T&E Case Studies

Notable Work in Trusts & Estates Property Sales

Upper East Side Co-op

One Manhattan Square | 225 Cherry Street, New York | $18,000,000 | Sold by Morrel Hirsch & Advisors

CHALLENGE:

Two brothers inherited their parents’ Upper East Side co-op apartment, which had been occupied for over 50 years and contained a lifetime of belongings. One brother was a high-powered executive on the West Coast whose directive to our team was to “just take care of it and send the check.” The other brother lived locally and felt more of a personal attachment to his parents’ items.

SOLUTION:

Morrel Hirsch & Advisors met with the local brother and our highly skilled estate moving advisory partners to devise a plan to stage the apartment for sale using existing furniture while simultaneously sorting all personal items for family members, donation and disposal.

RESULT:

The brother on the West Coast was pleased to have the process fully managed. The family was very satisfied with the result, and the apartment sold for $3.2 million, a premium price for the building. In addition, while reviewing the parents’ belongings, the team uncovered a box of the father’s WWI war medals and other items that were meaningful to the family and would likely have been discarded with a less thorough approach.

Upper East Side Townhouse

The Halston House | 101 East 63rd Street, New York | $18,000,000 | Sold by Morrel Hirsch & Advisors

CHALLENGE:

The attorney for a family office that owned a large Upper East Side townhouse and a 6-acre oceanfront compound in the Hamptons required extensive assistance with the valuation, appraisal, and sale of the real estate properties and a thorough assessment of the market value of all of the personal property in both locations. The latter included significant artwork, sculptures, antique furniture, and collectibles requiring specialized knowledge.

SOLUTION:

Morrel Hirsch & Advisors tapped into our extensive network of experts to ensure the right talent was in place. In addition to providing an astute valuation of the Manhattan townhouse and Hamptons estate, we arranged and supervised visits and evaluations conducted by Heritage Auctions, Sotheby’s, Christie’s, and Bonhams.

RESULT:

By creating an organized presentation of all items to the executor, attorney, and family, they could easily make decisions on what to do with the belongings after the sale. The Hamptons property sold for over $40 million, and the Manhattan townhouse sold for $8.9 million.

The Halston House

Hamptons Family Office

Mansion | 317 Murray Place Southampton, New York | $57,500,000 | Sold by Morrel Hirsch & Advisors

CHALLENGE:

The Executor and the Estate’s attorney required local know-how and expert advice in representing a client who had inherited a piece of protected wetland in East Hampton many years prior. The town of East Hampton was in the process of purchasing wetland parcels from individual owners. However, the estate attorney required guidance to propose a purchase price to the township for the unique property.

SOLUTION:

Morrel Hirsch & Advisors provided a thorough comparative market analysis as well as a formal appraisal to use in determining a fair market price for the land.

RESULT:

The Executor was able to use our valuation to negotiate a sale with the town of East Hampton. The Family Office was happy to liquidate an otherwise unusable piece of land. Both parties have since referred multiple Estate clients to us.

East Village Guardianship Sale

Penthouse | 5 Tudor City Place, New York | $6,750,000 | Sold by Morrel Hirsch & Advisors

CHALLENGE:

The court-appointed legal Guardian of a world-renowned Wall Street executive needed specialized assistance in managing the sale of the executive’s East Village home. Due to the owner’s fame, the transaction necessitated discretion and sensitivity. Although the apartment was situated in a highly desirable location, it was in severe disrepair and uninhabitable. Adding to the challenge, the seller passed away during the sale process.

SOLUTION:

Due to the Morrel Hirsch & Advisors team’s sterling reputation, the Guardian entrusted us to work with absolute discretion and privacy. To prepare the property for sale and achieve the best price for the estate, we handled all the logistics, electrical work, repair of extensive water damage in the kitchen and bathroom, furniture staging, cleaning, and more.

RESULT:

The resulting sale set a new record for the building. We were able to find a cash buyer who was willing to accept the property in as-is condition, which prevented the Estate from having to invest in more costly renovations. Moreover, the entire transaction was conducted with the privacy and care that the Guardian required. The Guardian has since referred over a dozen clients to us.

Work With Us

Morrel Hirsch & Advisors is a tightly knit group of strategically handpicked, multilingual experts, collectively dedicated to the needs of their clients.