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Recent News

Firm Attorneys Close $20,000,000 Sale of Property in Connection with an Unusual Section 1033 Exchange

Sam Yedid, Marcy Finkelstein and Charles Weiss of the Firm’s Real Estate Practice Group successfully closed the $20,000,000 sale of a 10 acre commercial and industrial parcel in Bethpage to a public benefit corporation.  The sale is the first leg of an exchange in lieu of condemnation under Section 1033 of the Internal Revenue Code.

With the assistance of William Gartland and Max Sender of the Firm’s Corporate and Business Practice Group, the collateral for the existing mortgage loan was transferred from real property to a pledged account in order to preserve the swap agreement and avoid incurring a substantial swap breakage fee.