Acquisitions

• Buildings with deferred maintenance, open permits, or code violations
• Tenant occupied buildings, including buildings with non paying or holdover tenants
• Rent stabilized and rent regulated inventory in the outer boroughs
• Buildings with certificate of occupancy issues or illegal unit configurations
• Estates, partnerships, and 1031 exchange situations where the seller needs certainty of close
• Owners who are simply done being a landlord and want a clean exit

Frequently asked questions

Do I need to deliver the building vacant?

No. We buy tenant occupied buildings regularly and we are comfortable inheriting the existing rent roll, including problem tenants.

Do I have to make any repairs or clear violations first?

No. We buy as is. Open permits, ECB violations, DOB issues, and deferred maintenance are all on us after closing.

How is your offer calculated?

We start with the in place rent roll and expenses, apply a market cap rate for the asset class and location, and then adjust for capital expenditure, vacancy, and any compliance items the building needs. For value add deals we also model the stabilized number to make sure the offer reflects the upside fairly. We are happy to walk through the math line by line.

Are there any fees or commissions?

None on our side. The number we offer is the number you receive at closing, minus any payoffs on the building such as a mortgage, back taxes, or water and sewer arrears.

Will you sign an NDA?

Yes. If you want the conversation to stay confidential before you share rent roll and financials, we are happy to sign a mutual NDA before we go further.

What about rent stabilized units?

We buy rent stabilized and rent regulated property and we underwrite it honestly. We do not assume aggressive rent increases or unit deregulations that the law does not actually allow.