Description

ERG Commercial Real Estate is proud to announce the recent closing of a three story, 6 unit multifamily building located at 42-04 78th Street in Elmhurst, Queens.

This sale was an ALL CASH deal in which the seller had been in DEFAULT with their mortgage for well over a year and was in FORECLOSURE. This meant that the seller would have to pay out of pocket in order to sell the property.

HOWEVER, we SAVED the clients TIME and MONEY by negotiating a deal with the lender so that the seller could close on the property without additional costs and rid themselves of a stressful foreclosure process

In addition, the property had several issues with leases, DHCR registration, liens, and violations. We worked with clients, attorneys, HPD, and DHCR to clear the building of all monetary liens and violations, provide updated leases, and provide updated DHCR registrations for prior years.

ERG achieved the seller’s goal in selling the property quickly despite the numerous DHCR issues, violations, mortgage issues, AND high degree of uncertainty in the Commercial Real Estate market due to Covid-19.