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June 2015 Vol. 6 Issue 11
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Dear Friends,
If you bought your commercial building 20 or 30 years ago to house your business, and you are considering selling it today, you will have an expensive date with the IRS and New York State in the way of capital gains taxes.
However, there is a way to dodge these taxes, and "kick the can down the road." It is popularly called a "1031 exchange," and properly done allows you to defer your tax obligation. One of the most interesting parts of a 1031 exchange is that you can swap your commercial building for a triple-net leased property, totally maintained by the tenant. An entire industry has grown around this "triple-net-lease" demand, so you could end up owning a Walgreens in Pennsylvania, with no more obligation than cashing rent checks! Read more about 1031 exchanges in this issue's lead article.
I love Long Island in the summer. The pool is open, my tomatoes are already 18' high, and life is good! I hope your summer is the best ever.
"Oh the possibilities!"
David G. Hunt
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Save Big with Section 1031 Exchange
by David G. Hunt
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Q: I own the building that houses my construction business. We are considering purchasing a larger building and moving. My broker suggested a 1031 exchange. How does that work and is it worth the effort?
A: It is absolutely worth considering in your situation. Briefly, it allows you to "kick the can down the road" and defer federal income taxes and capital gains taxes on any gain that you may have on the sale of your present property. Because it is detailed in Section 1031 of the Internal Revenue Code, it is often called a "1031 exchange." It permits a taxpayer (an individual or entity) to dispose of property used in its trade or business or held for investment purposes without paying federal income taxes, including... Click here for full article
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Property Highlight
127 Allen Boulevard, Farmingdale, NY
FOR SALE
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Companies on the Move
| | IBEW Local 1049 is moving to 100 Corporate Drive, Holtsville... Deal to Win is moving to 575 Underhill Boulevard, Syosset...Teamsters Local 237 leased space at 100 West Main Street, Babylon... Global Executive Solutions leased space at 1650 Sycamore Avenue, Bohemia... Exclusive Group Travel leased space at 999 Stewart Avenue, Bethpage...Champion Window Company leased space at 700A Broadhollow Road, Farmingdale... |
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Financing File
| Current Market Rates and Programs for the Long Island Commercial Marketplace
The SBA 504 loan program offers long term (10 or 20 years) fixed rate subordinate mortgage financing for the purchase and renovations of existing buildings or new buildings and equipment. Loans are up to 40% of the project cost..... (MORE) |
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Our Corporate Headquarters
17 Dupont Street, Suite 4
Plainview, NY 11803
516-937-1000
www.huntcorp.com
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COMPARABLE SALES IN THE LAST 12 MONTHS
| City | Address | Property Type | Size SF | Office SF | Acres Total | Sold Price/SF | Sold Date |
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| Wyandanch | 29 Wyandanch Avenue | Industrial | 14,000 | 1,400 | .940 | $89.29 |
5/28/2015
| | Hauppauge |
5 Davids Drive
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Industrial/Flex
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20,000
| 10,000 |
1.9
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$117.50
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5/26/2015
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Westbury
| 116-118 Magnolia Street | Industrial | 15,000 | 2,500 | 0.55 | $83.33 |
5/7/2015
| | Jericho | 61 Jericho Turnpike | Office | 11,000 |
| 0.39 | $286.36
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4/24/2015
| | Wantagh | 1960 Old Mill Road | Industrial | 6,848 | 2,739 | 1.72 | $368.72 |
4/20/2015
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Huntington
| 152 Railroad Street | Industrial | 15,000 |
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0.40
| $78.67 |
4/9/2015
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For more Recent Sales, click here |
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©Copyright 2010, All Rights Reserved. The content of this web site may not be reproduced without the written permission of HUNT Corporate Services, Inc. All information is from sources deemed reliable and is subject to prior rental or sale, errors, omissions, change of price and withdrawal without notice.
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