In 2005, seizing a timely opportunity and leveraging its access to capital, APF Properties acquired 1414 Avenue of the Americas. The firm benefitted from a unique insight in the due diligence process which uncovered the seller’s time constraints in the disposition of the asset due to a publicly announced 1031 tax free exchange. This insight, and the capability to act within 24 hours, allowed APF Properties to purchase the asset for $60 million.
The firm was able to dispose of 1414 Avenue of the Americas just two years later at the then height of the Manhattan office sales market for over $120 million. On average, ownership realized a 400% return in two years.