Real Estate Journal — Owners, Developers & Managers — October 27 - November 9, 2017 — 17B


M id A tlantic

O wners , D evelopers & M anagers

onkers, NY — Redwood Realty Advisors’ New York Investment associates Scrima and Gorman spearheaded the deals Redwood Realty Advisors’ NY team completes three transactions totaling $5 million Y

apartment units and one commercial space that sold for a combined purchase price of $5 million. I n v e s t -

lenge to meet the sellers’ ob- jectives, and our New York teamused their deepmarket knowledge and expertise to find buyers for each unique situation,” said Thomas McConnell, CCIM , man- aging partner at Redwood Realty. “There continues to be strong buyer demand for assets in Yonkers, which is a very supply constrained market with vacancies that are currently at 2.4%.” The three transactions included: • A 23-unit portfolio, including three separate

buildings in central Yon- kers, that sold for $2.9 mil- lion. The team success- fully found a buyer who was capable of purchasing the three properties at one time, as well as taking over a business located in one of the buildings. The final purchase price was higher than the client’s original expectations. • A 10-unit apartment building that sold for $1 mil- lion. The NY team was able to uncover a buyer who was willing to pay an aggressive

price and close within 30 days. Showings for the prop- erty were extremely discrete as the long-time owner did not want to alert the tenants to the sale until after the transaction was complete. • A 9-unit apartment building that sold for $1.1 million. In this case, the NY team worked closely with Redwood’s New Jersey team to identify various re- placement properties so the seller could complete a 1031 Exchange within a 90-day window. n

team closed three sepa- rate sal es in Yonkers, last month. The three transactions included a total of 42

me n t a s - s o c i a t e s M i c h a e l Scrima and T h o m a s G o r m a n spearhead-

Michael Scrima Thomas Gorman

Denholtz celebrate ribbon cutting for 75,000 s/f industrial building Franklin TWP., NJ — Denholtz Associates held a ribbon-cutting ceremony for 655 Howard Ave., a 75,000 s/f industrial building in Frank- lin. Franklin Township Economic Development director Vincent Dominach and fellow Franklin Twp. of- ficials as well as executives from Bytech Int’l., the new owner of the building, joined Denholtz Associates for the event. Working along with Frank- lin Twp., the NJ Department of Environmental Protection, the previous owners and sev- eral contractors, Denholtz As- sociates was able to purchase, remediate, renovate and sell the space to Bytech Inter- national in less than a year. The turnaround included an investment of $1.5 million into a complete rehab of the property. n Clearly, this is a lot of de- tail – akin to the ALTA survey itself. So when faced with the question… “Do I need an ALTA or will a boundary survey alone suffice?” It is best to speak with a professional licensed surveyor and the proposed lender. Together they will be able to provide the guidance and recommendation to keep the project moving forward. For more information or to obtain an ALTA survey, contact Stout & Caldwell, LLC at 856- 786-2202 or djc@stoutcaldwell. com. Daniel J. Caldwell is co- founder and principal with Stout & Caldwell, LLC, a leading provider of profes- sional and technical en- gineering and consulting services in Southern NJ. n continued from page 14B An ALTA Survey

ed the three deals for Red- wood Realty. “Each of these assignments involved over- coming a particular chal-

Made with FlippingBook - Online Brochure Maker