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Firm's real estate transactions involve overlooked properties

A real estate investment corporation from another state has invested more than $100 million in the New York City area during the past five years. None of the firm's commercial real estate transactions have been record-setting. However, that is exactly what the executives intended.

The out-of-state firm has decided to quietly invest $114 million in eight New York properties so far. One of the deals is an apartment building acquisition that occurred earlier this year and was valued at $5.8 million. The building features 23 units.

Thanks to the real estate company's willingness to go under the radar, it has found several potentially promising pieces of real estate that frequently go unnoticed among larger investors. The company's CEO said he targets properties valued at between $5 million and $50 million because large funds will not target such properties, as their overhead is simply too high to focus on them. In other words, for larger firms, the amount of effort required to purchase a building valued at $10 million is the same as that required for a building that is worth $100 million. For this reason, the firms often skip over the less expensive properties.

Now appears to be a promising time to engage in commercial real estate transactions in New York, particularly in areas that are transportation centric, where demand is high. However, knowing how to go about these transactions can be tricky whether this is an investor's first experience with them or 50th, as every deal is different. An attorney in New York can help investors to navigate the complex property-buying process so that they can ultimately have the portfolios they desire.

Source: stamfordadvocate.com, "Stamford real estate firm builds New York portfolio", Paul Schott, Nov. 20, 2017

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