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The rumor was that the exterior tiles were falling off this one-year-old vacant medical building and that it was unsalable. How did Eli Cohen Real Estate combine seven separate medical practices to purchase this building with 5% cash down?

When Norma Cohen took the listing, this new but unoccupied medical building had been on the market for over a year. Rumors were flying that its exterior tiles were falling off and that the building was cracking. Actually, it was a viable building needing minor repairs. It was a beautifully designed property very close to Englewood Hospital that nobody wanted to buy.

Norma pondered how to market the property to convince doctors that the building was a perfect choice for them. She rented a large meeting room in a nearby hotel and invited the medical community to hear a panel of experts discuss the merits of the property. Legal, banking, municipal, architectural, and structural experts answered guests’ questions. The event was very well attended and the doctors’ interest level was high.

Marketing began in earnest with a space planner by Norma’s side. She negotiated deals with seven non-competing medical specialties and assisted them in forming a partnership to take advantage of state funding. The partners paid 5% cash with 95% mortgage. The cost of their monthly payments was less than if they had rented.

The closing took place eleven months after the meeting at the Clinton Inn.