Specifically, Kislak SVP and co-managing director Robert Hollandrepresented the buyers, a joint venture of Paramount AcquisitionsLLC and JD Union LLC. Kislak vice president Matt Weilheimerrepresented the sellers, 4800 Broadway LLC, 4801 Broadway LLC andGoal Investments.
"This transaction met the needs of both the buyer and theseller," Weilheimer says. "These properties were initially acquiredseveral years ago and underwent an extensive renovation andsubsequent rapid re-leasing by the former owners, which addedsignificant value to the assets.
"The buyers were in the middle of a 1031 exchange," Weilheimercontinues. "The buildings at 4800 and 4801 Broadway fit intoParamount Acquisitions' and JD Union's financial requirements inthat case."
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