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Practices & Industries

Properly Structured 1031 Exchange Helps Client Defer Capital Gains Taxes

Ralph Pignataro represented a client in the sale of a multi-tenant medical office building for $18 million. The client then reinvested the proceeds of that sale into the purchase of a retail shopping center in California for $15 million.  Ralph represented another client sell two properties (one in Utah, another in Pennsylvania) for $21 million, and then reinvest the proceeds via a 1031 exchange for a $28 million purchase in upstate New York, with title held by three separate subsidiary companies.  Known as like-kind or 1031 Exchanges, these complex transactions were structured in such a way as to help the client defer capital gains taxes on the sale of the relinquished property.