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Case Studies / Chloe Apartments
sold
Chloe Apartments
Legacy Family Asset Sold Above Initial Bid Despite Significant Challenges
- Represented an ultra-high-net-worth family office in selling a premier legacy asset
- Navigated complex due diligence issues, including diagnosing systemic building defects
- Achieved a sale price significantly above the initial bid, preserving value for the seller
Case Study
CHALLENGE:
The Chloe Apartments, a premier legacy asset owned by an ultra-high-net-worth family office, was sold off-market. While under contract with one of the nation’s largest institutional investment owners, a systemic physical defect in the building was discovered during the due diligence process. This defect posed a significant risk to both the property’s value and transaction timeline, necessitating expert intervention and delicate negotiations to address the issue to the satisfaction of both parties.
WHAT WE DID:
After striking a deal between buyer and seller – and upon discovery of the defect – Dylan Simon, worked with both parties to ensure a collaborative and transparent resolution. Upon discovering the defect, multiple experts were engaged to diagnose and quantify the scope of the issue. Acting as a bridge between buyer and seller, we facilitated complex negotiations that balanced the interests of both parties.
RESULT:
Despite challenges uncovered in the sales process, the property sold for $54 million, an exceptional price for the seller. This outcome successfully preserved significant seller value and structured a solution that the buyer found acceptable, demonstrating the value of expert representation in navigating high-stakes transactions.
Site Details
“The sale of Chloe represented a core competency of our business – selling a marquee apartment building for a local family to an institutional investor. Its outcomes like this that get me excited to come to work each morning!”
Dylan Simon
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