How a Commercial Real Estate Donation Helped a Developer With His Problem Property

Donated a commercial property to Kars4kids in Vestal, NY

Jay was a real estate developer based in Connecticut. When he was first starting out in the business, he purchased a commercial property in New York with an eye toward developing the piece of real estate. But as often happens, things don’t always go the way we plan. The years went by, and Jay found himself tied up with other projects.

The high holding costs of the property—over 10% of its value—began to feel like a heavy burden, turning an asset into a liability. Jay decided to donate the property to Kars4Kids. It seemed the smart thing to do.

Commercial properties donation was the right choice for Jay

And it was smart. Jay got a tax deduction for the appraised value of the property. But more than that, he’d freed up his time and assets to pursue more lucrative endeavors.

Sometimes, with real estate, you have to cut your losses. That’s what happened with Jay, and the property he purchased when he was young and inexperienced. It was a life lesson. And real estate donation turned out to be a far better outcome than throwing good money after bad.

Let’s discuss if donating is the right option for you.

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