News:
Brokerage
Posted: February 4, 2020
Heine brokers three apartment complexes in 1031 exchange on behalf of CCS MGT LLC
Amherst, NY On behalf of CCS MGT LLC, Brian Heine has completed a 1031 tax-deffered exchange involving three apartment complexes.
Heine brokered the sale of the Garrison Gate Apartments for $3.088 million. The Garrison Gate Apartments, a 23-unit apartment complex in six brick buildings with two interconnected parking garages, located at 270 Garrison Rd. in the Williamsville area. The sale at $134,000 per apartment represents a 6% cap rate.
The purchaser funded the transaction utilizing 1031 tax deferred exchange funds from the sale of the 48-unit Fairmount Hills Apartments on Lakeview Dr. in Lakewood, near Jamestown for $2.13 million and the 12-unit apartment building at 2600 Elmwood Ave. in Tonawanda for $750,000.
All three properties, brick garden apartments totaling 83 units, were closed individually within one-month.
Heine is a licensed real estate broker in New York State.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE secures 5,754 s/f lease with GKV Architects at 360 Lexington Avenue
Manhattan, NY AmTrustRE has executed a 5,754 s/f lease at its premier boutique Midtown East office tower, 360 Lexington Ave., with longtime partner GKV Architects. The award-winning firm will occupy a portion of the 14th floor. >“GKV Architects has been a trusted partner to AmTrustRE for over two decades, playing an integral role in shaping and elevating several
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
