Hi, my name is Andrew Weltchek. I’m a partner with the law firm of Cohen, Hochman, and Allen in New York City. I represent individuals and businesses who have a property in New York and have problems. They need to close a deal, negotiate a contract, resolve a dispute, solve a lawsuit. People with property in New York have problems, they come to me. I can help.
Right now, we are entering a time in New York when there will be owners of buildings who have to sell at low prices and buyers with cash who will be able to pick up bargains. I can help make sure those deals close at a price the seller needs, and the buyer wants to pay.
Now, why do I think that will happen? Well, it’s not like I’m a genius, but you may have noticed that none of us are out spending money. We’re staying at home. We’ve been told to do that to be careful. Restaurant bars and other stores have had to close or simply have few if any customers. So many of those restaurants and stores are tenants. They rent their space from a landlord who owns the building and now they can’t pay their rent.
If the same is true for office buildings. A lot of businesses who rent offices are not making money now, and they can’t pay their rent either. If businesses can’t pay their rent, then the landlords can’t pay their mortgages or their property taxes and their landlords, if they can’t pay their mortgages or their property taxes then they are at risk of losing their buildings through foreclosure.
So rather than lose their buildings, there will be landlords who will offer to sell their buildings at a low price just to get rid of their problems. That’s why they call those distress sales. Buyers with cash will be able to get lower prices for those distressed properties because they won’t have to get a mortgage, which could be hard to get anyway. And with cash, they can close more quickly, which is exactly what the seller wants.
I can represent sellers and buyers in those distressed sales. I can help sellers get the prices they need to pay their debts and I could help buyers get the prices they want to pay. Either way, I can help.
If you need help buying or selling a distressed property, call me, Andrew Weltchek. You could call me on my cell phone at 973-223-4567.
In the meantime, may you and yours stay safe and sanitized.