Asset Management is a critical component of owning real estate of any kind. This service provides a turnkey approach to real estate investment where 917 Realty manages all aspects of ownership and provides the client with a sophisticated partner to handle the day to day needs of the owner, without the hassle of dealing with the minutiae commonly associated with real estate investment.
84 Calvert is an 8,000 SF Multi-Tenant Office Building located in the affluent town of Harrison, NY. This property was purchased in late 2013, for approx. $1.25mm. The seller was a family owned construction company looking to retire. The property was mismanaged for some time, which resulted in deferred maintenance, vacancy and several non-paying tenants. Sister company 917 Capital was able to renovate the building, re-tenant the building with higher quality tenants and create substantial value in just 39 months of ownership, well ahead of the 5 year business plan. The building was sold for $1.925mm and generated an IRR of over 25% for investors in the project. 917 Realty is proud to note that we sourced the investment, the debt and equity capital, and provided a turnkey asset management solution for the investors in this property.
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