165 N. Morgan Street
FLEX | FULTON MARKET
NelsonHill competed to win the assignment to sell 165 N. Morgan as an “off market, confidential sale” in one of the strongest locations in the Fulton Market (at Morgan and Randolph).
NelsonHill’s mandate was to reposition the property for highest and best use and find the right buyer who could navigate a tenant encumbrance, taking a lower return in the medium term for future redevelopment profits.
We launched an aggressive marketing campaign exposing the property to active developers and buyers looking to deploy 1031 Tax Exchange Trades. Within 120 days we were able to find a well-capitalized buyer who was motivated and capable of assuming the tenant risk and challenge. We sold the property for $4,000,000 ($595 PSF).