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April 24, 2014
Property Management Clients
PROPERTY MANAGEMENT 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.
GREINER-MALTZ MANAGEMENT
“Creating Opportunities Together”
SPECIALIZATION  +  PROPRIETARY REAL ESTATE DATA  +  EXPERIENCE  =  EXPERT REAL ESTATE ADVICE
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
Fully segregated financial accounts
Fully bonded employees
Monthly financial reports with general ledger and Bank account reconciliation's
Review of Insurance Policies, Premiums and Coverage's
Maintain and bid out all service contracts
Maintain separate tenant security accounts
Oversee build-outs and repairs
Retain qualified and knowledgeable technical professionals, such as architects and attorney's; when called for
Review real estate tax assessments annually and direct tax reduction proceedings
Timely and personal physical inspections of the real property
Re-financing analysis
Full lease-up marketing services
Partnership arbitration
For a confidential consultation regarding your management requirements please call 718-786-5050 ext. 207 to speak with John Maltz, .
SPECIALIZATION  +  CONCENTRATED REAL ESTATE DATA  +  EXPERIENCE  =  EXPERT REAL ESTATE ADVICE