Jawdat and Harwood of New York Commercial Real Estate complete $2.45 million 1031 exchange for 19,000 s/f East Setauket property

New York Commercial Real Estate (NYCRE) has completed a 1031 tax-free exchange for a 19,000 s/f property located at 128 Old Town Rd. The $2.45 million transaction was jointly completed by NYCRE president Jack Jawdat and executive VP Robert Harwood, who represented the buyer and the seller, both private investors. The property, for which the 1031 exchange was conducted, is a mixed-used center consisting of four separate buildings, including: a free-standing restaurant, a residential cottage, a dance studio and residential apartments, and a main retail building. According to Harwood, to complete the transaction, NYCRE had to first clear up several open violations that existed on the property. The buyer is taking immediate ownership of the property, and plans to do a number of deferred maintenance projects initially. Jawdat, the founder of NYCRE, and Harwood, both NYS licensed real estate brokers, have significant experience handling 1031 exchanges on behalf of their clients. Jawdat, who has received many industry awards for his many successful transactions, has longstanding relationships with many private investors for whom he has handled multiple 1031 exchanges. Harwood, who recently joined NYCRE and is also a certified public accountant, also has completed numerous complex real estate transactions in his prior senior executive roles with such firms as Solow Realty & Development Company, CLK/HP, Prudential CRES Commercial Real Estate, and Century Management Services, Inc.