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.
Our Strategy:
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