5 Properties in Harlem, New York, NY
Type of Property: Residential Apartment Buildings
Number of Units: 400
Reason for Contacting Citadel Realty Services:
The client had just sold a major New York property and was purchasing five (5) separate apartment buildings under a Section 1031 exchange. He needed a professional in building management to quickly step in and turnaround the management problems plaguing the five properties.
To implement an effective management program on an expedited basis so that the closings could take place within the timeframe mandated under Section 1031.
The End Result:
All five properties closed within 30 days, and Citadel Realty took over the management of properties so that the client, now owner, could resell the properties at a profit.
Turnaround Time: 18 months