Our client owned a unit in a co-op building and purchased the unit adjacent to him with the desire to combine both units. We worked with the purchaser’s lending institution to pay-off the existing loan on his unit and fund a new loan which would place a lien on both units and give the purchaser additional money to pay for the cost of renovations. The seller continuously adjourned the closing date well past the 30 day right of adjournment. We sent a time of the essence letter in order to preserve our clients’ interest rate lock and commitment letter expiration. The lien search showed an IRS Tax Lien against the seller in the amount of $55,000. The seller did not have any money to pay this lien and needed the proceeds from this sale in order to satisfy the lien. We worked with seller’s counsel and the IRS to procure a pay-off letter for the date of the closing and subsequently the collection of the outstanding balance. We were able to close the transaction prior to the expiration of the commitment letter.
Purchase and Combination of a Coperative Unit
- During Lockdown, Residential Dept & Banking Dept Work Together to Close $2.7 Million Condo Purchase with Purchase CEMA
- Romer Debbas LLP Represents Purchaser on Acquisition of Famed Forbes Townhouse
- Romer Debbas LLP Negotiates Substantial Buy-out for Upper East Side Tenant
- Represented Seller of $7,775,000.00 Townhouse Which Came with 99 Year Lease to Outdoor Space
- Represented Purchaser of $17,000,000.00 new development condominium unit at 520 Park Avenue.
- Represented Purchaser of Record Setting $37,200,000.00 Townhouse in Greenwich Village
- Represented Non U.S. Investor in Purchase of $16 million condominium apartment
- Represented Seller $34 Million Condo Sale
- Represented Singaporean Investor in $9 Million Condop Acquisition
- Represented Seller of Unique 17.5 Million Townhouse Involving Multiple Hurdles
- Represented Client from Hong Kong in Connection with 4 Million Condominium Acquisition & Post Closing Property Management
- Obtaining Co-op Board Approval for Foreing Buyer Not Impossible – Represented Brazilian Purchaser of $7.6 Million Co-op Unit
- Represented Investors from Singapore and Qatar Each Purchasing 2.5 Million Condo Units in the Same Building. Handled Acquisition & Subsequent Leasing to Tenants
- The Save a Deal, Romer Debbas Drafts Revised Budget to Satisfy Fannie Mae 10% Line Item Requirement
- High End Co-op Properties on the Move. Recently Represented Purchasers of Two Separate $4 million Co-op Unit
- In One Transaction, Represented Purchaser of $7,650,000.00 Townhouse, Private Bank Issuing $7,000,000.00 Construction Loan, and Negotiated AIA Agreements
- Application to FDIC Needed to Clear Lien Held by Bankrupt Lending Instition in Order to Save a Sale
- Time of the Essence Letter Enforces Sale on a $8,000,000 Residential Property in Less Than 24 Hours