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Brooklawn
86-Units + 68 Developable
Frederick, MD
Offering Price: $9,000,000
Land Price: $1,000,000
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Brookemeade
120-Units
Hagerstown, MD
Offering Price: $11,500,000
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The Hanover
320 Apartments
Greenbelt, MD
UNDER CONTRACT
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The Dumont
559-units
Washington, DC
CLOSED - APR 2010 |
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Chesapeake
184-units
Dumfries, VA
CLOSED - OCT 2009 |
ADDITIONAL OPPORTUNITIES
We are currently involved with a number of Exclusive Listings which are not available through our website. Please contact Allen Manesh at 301-299-4000 to discuss.
Email Allen
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RECENT NEWS |
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July 2009 - 318 I Street |
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Ideal Realty Group announces the sale of 318 I Street, N.E. in Washington, DC consisting of 28,311 square feet of land zoned C-2-B. Although the zoning allows a large number of uses, the property was preliminarily approved for 160,000 square feet of residential development. The purchase price for the asset was $1,690,000.
318 I Street, N.E. is located on the edge of the NOMA District, an area that includes the Massachusetts Avenue corridor in the Union Station area.
Ideal Realty Group represented iStar Financial’s interest in the property. The borrower had defaulted on the note and iStar was interested in selling the note before the foreclosure sale or the asset after the foreclosure sale. |
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Ideal Realty provided multiple services in this transaction: |
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Eliminated the 10% Vacant Property Tax – In Washington, DC, properties that are identified as vacant and blighted are taxed at a rate of 10%. Ideal Realty researched the statute and came up with a plan to receive an exemption from this tax. |
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Hired a Professional Auctioneer – Ideal Realty was instrumental in coordinating the marketing and sales transaction with the auctioneer. Unlike the vast majority of foreclosure sales, the asset was fully marketed which lead to a bidding war between well informed purchasers. |
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Since iStar preferred not to own the asset due to its environmental issues, Ideal Realty Group was successful in procuring a buyer who was willing to purchase the property with no financing or environmental contingencies and who was able to post a large non-refundable deposit. |
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318 I Street ultimately was sold at the foreclosure sale to different investor for a higher amount than was originally offered. |
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Allen Manesh, President of Ideal Realty Group would like to thank all the team members who worked on this sale, especially the team leaders for this transaction, Craig London and Dean Sigmon. With their extensive knowledge of the DC market and its real estate tax statutes, Craig and Dean have been instrumental in assisting iStar and other owners and lenders in Washington, DC in their disposition and acquisition efforts. |
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