is possible a 1031 Exchange may take place. Reports that the estimated $33.4 Million of profits on this New York Office Building, could be used in a 1031 Exchange with another New York Commercial Property on Third Avenue.
One of the commercial real estate investment groups principals at APF Properties, believes this commercial property fits into the company’s investment strategy. The commercial real estate investment group is taking advantage of the low interest rate for Commercial Loans. Also with available funds to renovate this New York Commercial Property, their NOI (net operating income) can make rspectable increases.
The New York Commercial Property at 28 West 44th Street was originally opened in 1919. The 1031 Exchange Candidate had served as the corporate headquarters for the New Yorker magazine from the early 1940s until 1992. Currently this New York Commercial Property is approximately 86% net leased.
This New York 1031 Exchange Candidate has entrances on 43rd Street and 44th Street. Some of the amenities at this commercial property include Tenant controlled air conditioning, On-site management office, Renovated lobby and common corridors. Some of the major Tenants already leasing at this property are American National Standards, City University of New York, Crew Cuts, Inc. and eEmerge, NYC.
We have current information on one of the commercial property investors, APF Properties. APF Properties is a fully integrated commercial real estate investment firm with a commercial property portfolio valued at over $500 million. The commercial real estate investment firm has their corporate headquarters in New York City with offices in Philadelphia, Pennsylvania and Frankfurt, Germany. APF Properties creates value in by utilizing a hands-on approach to commercial property management and net leasing. Their investment strategy combined with a conservative financing approach and a long-term perspective enable this firm to deliver consistent above-market returns.
Contact us for 1031 Exchange Properties in Florida.
O’Reilly Commercial Realty LLC
Phone: (352) 237-2222
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