I found this deal to be really interesting because it is the size of deal, one day, I hope to be able to put together personally. Finding off-market and opportune deals such as this are essential to succeeding as a entrepreneurial RE investor.
"The best real estate acquisitions in the city often get done under the radar. Just ask the Naftali Group, a real estate investment firm that recently paid $37 million for 245-259 W. 25th St., a six-story rental apartment building in Chelsea, in an off-market deal with the Haruvi family.
The price works out to just under $500 per square foot for the 75,000-square-foot building, far below the level that apartments typically trade at in Chelsea.
"We think $500 a foot is a very attractive price per pound," said Victor Sigoura, a Naftali Group executive. "Condos trade in the area for $2,000 a foot."
Mr. Sigoura said the firm often trolls neighborhoods where it is interested in investing and approaches landlords with unsolicited offers in the hope of quietly striking a deal without the usual escalating bids of an open auction.
Read more: http://www.crainsnewyork.com/article/20130104/REAL_ESTATE/130109960#ixzz2HdMXmO7b"
Let's use this thread to post RE deals we find interesting and are worthy of discussion.