Harlem River Management Corp. Has 99 Macombs, and the USPS is One (Tenant)

Daniel Edward Rosen — Thu, 30 Aug 2012 07:15:08 -0400

A Harlem retail property that counts the Hamilton Grange Annex of the US Postal Service as a tenant sold for $5.5 million to the Harlem River Management Corp.

The seller, Colonial Park Management LLC, sold the property as part of a 1031 Exchange, an Internal Revenue Services code that offers the seller tax benefits.

The 14,729 square foot property at 99 Macombs Place was originally built in 1951, according to CoStar data.

The property had been owned by Colonial Park Management for "some time," and the family-run business decided that now was the best time to sell.

"I think the opportunity arose, and they wanted to sell and basically use the proceeds to buy another property, which they have not bought yet," said Matia Nikolovienis, a senior associate at Cohen & Perfetto who worked alongside Marshall Cohen on behalf of the sellers on the deal.

The use of the 1031 Exchange has become an increasingly appealing option for sellers, added Ms. Nikolovienis.

"If people can sell and they’re looking to reinvest, it's a great opportunity to do so," she added. "If you can obviolusy defer on taxes for quite a bit, it’s definitely more beneficial to a seller.”
drosen@observer.com

The Commercial Observer » Harlem River Management Corp. Has 99 Macombs, and the USPS is One (Tenant)

Harlem River Management Corp. Has 99 Macombs, and the USPS is One (Tenant)