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Category: 1031 Exchange Tags: Multifamily
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Property Profile

$15,585,000
6305 Boulevard East, West New York, NJ 07093

A Unique 1031 Exchange With Buyer and Seller

Challenge

The sale of 6305 Boulevard East presented several challenges, primarily due to the complexity of the transaction and the strict timeline involved. The long-term owner, having held the property for over 25 years, sought to maximize the sale while ensuring a seamless transition. During the marketing phase, 17 offers were generated, with one standout buyer proposing a 1031 exchange that involved selling two of his properties as a package. The critical challenge was to close the deal without any delays. This required putting together a marketing package, generating offers, and signing a contract with a 60-day closing period and no contingencies within just three weeks.

 

Strategy

The buyer hired David Ferber exclusively, and within the first week, there were two offers and property tours scheduled. Through meticulous negotiation, both buyers reached similar prices and terms, allowing David and the seller to choose the one they felt most confident would execute and close. The contract was swiftly sent, due diligence completed, and the contract signed within two weeks. This proactive approach ensured the deal closed a week prior to the deadline. Additionally, to secure a suitable 1031 exchange for the seller into an NNN property, Chad Kurz, a top NNN agent, was brought on board. Despite the market’s difficulty, the agents managed to find a property with only a 24% down payment that would provide sufficient cash flow for the seller’s retirement.

 

Result

The execution of this well-coordinated strategy resulted in a successful transaction, meeting the seller’s objectives and the buyer’s aspirations. The deal closed on time, and the seller was able to replace the cash flow from 6305 Boulevard East with a suitable NNN property, ensuring financial stability in retirement. The buyer achieved his goal of acquiring a legacy asset to increase cash flow and improve over time. The utilization of comprehensive marketing tools and diligent follow-ups generated significant interest and offers, ultimately leading to a competitive and favorable outcome for all parties involved.

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