Steinway Piano Gallery

The Steinway building; beginning in 2014, assisting a development client seeking a site to construct an assisted living facility, Thomas Harrington procured a $3M offer for the current Investor alongside an offer to purchase the vacant land adjacent to the property. The offer was not accepted as the primary tenant had an option to renew their lease. Following the expiration of that option which was at a significantly under market rent, Thomas renegotiated the primary tenants lease to a market rent and procured a buyer for the investment owner for $4.25M providing 42% more proceeds from the sale in 2016. Following that sale continued to represent the new investor to renegotiate, demise and revise tenancies in the building. From 2014 until late 2022 the property NOI increased from $196k to $369k and sales price increased from $3M to $6M. Creating significant increase inreturns and sale proceeds for 3 separate owners over the timeperiod, as well as similar sale proceed increases for the adjacent vacant land for different Investors over the same time period.