A combination of rising insurance costs and increasing HOA fees has turned Jacksonville Beach’s oceanfront condos from sought-after investments into difficult properties to sell, according...
Gould Investors Enters Into a Contract to Sell a Property
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GREAT NECK, N.Y., Oct. 09, 2024 (GLOBE NEWSWIRE) — Gould Investors L.P. (OTC PINK:GDVTZ), announced that it entered into a contract to sell a property it owned for many years to a non-affiliated entity for a sales price of approximately $101 million. It is anticipated that the transaction will be completed no later than April 2027 provided the buyer and seller execute per the contract terms. The Company estimates that the sale, if completed, will generate a net accounting capital gain of approximately $86 million. It is anticipated that the net proceeds from the sale will be used to purchase other properties and that such purchases will be structured so that the Company can avail itself of the tax-deferral provisions afforded by Section 1031 of the Internal Revenue Code. The purchaser has deposited approximately 6% of the purchase price with a title company. No assurance can be given that this transaction will be completed but if the purchaser defaults under this contract, it will forfeit its approximate $6.2 million contract down payment and neither party will have any further financial or other obligation to the other party.
Forward Looking Statement:
This press release contains forward looking statements. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “could,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or variations thereof and include, without limitation, statements regarding our estimates of the gain from sales of this property and the use of proceeds from such property sales. Factors that could cause actual outcomes or other events to differ materially from any such forward looking statements include the possibility that the Company may not complete the sale, that the projected gain from the sale may be less than expected, and the Company’s inability to effectuate purchases of properties pursuant to the tax-deferral provisions of IRC Section 1031. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect actual results, performance or achievements.
About Gould Investors L.P.
Gould Investors L.P. is a master limited partnership organized in Delaware which primarily owns and operates by itself and with joint venture partners, a diversified portfolio of real estate and other assets located throughout the United States. Further information about Gould Investors L.P. is available at www.gouldlp.com and https://www.otcmarkets.com/stock/GDVTZ/disclosure.
Contact:
Gould Investors
Investor Relations
Phone: (516) 466-3100
Attn: Isaac Kalish
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