Rosemarie Malone recently sold her Brooklyn townhouse and was in process of structuring a 1031 transaction. She needed to find an investment property in Manhattan in the $500,000 price range. Her preference was a unit in the Midtown East and Upper East Side location.
With the 45 days of the 1031 transaction already being triggered, we were on the clock to find an investment property in Manhattan for $500,000. Given the winter season, inventory was low and finding a suitable unit was extremely challenging. It was critical to find an Apartment that allowed for flexible sublet rules.
After several weeks viewing numerous Apartments, we finally found the perfect Studio in the Eastmore Condop building at 240 E. 76th Street. While there were still numerous hurdles that had to be cleared, including an extensive board application process, Rosemarie was finally accepted. In mid-February, we finally closed on the unit.
Rosemarie and I are now good friends. We recently celebrated on her fantastic roof-deck at the Eastmore and plan to do more real estate transactions together.