Mid Atlantic Real Estate Journal — Spring Preview — April 26 - May 9, 2013 — 17C
www.marejournal.com
r Ent r ECEivEr By David Hirschman, David Hirschman Realty Company
Comm’l. building foreclosures present lucrative business opportunities for realty companies
I
n today’s challenging economy, many busi- nesses are fighting to
valuable source of new client referrals. According to Thomas gui- nan, executive Vice Presi- dent, Chief Lending Officer, Oritani Bank, “I have worked closely withDavidHirschman Realty Company for 20 years and can tell you they are one of the premier “boutique” commercial brokers in the area and their management experience is very benefi- cial to their clients’ success. Hirschman Realty puts the same effort and diligence into its third party manage- ment as they do for their
own properties. They have been an advisor, manager and court-appointed Rent Receiver in numerous situa- tions connected to our bank’s business. They understand the dynamic between land- lord and tenant and meet the needs of both. Communica- tion with tenants is critical, as is meeting their individual business needs--and those of their visitors, clients and business partners.” Hiring a reliable property manager and Rent Receiver is key to a successful fore- closure process and sale or
lease of the property in ques- tion. Tom Burke, partner of Saddle River Avenue As- sociates, confirms the impor- tant role Hirschman plays in managing his properties, “On the management side, Hirschman Realty Manage- ment regularly responds to our needs. They were in- strumental in our surviving a major hurricane, outsourcing all repairs in an orderly and timely manner. The tenants have a management team they can trust in to have their problems addressed quickly and efficiently; we have a
team player who we trust and feel confident in handling our valued asset.” As the foreclosures continue to increase in the northern NJ market, banks will continue to look for professional prop- erty management assistance. We are proud to offer an ex- perienced property manage- ment company and brokerage company under one roof, as effective Rent Receivers. We are ready for the challenge. DavidHirschman ispres- ident of David Hirschman Realty Company. n
keep their doors open; when some lose the bat- t l e , banks are often left wi th thei r f o r e c l o s ed bu i l d i ngs . A l t h o u g h ,
David Hirschman
this is a negative situation for the failed companies, there is a silver lining. Real estate companies who pro- vide property management services are presented with lucrative new business op- portunities. The commercial real estate market in northern New Jersey has not changed in the past five years, nor will it probably change much in the near future. The bro- kerage side of the business remains fairly constant, with some decreases in rent, a few increases in available space and stable sale prices. What has changed significantly in the past year, and prob- ably for the near future, is the property management business, due to increases in foreclosures. Banks, in particular, are looking for solutions during the fore- closure process, which can take nine months to a year and a half to complete the transaction. We are able to fill this niche as a designated Rent Receiver and property manager for these banks and other properties. At Hirschman Realty, we have a full-service prop- erty management company, Hirschman Realty Manage- ment, and we work closely with bank managers as their appointed Rent Receiver and property manager for their foreclosed office buildings. I feel we are an ideal choice for banks because we un- derstand the importance of professionally maintaining the properties and income flow during the foreclosure process, while satisfying tenants. We manage every- thing from snow removal and landscaping, to plumbing and the hiring of vendors. We are able to restructure leases, stabilize the properties, and bring the building up to code. This business strategy has increased our management business and provided a
Hirschman Realty Management – An Ideal Rent Receiver
For nearly 40 years, David Hirschman Realty Company has provided clients with the resources of a large national corporation—and the personalized attention of a boutique entrepreneurial company. We specialize in VMÄJLPUK\Z[YPHSYL[HPS and commercial real estate services. David Hirschman can assist you with commercial properties throughout northern New Jersey (including Bergen, Passaic and Hudson counties), Orange and Rockland Counties, New York.
Hirschman Realty Management is a leading property, asset, and construction THUHNLTLU[ÄYTHUKHUPKLHS Rent Receiver for banks during the foreclosure process. Let us manage everything from snow removal and landscaping, to plumbing and the hiring of vendors. We are also able to restructure leases, stabilize the properties, and bring buildings up to code. “At Columbia Bank, we have used Hirschman Realty Management as our rent receiver because the company has the expertise in the local Bergen County THYRL[HUKPZHUL_WLY[^P[OZWLJPÄJ[`WLZVMYLHSLZ[H[L;OL`KVHNVVKQVIMVY \Z¹ -Alex Grinewicz, Senior Executive Vice President HUK*OPLM6WLYH[PUN6MÄJLY*VS\TIPH)HUR D 8,000 square feet available for lease D Best parking available in Paramus D Centrally located in the heart of Paramus D :\P[LKMVYVMÄJLVYTLKPJHS D Elevator in building D Onsite management provided by Hirschman Realty Management Space currently available at 40 Eisenhower Drive, Paramus, NJ.
Phone: 201.261.4300 40 Eisenhower Dr., Suite 206 | Paramus, NJ 07652 www.hirschmanrealty.com
David Hirschman Realty Company, Inc. Robert Morris, Vice President rmorris@hirschmanrealty.com
Contact Us today so we can provide solutions to your brokerage and property management needs. David Hirschman Realty is at your service.
Hirschman Realty Management David Hirschman, President dhirschman@hirschmanrealty.com
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