Hi,

I have a question that is I would like to ask for feedback, suggestions, and stories of your experiences with. Our portfolio to date consists of a house in Connecticut that we have tenants in, a mixed use commercial building in upstate New York, and a rent stabilized apartment where we live in the East Village of NYC. The NYC building was sold a few years ago and has undergone condo conversion for about 80% of the 225 apartments. Initially we were offered $310,000 as a buyout but we declined knowing that we would lose about half to capital gains and also knowing that we couldn't move laterally with the net proceeds and still have a reasonably nice, yet affordable place to live here. Time has passed, our last kid is graduating from college and we're ready to move on to pursue real estate investment in the Portland, Maine area. What strategy might we pursue in activating a buyout negotiation on our apartment. The building owners are typically making $2 mil plus on small conversions like ours and $5 mil to $12 mil on combined 2 apartment larger units. This one could easily be combined with the one next door which is a converted 2 BdRm that sold for $5.7 mil. Ours is a 2 BdRm corner apartment with lots of windows on two sides. We have met with two real estate attorneys who do tenant law and they say we should expect offers of around $1 mil but that the problem will be soliciting an offer. Obviously this would provide seed money for other investments in Portland and elsewhere. Does anyone have experience with this sort of thing?

Thanks !!

Wayne