REAL ESTATE EXPERIENCE
A.M. Property which has close to 30 years’ experience in the real estate investment construction industry is a company wholly owned by the Wasserman Family (Jeff, Paul and Jack Wasserman). Recently, welcomed Nathan Wasserman as a third generation to the Board of A.M. Property. It operates approximately 2.5 million square feet of office space in Manhattan and Long Island. The primary focus of the Wasserman’s is to locate under-performing assets in areas with strong fundamentals, and then realize the upside potential through service (instead of reactive) management techniques.
REAL ESTATE ASSETS
The Wasserman’s started purchasing and developing real estate in 1985. The first project consisted of purchasing a 65,000 square foot building in Hoboken, New Jersey. They redeveloped the property by adding 40,000 square feet of residential space to the top of the building while the first floor retail tenant was in operation 24 hours a day.
In 1992, Jeff Wasserman made his first entry into the Manhattan market place when he took over an entire floor at 352 Seventh Avenue and created an office suite operation. The entire floor was redesigned, constructed and leased out within seven months. Mr. Wasserman then proceeded to duplicate the same operation on floors eight, twelve, and fifteen. Within eighteen months, all of the floors were renovated and leased out.
In December 1997, the Wasserman’s purchased 75 Maiden Lane, a 180,000 square foot office building in lower Manhattan. At the time of acquisition, the property was 50% vacant and needed substantial tenant renovation. Within a year the entire property was totally renovated and leased out with a total construction cost of over $4,500.00.
The purchases of 80 – 90 Maiden Lane a 600,000 square foot property and 65 Broadway a 360,000 square foot property were purchased in 2000 and have since been totally renovated by their in house construction crews.
Over the years they have bought and sold over 2,000,000 square feet of real estate and have generated steady return for their partners.
COMPANIES
The Wasserman’s own and operate three distinct real estate entities: A.M. Property Holding Corporation, Dain Construction Corp. and Econotek Communications Inc; as well as fully integrated, in house legal counsel with Sally Wasserman as head of the legal team.
As previously mentioned, A.M. Property Holding Corporation is the property management company that operates all of the Wasserman’s assets from leasing to building operations – including in house executive suites. Such executive suites have state of the art facilities that include conference space and all major office amenities to provide new companies (and overflow from existing companies) the ability to continue to grow without having to worry about other real estate functions.
Dain Construction over the last several years has overseen the renovation of over 1,250,000 square feet of office space. Dain has done everything from historical rehab to new construction without a single mishap.
A significant aspect of enhancing asset value focuses on integrating new technologies into preexisting building. This process involves re-wiring buildings with fiber optic lines to increase telecommunication and high – speed Internet capabilities. Mr. Jeffrey Wasserman has been able to achieve this at below market costs through his own company, Econotek, a Licensed Carrier in New York. Econotek is a full service telecommunication company that counts among its clients Switch and Data Colocation facilities and the New York Stock Exchange.
Future plans for the Wasserman’s include expanding their office portfolio through fundamental acquisitions which would allow repositioning of any given property to enhance its value. In addition, the Wasserman’s continue to look for strong development opportunities that will allow them to diversify and expand their asset base.
BUSINESS PLATFORM
Through strong leasing skills, intelligent negotiating and calculated risk taking, the Wasserman’s assets. Which have been wholly managed and operated by A.M. Property Holding Corp., have performed remarkably well. The Wasserman’s operate executive office suite programs in many of their building that act as incubators for new firms or as locations for satellite or spin off businesses. Many of the larger tenants currently in the Wasserman’s portfolio began in these suites, but have since increased their square footage as their companies grew.
In summary, the members of the Wasserman Family collectively have over 70 years’ experience in the real estate business. The strong track record of their various operating companies will lead them to continued growth in their current portfolio as well as their future real estate endeavors.
SIGNIFICANT HOLDINGS
352 Seventh Avenue – 145,000 square feet.
75 Maiden Lane – 188,000 square feet.
80/90 Maiden Lane – 600,000 square feet
65 Broadway – 360,000 square feet.
