A 40-year family building with a non-paying retail tenant — 20 bids in 40 days, sold as-is with zero tenant disruption.
The building had been in the same family for more than 40 years — a three-unit mixed-use property in Astoria. By the time the owner was ready to retire, the retail tenant had stopped paying and owed six months of rent. The owner wanted out, but on two conditions: a private sale, and no disruption to the residential tenants. No sign on the building, no parade of strangers, no tenants finding out from a listing site. After four decades of ownership, the exit had to be as quiet as the ownership had been.
We marketed the opportunity directly to the most active retail buyers in the market — quietly, with no public listing. Because these buyers deal in retail every day, a non-paying tenant wasn't a deal-killer to them; it was a line item they knew how to underwrite. The process produced 20 bids in just 40 days. Critically, the winning buyer agreed to take the building as-is and to handle the eviction process for the non-paying retail tenant themselves. The owner never had to fight that battle.
Sold in 40 days — as-is, with no tenant disruption.
The buyer took on the retail eviction, and the owner rolled the proceeds into a cash-flowing 1031 exchange property — trading a building with a non-paying tenant for passive income, without the residential tenants ever being disturbed.
We didn't want a sign on the building or our tenants to find out. Dimitri ran the entire process quietly and we never had to disrupt our residents.Retiring Owner · Astoria, Queens
Straight answers, drawn from how this transaction actually played out.
Yes. In this sale the retail tenant owed six months of rent — the buyer purchased the building as-is and handled the eviction process themselves. The owner never had to fight that battle.
Not from us. This sale was run privately, with no sign on the building and no public listing — the residential tenants were never disturbed. Discretion is the default in our process.
The private process produced 20 bids in 40 days from the most active retail buyers in the market.
The proceeds were rolled into a cash-flowing 1031 exchange property — trading a building with a non-paying tenant for passive income.
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