Stout was engaged by a global asset management firm to assist with ASC 805 needs in conjunction with an interest acquisition in the United Nations Plaza in New York. We assisted the client with purchase accounting requirements – including valuation of all tangible and intangible assets acquired – and then navigated the audit process.
Our work included a review of various condominium agreements and other property-level cash flow projections, as well as closing statements and other transaction due diligence. We projected the condominium sell-off, valued various other real estate intangibles like in-place leases, avoided lease-origination costs, and determined favorable/unfavorable leasehold interests.
Our analysis was successfully reviewed by a national audit practice, and we were able to smoothly and efficiently assist our client with their purchase accounting requirements.