Global Investment Bank's New York Office Tapped to Expedite a Sale in Rare Tax Efficient Year for S-Corporations
NEW YORK, May 29, 2013 /PRNewswire/ — Brookfield Financial, a global investment bank, announced it has been retained as the exclusive sales agent for 247 West 30th Street, a 70,200 square-foot Pre War office building with a retail component, located in Manhattan's trendy Chelsea neighborhood. The current asking price for the property is $35 million.
The Brookfield Financial brokerage team of Eric Anton and Ron Solarz with Eric Weinberg are spearheading the sales effort for 247 West 30th on behalf of the sellers, Infinity Real Estate and Katz Properties. The team is credited with over $5.5 Billion in commercial real estate sales on behalf of sellers and buyers in the Tri-State area during the last 10 years.
Eric M. Anton, Managing Partner, believes, "247 West 30th Street offers a huge upside and we're anticipating strong interest in its sale." Added Solarz, "This is a great opportunity for any buyer looking to secure an attractive Manhattan property in a great location, right in the cross hairs of the new Class A properties being developed on Manhattan's Far West Side and traditional Midtown office stock. The property is particularly appealing to New York's thriving creative and technology industries and is an ideal choice for tenants looking for a hip neighborhood without the huge rents found in other areas in Midtown South."
The pre-war 247 West 30th building is currently over 98% occupied and is home to 21 boutique office tenants, as well as a retail restaurant/bar tenant. The building's rents are substantially below market and 34% of the property's space rolls in 2014 and 2015. In addition, the property features rare outdoor terraces on the upper floors and benefits from its close proximity to major employment and transportation hubs.
The property also offers potential buyers an attractive mortgage already in place. In addition, Weinberg notes that the building is priced to move as ownership is seeking to benefit from a temporary reduced recognition period for S-Corporations concluding at the end of this year. "Usually an S-Corp must wait ten-years to avoid built-in gains known as the 'big tax' if an owner acquired assets from a C-Corporation," Weinberg adds. "However, the American Taxpayer Relief Act of 2012 extended the five-year recognition period through 2013. Ownership must complete a sale before year's end to take advantage of this unique tax efficient opportunity."
For more information on the sale of 247 West 30th Street, please contact Messrs. Anton, Solarz or Weinberg.
About Brookfield Financial
Brookfield Financial is a global investment bank and real estate investment sales firm with expertise in real assets. The company has offices in Canada, the United States, Brazil, the United Kingdom, Germany, India, China and Australia. Established with a clear mandate to operate independently and profitably, we are owned by Brookfield Asset Management. Brookfield Financial provides its clients with unsurpassed transaction execution skills, access to financial capital and global opportunity. For more information, please visit www.brookfieldfinancial.com.
Media inquiries, contact Great Ink Communications: (212) 741-2977
Roxanne Donovan – Email
Eric Gerard – Email
Tom Nolan – Email