Newsflash: [NYC] Using 1031 proceeds for new construction

We have recently closed on our previous property and are looking at purchasing something new and using a 1031 to roll the taxes forwards. Since closing the clock is now ticking on the 45 days to identify and 180 day closing schedules.We have found something we love — it is new construction condo that is expected to complete within the 6 month closing window. The expected completion date does leave us some buffer (~2 months) but NYC being what it is and new construction completion being something you should never bet on we’re nervous about the buffer not being sufficient.It is worth mentioning at this point that we would have sufficient cash to buy without a loan.So the main question — is it possible to close on a new construction sponsor unit without the city issuing a CoO (temporary or otherwise)?

Read more at https://www.reddit.com/r/RealEstate/comments/6qgogc/nyc_using_1031_proceeds_for_new_construction/?utm_source=ifttt

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