321-325 West 125th Street, A.K.A 300-316 St. Nicholas Avenue (1991)
2-Story Retail Taxpayer, 13,100 Sq. Ft.
Torresco Realty was engaged as the exclusive broker for U.S. Dept of Justice with an assignment to sell property seized under the R.I.C.O Act. This transaction required extensive interfacing with multiple title companies as the “forfeiture entity” still retained a potential right in Supreme Court to repossess title subject to court ruling in the criminal trial. The U.S. Government offered no representations, required a “Time of Essence” closing and was providing a deed tantamount to “Quit Claim” title. Torresco was able to reach achievable agreements assisted by the title insurers and closed the deal. Torresco Realty LLC was the sole broker in this transaction--non-disclosure was retired in 2001.