Need a building(s) for like-kind exchange | FerrariChat
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Need a building(s) for like-kind exchange

Discussion in 'New York Tri-State' started by warrenn, Dec 1, 2006.

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  1. warrenn

    warrenn Formula Junior

    Mar 12, 2004
    388
    LA for now,NJ really
    #1 warrenn, Dec 1, 2006
    Selling several properties in Manhattan and need a commercial building(s) to roll the funds into. Having a heck of a time finding a suitable property for a like-kind exchange transaction. Looking for a commercial office building first, then residential (ie apt bldg). Size of the transaction is roughly $9 million.

    So if anyone is looking to sell their property or know of anyone, let me know! Thanks
     
  2. NYCFERRARIS

    NYCFERRARIS Formula 3

    Mar 2, 2004
    1,011
    #2 NYCFERRARIS, Dec 4, 2006
    no problem in NNJ or manhattan or LIC, gr8t time to buy, really gr8t time to be in the market. pm me with contact info.
     
  3. Gary Res

    Gary Res Formula Junior

    Apr 23, 2004
    573
    Long Island,New York
    Full Name:
    Gary
    #3 Gary Res, Dec 4, 2006
    Are you in contract on the City properties? For your sake, I hope not. In order to do a "1031" (like exchange) you must name the property that your exchanging in your contract. The IRS looks at every step of the "1031" and if one T is not crossed and one i is not dotted you loose the 1031 status and there could be a tax due. You MUST use an attorney that knows what he's doing and an exchange company with a reputation. If you haven't gone to contract on the City properties e-mail me. If I'm interested (in purchasing), I will let you know. I'm not a broker. I own many buildings in the City. I've also done many 1031's.
     
  4. zjpj

    zjpj F1 Veteran

    Nov 4, 2003
    6,124
    USA
    #4 zjpj, Dec 4, 2006
    warrenn, no offense, but posting stuff like this on an internet forum is setting yourself up to get burned. I'm sure you didn't put yourself in a position to be doing a $9 million transaction by soliciting business on a car forum. There's lots of legit people out there, but lots of scammers too. Be careful, and like the above advice says, get yourself some real advisers who can help you out with your business.
     
  5. warrenn

    warrenn Formula Junior

    Mar 12, 2004
    388
    LA for now,NJ really
    #5 warrenn, Dec 5, 2006
    Yeah I know... but I met a lot of nice people through F- chat. We have several brokers working for us but I've also had some of the best deals through word of mouth -ie sales and purchase even before a property is listed. So I thought why not... Anyways, its a good opportunity for anyone looking to get out of their property or for even a broker to make a nice commission. Keep all your options open, that's what I learned throughout my limited career. Heck 5 years ago, if someone told me I'd buy a lambo or two because of someone I met through a chat room, I would have thought they were crazy.
     
  6. warrenn

    warrenn Formula Junior

    Mar 12, 2004
    388
    LA for now,NJ really
    #6 warrenn, Dec 5, 2006
    Yes we have a 1031 attorney, consultant and firm, we've used them on many deals before. Not in contract yet but we have a buyer. 3 apartment buildings as one package right across the GW bridge. Thank you very much for the information. Anytime millions are involved you gotta believe the IRS is going to be looking at the I s and T s.
     
  7. Gary Res

    Gary Res Formula Junior

    Apr 23, 2004
    573
    Long Island,New York
    Full Name:
    Gary
    #7 Gary Res, Dec 6, 2006
    I think that every property sell for "millions" today. Million is not what it use to be. Anyway, your properties are in Washington Heights area. I assume West of Broadway. I have owned many properties throughout the heights. If your deal falls through let me know.

    Gary Resnick
     
  8. Gary Res

    Gary Res Formula Junior

    Apr 23, 2004
    573
    Long Island,New York
    Full Name:
    Gary
    #8 Gary Res, Dec 6, 2006
    By the way, I see most listings in that area. Have not seen a three building package deal around in this area recently??
     
  9. warrenn

    warrenn Formula Junior

    Mar 12, 2004
    388
    LA for now,NJ really
    #9 warrenn, Dec 7, 2006
    aha! My point exactly.. the buyer was found through word of mouth... I'll let you know if the deal falls through.
     

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