Cohen & Perfetto closes $10.25 million sale and 1031 exchange

long island city, NY Recently, Cohen & Perfetto LLP, a Manhattan-based real estate law firm, closed a $10.25-million sale of property for a local building owner, as well as a resulting 1031 exchange. The sale of the Long Island City building was completed with the specific intention of reinvesting the proceeds into new developments. Cohen & Perfetto boasts a long resume of closings in the 1031 exchange area, and was prepared to help guide the owner through the time-sensitive process. "Finding properties that are satisfactory to the client and closing in a timely manner are crucial to a 1031 or reverse 1031 exchange," said Louis Perfetto, managing partner of Cohen & Perfetto and the lead attorney for the transaction. "If the federal guidelines are not followed, the project could be compromised." The exchange was finalized with the owner's purchase of two Walgreen retail store properties. The first property is located in Mt. Olive, N.C. and was purchased for $5 million. The second property is located in Beaufort, S.C. The final purchase price of the Beaufort location was approximately $6.24 million. Perfetto oversaw each of the transactions working with Christine Mulryan, also of Cohen & Perfetto. The deal was conducted using brokers from Pinnacle Realty in Long Island City and New York.