Exchange Solutions, Inc. facilitates 1031 exchange

Exchange Solutions, Inc. a Long Island exchange accommodator facilitated a tax deferred exchange on commercial property located at 205-11 Northern Blvd. in Queens. The owner relinquished the highly appreciated investment property in Bayside, Queens which sold for $5.3 million in exchange for commercial property in Ft. Lauderdale, Fla. "Notwithstanding the current economic conditions, property exchanges are still a vital vehicle due to its many advantages," said Frances Picone, CES and sr. exchange coordinator of Exchange Solutions. Generally, deferment of capital gains is the ultimate incentive, but a diverse portfolio and greater purchasing power create long-term growth on one's return on investment. David Cohen, partner at the law firm Moritt Hock & Hamroff, LLP represented the seller/exchangor.The purchaser was represented by Howard Stern, partner at the law firm Certilman Balin Adler & Hyman, LLP. Diane Schaefer, CES and president of Exchange Solutions, Inc., Cohen and Stern have previously collaborated on several exchanges.