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New York
Focusing on tenant retention is essential for landlords and managers these days; take it from A.D. Real Estate Management, whose efforts based on its 30 years of experience has led to 15 Tri-State retail leases being signed over the past few months and a multifamily portfolio with less than 3% vacancy. Their tricks of the trade? Principals Abraham Daniels and sons Adam and Aaron tell us that on the retail side, their firm is sprucing up its properties, which have over 125 stores, to attract stable tenants and new customers during the downturn. Enhancing properties ensures maximum exposure, they say.
Suffolk Plaza
Two of the properties they’ve spiffed up include Suffolk Plaza(above) and Brentwood Commons Shopping Center in Long Island, where they signed leases for a pharmacy, bakery, beauty salon, GEM Pawnbrokers, and a Papa John’s restaurant. Other recent deals are the new Johnny Rockets, which opened at 1134 First Ave. in Manhattan, and a gourmet deli that signed leases for the corner of 62nd and First. They’re also expanding their third-party management division, meeting with prospective property owners and financial institutions frequently to evaluate property fundamentals, and reviewing operating costs and projected budgets in order to reduce forecasted expenses.
Related Topics: Papa John, Johnny Rockets