Maria Belen Avellaneda, an agent with Keller Williams NYC, just wrapped up a flawless 1031 exchange topping out at over $34 million.
Within a single week, she was able to sell one Upper East Side condo for $21.3 million and use the proceeds to buy another for $12.9 million.
The effort allowed her clients to utilize the 1031 tax exchange, which requires investors sell and re-invest in a similar asset to defer taxes to the future.
“In an environment where some transactions may take months, through our relationship with the developer and my deep expertise in putting together complex deals, I’m pleased that we were able to close smoothly on both the sale and the purchase of these two prestigious condominiums,ˮ said Avellaneda, who’s now listing her client’s new 4,400 s/f condo for rent at $45,000 a month.
Avellaneda completed the deal on behalf of a family office which specializes in ultra-high end rentals leased to C-level executive and high-net worth individuals.
51 W131st St. #A4,
Large one bedroom, 1-bath apartment on the 4th floor. Oak hardwood floors, high ceilings, oversized windows. Separate windowed kitchen, living/dining room, CC: $315. Asking Price: $550,000. Time on Market: 3 Weeks. Agents: Aaron Seawood & Anthony Severino, Compass; Yuko Kawai, City Connections Realty, Inc.
Upper West Side
25 Central Park West #12Q
2,244 s/f three bedroom, 3-bath condo with Central Park views. Fully renovated. The kitchen, relocated to the front of the apartment, has 11 ft. marble kitchen island, two Miele dishwashers, two Wolf ovens and Wolf cooktop and a Subzero fridge, separate laundry room with a full sized Whirlpool washer/dryer. Living, dining and kitchen surrounded by windows. New plumbing, electric, windows, floors, kitchen and baths. SONOS sound system and central air. CC: $3,113. Asking Price: $10,850,000. Time on the Market: 100 days. Agents: Robert Browne, Corcoran Group (PICTURED); Gabriel Bedoya, Corcoran Group.
Upper East Side
175 East 74th Street #9D
East-facing studio apartmentwith hardwood floors, updated bathroom and renovated kitchen with granite countertops, Carrera marble floor and stainless steel appliances. Building amenities include 24-hour doorman, laundry room, roof deck and live-in super. CC: $805. Asking Price: $425,000. Time on Market: 196 Days. Agents: Militza Van Doren, Brown Harris Stevens; Liya Beaujean, Rutenberg.
353 E72nd St. #28D
One-bedroom, 1-bath co-op with north/west views. Crown molding throughout with recessed lighting, hardwood floors, and entertainment system with recessed speakers. Kitchen with stainless steel appliances and shaker-style cabinets. Electric blinds in every room. The Fontaine, amenities include a full-time doorman, gym and roof terrace. Asking Price: $759,000. CC: $1,342. Days on the Market: 17 weeks. Agents: Wilfredo Rivera, Douglas Elliman; Susan Raskin-DiLeo, Citi Habitats.
320 E42nd St. #2111
High floor one bedroom, 1-bath with walk-in closets, hardwood floors, city and river views and southern exposure. Doorman landmark building with gym. Maintenance includes utilities. Pet friendly. CC: $1,183.35. Asking Price: $435,000. Time on Market: 20 Weeks. Agents: Elliot Adler, City Connections Realty (pictured); Compass.
112 W18th St. PH6C
Two bedroom, 2-bath duplex loft on the top floor of The Brooks Van Horne Condominium, a boutique, pre-war building. 1,610 s/f unit, with a 325 s/f roof terrace. Home features an open layout which allows for a three bedroom plus study conversion. In-unit washer/dryer, private keyed elevator. Building amenities include private storage, bicycle room and full-time super. Asking Price: $2,550,000. CC: $702. Days on the Market: 43 weeks. Agents: Blu Kokin and Elizabeth Kee, CORE; Victoria Rong Kennedy, Citi Habitats (pictured).
9417 Wogan Terrace
14 ft. wide three bedroom with finished basement, garage and deeded parking space. Ground floor features living room, dining room and exposed brick leading to the kitchen. Upstairs is a master, the full bathroom and two other bedrooms. Basement has full bath, kitchen and laundry hook ups. Asking Price: $735,000. Time on Market: 48 Days. Agents: Carson Alexander, Keller Williams NYC; Judson Kniffen, Rutenberg.
230 Park Pl. #2D,
Gut renovated 1,000 s/f two-bedroom, 1-bath with new electrical and new plumbing. Pre-war layout also updated to feature open kitchen, dining room and living room, library/office. Second bedroom has pocket doors and Italian-made fold-out bed. Marble bathroom, built-in closets. CC: $1,190. Asking Price: $819,000. Time on Market: 2 Weeks. Agents: Leah Solomon, Corcoran Group; Jennifer Chen Palumbo, City Connections.