Partial 1031 Exchange?

[Ronald Roetsel]

Is it possible to do a "partial" 1031 exchange? I need to sell my NY rental property (co-op) but unfortunately I cannot reinvest 100% of its value. I was wondering if buying e.g. some land (value approx 25-30% of sold property) would allow me to lower / defer taxes?

Also, would you be able to recommend a NY based CPA / tax expert familiar with RE who can review with me available options and deductions? 

Thank you,

R.