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GREINER-MALTZ
MANAGEMENT
A COMPLEMENTARY SERVICE
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SPECIALIZATION + PROPRIETARY
REAL ESTATE DATA + EXPERIENCE = EXPERT
REAL ESTATE ADVICE
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| Why
complementary? It is the philosophy at Greiner-Maltz that
only firms with cutting edge market knowledge can provide
management services that will achieve the single most important
goal of management...enhanced value. |
| A
leasing decision based on incorrect or incomplete market
information will more than wipe out the benefits of a managing
agent having picked the correct tradesman for roof repairs,
boiler replacements, etc. |
| While
at Greiner-Maltz we believe in the Nuts and Bolts of management
and continuously use established criteria in selecting
architects and tradespeople to perform building repairs
and buildouts, the Art of Management revolves around maintaining
and enhancing cash flows with astute marketing and selection
of tenancies based on empirical market evidence. OUR BROKERAGE
PRACTICE THEREFORE "COMPLEMENTS" OUR MANAGEMENT PRACTICE. |
| WHAT
WE MANAGE AND WHY |
| Greiner-Maltz
knows the New York Metropolitan market and knows commercial
real estate. The principals of Greiner-Maltz believe in
both a hands-on philosophy and the wisdom of specialization.
The management assignments undertaken by Greiner-Maltz
are only of commercial properties in the New York City
Metropolitan area -- a property type and area in which
we are experts. |
| LET'S
TAKE A LOOK |
| The
following overview provides examples of properties we have,
or are currently under Greiner-Maltz management. During
our tenure these properties have all more than doubled
in value. |
| MANHATTAN
-- DOWNTOWN |
| We
undertook the management of this 16-story property on behalf
of a group of investors in the down market of 1997. We
were faced with extreme deferred maintenance, a Local Law
10 problem and a 40 % vacancy factor. By repositioning
the building and changing its use from manufacturing to
low-tech office space, we were able to raise the rent roll
sufficiently to cover the costs of upgrading the building;
which included a refurbished lobby, new marble elevators
and 24-hour concierge service as well as a closed circuit
TV security system throughout the property. As a result,
the building is fully leased and the property is now an
attractive investment for the estate. |
| MANHATTAN
- SOHO |
| Representing
a group of investors, we took over the management of a
10-story 200,000-sq. ft. reinforced concrete sprinklered
building constructed in 1927 for printers. By refurbishing
the interior and painting the outside of the building,
installing a new marble lobby and elevators, high-grade
toilet facilities, new windows, providing building security
with a 24-hour concierge in the lobby and closed circuit
television throughout the building, we were able to rent
space as it came available to office and semi-office users.
Since we took over management of the property the rental
income has more than doubled and occupancy is at 100%. |
| BROOKLYN
- BORO PARK |
| On
behalf of a foreign insurance company that had been in
foreclosure proceedings for 7 years on a multi-story 1,300,000.00-sq.
ft. industrial building on which the previous owners had
spent no money we undertook the refurbishment and re-renting
of approximately 800,000-sq. ft. of then vacant space.
As the property was in terrible condition rather than contracting
work out, we set up our own in-house construction staff
of plumbers, carpenters, painters and electricians. At
relatively modest cost we were able to put the space in
prime rental condition and clear the multiple violations
that were on the building. |
| In
the 2-years that these activities were ongoing we leased
all the vacant space and renewed and extend the leases
of existing tenants who previously were unwilling to make
long-term commitments in a building which lacked any services.
Additionally, we converted 75,000-sq. ft. of non-income
producing basement space into a warehouse distribution
facility, which added a substantial amount of unexpected
rent to the bottom line. |
| With
a viable property in good condition and a strong income
stream the insurance company was able to sell the facility
at substantially more than the foreclosure price. |
| BROOKLYN
- SUNSET PARK |
| A
triple ground floor building of 300,000-sq. Ft. was substantially
empty at the time the Bank of Tokyo foreclosed on the property.
On their behalf we undertook the restoration and management
of the property. Within a year and a half we leased three-quarters
of it and found a user-investor to purchase the property
thus successfully completing the assignment for the bank. |
| QUEENS
-- JACKSON HEIGHTS |
| The
owners of this 20,000-sq. Ft. industrial building found
themselves in court fighting among themselves for the management
control of the property. The solution was reached when
the attorney's agreed to appoint Greiner-Maltz as managing
agent. That was over 10 years ago and now the facility
is fully net leased to a triple A medical services company
allowing for ever-increasing monthly distributions to the
partners. |
| QUEENS
-- JAMAICA |
| A
25,000-sq. Ft. retail building, although situated in a
tertiary retail market, required repositioning in the marketplace,
a new mix of complementary tenancies and structural and
mechanical systems repaired. The ownership is now enjoying
stable and significant cash flows with a minimum of vacancies. |
| With
less than $50 Million of property under management, the
principles of Greiner-Maltz are able to provide the individualized,
hands-on attention to each management assignment that has
become the hallmark of our management practice and enjoyed
by our loyal clients. |
| OVERVIEW
OF MANAGEMENT SERVICES PROVIDED |
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Fully
segregated financial accounts |
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Fully
bonded employees |
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Monthly
financial reports with general ledger and Bank account
reconciliation's |
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Review
of Insurance Policies, Premiums and Coverage's |
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Maintain
and bid out all service contracts |
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Maintain
separate tenant security accounts |
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Oversee
build-outs and repairs |
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Retain
qualified and knowledgeable technical professionals,
such as architects and attorney's; when called for |
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Review
real estate tax assessments annually and direct tax
reduction proceedings |
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Timely
and personal physical inspections of the real property |
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Re-financing
analysis |
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Full
lease-up marketing services |
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Partnership
arbitration |
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| For
a confidential consultation regarding your management requirements
please call 718-786-5050 ext. 207 to
speak with John
Maltz, . |
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SPECIALIZATION + CONCENTRATED
REAL ESTATE DATA + EXPERIENCE = EXPERT
REAL ESTATE ADVICE
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