"In today's economy, we are focusing on our core business of managing the properties we own," Berley says in a release. "However, we are open, as we've always been, to third-party opportunities where there is a good fit. Having taken on select third-party properties in the outer boroughs in the past, we recognized these buildings as excellent opportunities." He adds that "in the current market, I expect we will be asked to manage properties throughout the city, and especially assets that have been taken back by lenders, who in general don't have the resources to manage a portfolio of properties."
The portfolio of apartment buildings includes a six-story, 88-unit building located at 1355 E. 18th St. that dates from 1961; a six-story, 67-unit building at 800 Ave. H that was built in 1936; and a six-story, 54-unit building located at 1550 E. 13th St., built in 1940. Walter & Samuels manages over four million square feet of commercial office space and a residential portfolio that includes the Leonori Condominium, Chez 66 Condominium, 1155 Park Ave., Europa Condominium and 186 Fifth Ave.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
