Category Archives: Property Management

Jeffrey Pliskin’s Latest Article in NYREJ

Addressing the evolving retail real estate market: Given today’s challenges, we need effective strategies by Jeffrey Pliskin

November 15th, 2016 Posted in SpotlightsNo Comments
Jeffrey Pliskin, Pliskin Realty & Development

Jeffrey Pliskin, Pliskin Realty & Development

Given the challenges brick and mortar retailers face, property owners and managers need to deploy effective strategies for the shopping centers they own and manage. E-commerce, for instance, is having a measurable impact on sales. In May 2016, HRC Advisory, a leading retail advisory firm, reported that retailers’ efforts to increase online sales, and the associated costs relating to order fulfillment and free shipping offers, were chipping away at physical store sales and also eroding profitability. The findings were based on HRC’s study of the financial data of department stores, luxury, specialty apparel, beauty, and off-price retailers and input from 15 high level retail executives. Given this finding, and that 2017 is right around the corner, now is the time to start implementing new measures that will serve the best interests of tenants and property owners alike.

All retail property managers should be using multiple channels to market theirshopping centers. In addition to traditional signage, display advertising and direct marketing, the power of social media should not be ignored. Facebook, LinkedIn, Instagram and Twitter should be part of the marketing media mix. Attending key trade shows and conferences such as ICSC, and networking with other real estate professionals is a tried and true practice forkeeping properties relevant and well-positioned in the marketplace.

Tenant synergy is also paramount to a successful center. A strong anchor will attract other prospects, either those that serve a similar target market or those that serve a similar demographic market. The center with a gym, yoga studio or CrossFit facility, would more than likely attract a specialty retailer of athletic wear, a day spa, hair salon, healthy food or juice bar, and vitamin store, and other tenants catering to the demographic of the customers of the foregoing.

These days, many of the tenant prospects are focused on the service market where they do not compete with online retailers. Such tenants include many of the above cited plus food sales, urgent care facilities, other medical uses, restaurants, and dry cleaners. These service types create their own synergies. They attract other tenants that trade on frequent customer visits

As a buyer, we look for high quality properties in good locations. Tenant credit worthiness is important, but, considering the impact of ecommerce and the nature of the tenant prospects, as described above, we want locations that will attract that type of service tenant. Typically, that means convenience, easy access and a lot of parking.

For those owners that do not also manage their properties, another fundamental is to carefully vet a property management firm to make sure it has a proven track record maintaining properties in peak condition. Retail property owners should only consider trusting their asset to a firm that can provide a full suite of services covering all areas of operations, from tenant rent billing and collections, to account management and documentation, budgeting, capital improvements, subcontractor coordination and supervision, maintenance, insurance oversight, regulatory compliance, real estate tax management and, of course, property marketing, leasing and sales. In short, the firm should have all of these capabilities in-house to maximize the property owner’s income, minimize expenses, and retain and attract the best tenants.

Jeffrey Pliskin is president and CEO of Pliskin Realty & Development, Garden City,

Pliskin Realty’s CEO Jeffrey Pliskin Serves on “State of the Real Estate Industry” Panel

Jeffs new photo from bob

 Jeffrey Pliskin, President and CEO of Pliskin Realty & Development (www.pliskinrealty.com, Garden City, NY), a prominent New York-Metropolitan area retail real estate brokerage, property management and investment firm, recently served as a panelist for a breakfast and panel discussion on the “State of the Real Estate Industry.” The event held at the Crest Hollow Country Club (Woodbury, NY) was attended by members of the region’s real estate, financial and broader business communities. Pliskin’s expertise was tapped on Long Island’s retail market and how it compared with the nation’s market. He discussed the region’s vacancy rate trends, as well as retail building sales and lease activity. Compared with the nation, Pliskin shared that Long Island has the fifth lowest retail space vacancy rate in the nation and the second lowest in the Northeast, behind Fairfield County.

Serving as a Keynote Speaker for the event was Deputy County Executive & Commissioner for Suffolk County Joanne Minieri, CPA. The panel discussion moderator was Maury D. Golbert, CPA, JD, LL.M, Tax Partner at Berdon and the keynote question and answer session moderator was Meyer Mintz, CPA, JD, LL.M, Tax Partner at Berdon. Pliskin was joined on the panel by James L. Coughlan, Principal and Co-Founder of TRITEC Real Estate Company, Inc., David Pennetta, Executive Director, SIOR, LEED of Cushman & Wakefield, Inc. and Matthew B. Whalen, Senior Vice President of Development at AvalonBay Communities, Inc. The event was sponsored by Long Island Business News, Berdon LLP, Herman Katz Conemi & Cyne, LLP, the Long Island Contractors Association and Long Island Real Estate Group.

 

Jeffrey Pliskin will be Panelist at Real Estate Industry Event

State of the Real Estate Industry


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Presented by:
LI BIZ LOGO-2014 (2)

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Tuesday, May 10, 2016

8 a.m. to 10:30 a.m.
Crest Hollow Country Club | Woodbury, NY

With increasing development opportunities and continued growth changing the local real estate landscape, Long Island Business News and Berdon LLP is proud to host The State of the Real Estate Industry on Long Island.

Join us and hear from top real estate executives as they talk about development strategies and share their thoughts on the future of the industry.

Individual Seats: $55
Table of 10: $550
Display Table: $300; includes 2 event tickets

Register web button

 

 

Keynote Speaker:

DCE Joanne Minieri
Joanne Minieri, CPA
Deputy County Executive & Commissioner for Suffolk County
Read full bio here.

Panel Discussion Moderator:

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Maury D. Golbert
, CPA, J.D., LL.M.
Tax Partner, Berdon LLP
Read full bio here.

Keynote Question & Answer Session Moderated By:

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Meyer Mintz
, CPA, J.D., LL.M.
Tax Partner, Berdon LLP
Read full bio here.

Panelists:

Jim-010_small
James L. Coughlan

Principal & Co-Founder
TRITEC Real Estate Company, Inc.
Read full bio here.

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David Pennetta
, SIOR, LEED
Executive Director
Cushman & Wakefield, Inc.
Read full bio here.

Jeffs recent headshot
Jeffrey L. Pliskin

President & CEO
Pliskin Realty and Development, Inc.
Read full bio here.

M Whalen headshot 2.2013

 

 

 

 

 

Matthew B. Whalen
Senior Vice President of Development
AvalonBay Communities, Inc.
Read full bio here.

 Supporting Sponsor:

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Contributing Sponsors:

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LICA-Logo-VECTOR

 

For event and sponsorship information, contact Melissa Rose, melissa.rose@libn.com or 631.913.4258.

This is a Long Island Business News and Berdon LLP event.

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Read more: http://libn.com/stateoftherealestateindustry/#ixzz46xdUDmCP

New Acquisition for Pliskin Realty Management, LLC

Pliskin Realty & Development acquires 13,000 s/f medical office building in Atlantis, Fla.

March 1st, 2016Posted in Front SectionNo Comments

Atlantis, FL Pliskin Realty & Development, a New York-Metropolitan area retail real estate brokerage, property management and investment firm, has added to its own portfolio with the recent purchase of a 13,000 s/f medical office building located at 107-111 John F. Kennedy Dr. The property, which Pliskin Realty Management will be managing, currently has a number of healthcare tenants in such categories as dermatology, general practice, dentistry and hospital administration. The property represents Pliskin’s first medical building, although the company does own another building in West Palm Beach.

According to Pliskin Realty & Development president and CEO Jeffrey Pliskin, “We were able to purchase the building at a reasonable price. Its excellent location, in close proximity to a hospital in a medical office park, and the high demand for medical space, further convinced us that this property represented a good opportunity.”

Pliskin added that his company will be implementing a renovation of the property encompassing a new façade which he projected would be completed within 12 months.

The former owner of the property was Trailer Haven, Inc. (Lake Worth, FL).

Jeffrey Pliskin Article in New York Real Estate Journal – 11/24/2015

The value proposition of today’s retail property management firm – Part I – by Pliskin

November 24th, 2015Posted in SpotlightsNo Comments

Jeffrey Pliskin, Pliskin Realty & Development

Based on current research, strip shopping centers in the U.S. have been holding their own in 2015. The market is strong, but property managers and owners still face challenges in keeping spaces leased as a result of changing retail market dynamics and other causes, such as excess inventory, competition from online retailers, high profile bankruptcies, and the new demands of today’s shoppers. Staying ahead of these challenges requires the expertise and experience of a progressive, pro-active property management firm.
 
Excess Inventory, Online Shopping, Maintaining the Right Mix
Some retail property owners are feeling the effects of excess inventory resulting from the decline of major retailers. There were casualties across all sectors, including big names such as Blockbuster Video, Borders Books & Music, Circuit City, Linens & Things, CompUSA, KB Toys and more recently, Radio Shack and the Great Atlantic & Pacific Tea Company’s (A&P) Waldbaum’s, Pathmark and The Food Emporium Stores. Other large retailers, from Office Depot and Sears to Toy “R” Us and Barnes and Noble, have been closing stores; some in very large numbers. On a positive note, there has been growth in some sectors such as alternative grocery stores like Aldi’s, as well as Whole Foods, which have been consuming some of the inventory left behind.
Online shopping continues to take a bite out of brick and mortar centers. The latest projections by Forrester Research are for Internet retail sales in the U.S. to increase this year by 10%, climbing to $279 billion. With the onslaught of online marketing, mobile apps, e-coupons and e-alerts for special sales and promotions, online shopping is not expected to slow down any time soon.
In addition to addressing the excess inventory and stiff competition from online retailers, shopping centers still must grapple with the traditional needs associated with brick and mortar centers. These include: ensuring that the physical structure and building systems are in good condition; the center makes a strong, attractive impression from the road; there exists ample parking in safe, well-lit parking lots; there is a good mix of quality tenants to attract customers; and overhead costs are contained. It’s a tall order to fill that many owners – some focused on their primary profession or business and others simply looking to slow down and without an heir apparent to take over – do not want to manage directly. For these owners, a third-party, experienced retail property manager is invaluable. Leveraging insights, knowledge and resources, this professional can position a shopping center for its greatest success and return on investment.
Optimizing Shopping Center Performance 
Experienced property managers understand the nuances of the marketplace; not just the obvious trends. They know what it takes to maximize a shopping center’s performance and transform it from the outside in, so that it attracts new tenants and more customers. They know what strategies to suggest for luring the online shopper into their stores; strategies like creating the so-called “Apple” experience – engaging shoppers with creative in-store displays and ambience in ways in which an online or mobile smart phone experience could never compete.
Skilled property management professionals are in regular contact with the tenants of the centers they manage so they know when a tenant may be considering an expansion, downsizing,a relocation or retirement, and are prepared with other retailers to fill that space as soon as it becomes available. They know what it takes to attract all generations of shoppers, from Baby Boomers to Millennials. For example, surveys to determine what Millennials want from retail centers have found that they want: restaurants at various price points; lifestyle stores like hair/blow-dry salons, gyms or yoga studios; green grocers and specialty food shops; centers that demonstrate a tie to the local community through philanthropic activities and special holiday events; and a commitment to protecting the environment as evidenced by recycling cans, solar lighting and/or panels, and electric car charge stations.
Survey feedback from the Millennial and Baby Boomer generations also indicate they appreciate retail space that’s been “refreshed” with new paint, lighting fixtures, and eye-catching signage, displays and facades. Recommending a face-lift and/or perhaps a pop-up store, which enables a center to test a new tenant concept, are other strategies savvy property managers are using to boost the performance of their clients’ shopping centers.
Maintaining the right tenant mix, keeping a property in its best condition, understanding market trends and how to leverage them to attract customers, and minimizing vacancies and operating costs are ways that an experienced property management firm demonstrates its real value. Helping shopping center owners establish a strong brand and reputation for high quality properties, while protecting their investment and freeing them up to pursue other business or recreational interests also constitutes the property manager’s high value proposition.
Look for our next column in which we will discuss the property manager’s role in advancing high standard operating procedures that reduce expenses and minimize risks.

Jeffrey Pliskin, Esq., is the president & CEO of Pliskin Realty & Development, Inc., Garden City, N.Y.

New Property Management Deal for Pliskin Realty

NYREJ – Pliskin Realty awarded retail property management contract for 1200 East Jericho Turnpike, Huntington

Pliskin Realty awarded retail property management contract for 1200 East Jericho Turnpike, Huntington

1200 East Jericho Turnpike - Huntington, NY
1200 East Jericho Turnpike – Huntington, NY

Huntington, NY Pliskin Realty & Development has been awarded a new property management assignment. Pliskin will be providing its comprehensive property management services on behalf of property owner, M. Zamel, LLC, for a 20,000 s/f retail shopping center located at 1200 E. Jericho Tpke.

These services range from: billing and collection of rents; financial account management, recordkeeping and documentation; and coordination of all professionals and contractors; to property maintenance and repairs, tenant supervision and relations; regulatory compliance; legal actions; and property marketing.

At present, there is a 3,100 s/f end-cap unit, which can be subdivided, available for lease. Current tenants include: a dry cleaner, Cartridge World, Wine Shack, Lemon Tree Hair Salon, Carvel, dancewear store and a Chinese take-out restaurant.

Currently under Pliskin’s management are 85 properties with over 400 tenants located across the country. Pliskin also owns and manages its own high performance portfolio of properties

Jeffrey Pliskin in NYREJ – April 28 – May 11 2015 Issue

Third-party property managers offer a strong value proposition

Jeffrey Pliskin, Pliskin Realty & Development, Inc.
Jeffrey Pliskin, Pliskin Realty & Development, Inc.

Property management (PM) across all markets (i.e., retail, office, industrial and residential) represents a $69 billion industry. There are over 206,000 PM firms in the U.S. today. With an estimated 3% annual growth rate and based on forecasts,things are looking up for PM firms. This is especially true for third-party PM firms who offer real estate owners an indisputably strong value proposition.

Alleviating the Headaches

Whether a retail, office, industrial or residential building, there are headaches associated with ownership. There arechallenges associated with tenants who fail to pay their rents on time, hiring and managing contractors, dealing with local municipalities, keeping a property fully-tenanted or marketing it for sale, and maintaining sound financial operations. For owners who do not have the experience, qualified staff, relationships, or the time or desire required to do the job effectively, an experienced, third-party PM firm can be a real asset, freeing up the owner from all of these tasks and the associated headaches.

The Value Proposition

Of course, there are many more tangible benefits presented in the PM firm’s value proposition, including:

* Improved financial management including property budgets, efficient management of accounts receivables and payables, rent collection and cash flow;

* Property income optimization;

* Lower total cost of ownership;

* Properly maintained property;

* Real estate asset protection and risk reduction;

* Efficient problem resolution;

* Enhanced owner/tenant relations;

* Positive reputation as a responsible owner; and

* Better positioning with lending institutions.

All of these benefits add up to a better, more profitable ownership experience and allow an owner to pursue other business or recreational interests. There is a caveat though. Not all PM firms deliver a high value proposition. Some are clearly more qualified and some are simply better fits for certain owners. Therefore, it is important to perform the necessary due diligence when selecting a PM firm.

One Size Does Not Fit All

First, let’s dispel the common misconceptions. Bigger is not always better when it comes to property management. In fact, the opposite is often true. A smaller PM firm provides a more personalized, higher level experience. Their owners, many of whom also have their own real estate portfolios, are hands-on and can relate to a property owner’s goals and needs. The small PM firm’s staff is locally-based, accessible and very knowledgeable about the market (i.e., competitive properties, rents, sale prices, lending rates, etc.). They have close working relationships with local builders, sub-contractors, officials and other brokers. They are extremely accountable and responsive to the owners and tenants in properties they manage.

Within the smaller PM firm, staff members tend to be long-term, experienced, senior level professionals. They’ve worked together as a team for many years and as a result can be extremely responsive and efficient in addressing needs. Tenant concerns are managed, communicated and resolved quickly. There’s high accountability.

Because of their size, smaller PM firm also can offer more flexible contract terms in its management agreements with its owner clients, whether that encompasses less restrictive cancellation clauses or fee structures.

Expectations and Deliverables

Assuming that the PM firm can accommodate an owner’s needs, applies best practices, can provide references and has the proper credentials (e.g., certified shopping manager (CSM) credential awarded by the International Council of Shopping Centers for retail property managers),knowing what to expect from the relationship will facilitate a higher ROI. A full-service PM firm should be expected to provide the following services:

* Financial management – property budget and financial plan development; billing and collection of rents; determination of lease terms that meet the owner’s financial goals while helping to attract and retain high quality tenants; development of asset protection and optimization strategies encompassing cost-effective property maintenance, insurance, taxes and contractor/vendor contracts; deployment of a sound accounting and property management system; adherence to tight internal financial controls; detailed financial reporting; and performance of its role as a responsible fiduciary on behalf of the owner, serving with transparency and adhering to strict policies such as not accepting commissions, fees, rebates, etc. without full disclosure.

* Property maintenance and management – reflecting the owner’s short- and long-term goals and encompassing a detailed property budget (i.e., itemized expense projects covering routine maintenance, preventive maintenance and capital improvements), policy relating to contractors’ insurance requirements, collection of certificates of insurance and other documentation, emergency preparedness/disaster recovery plan for contingencies ranging from natural and manmade disasters to security or data breaches, environmental hazards, safety incidences, etc., and a commitment to protecting and maintaining a safe property with adoption of appropriate measures (e.g., surveillance cameras, sufficient parking lot lighting, security guards, as appropriate, etc.)

* Property marketing/brokerage services – customized marketing plan which identifies target tenants and/or buyers, presents creative marketing strategies for attracting prospective tenants/buyers (i.e., advertising, online marketing, social media, broker campaign, etc.) and a well-developed leasing plan conveying the attributes of a property, unit rental rates or sales prices, square footage/space options, competitive property data, market conditions, as well as an ongoing strategy to position the property favorably within its community and with outside centers of influence

By understanding the full scope of services that should be provided and choosing a PM firm wisely, property owners can derive considerable value from this important relationship.

Jeffrey Pliskin, Esq., is the president & CEO of Pliskin Realty & Development, Inc., Garden City, N.Y.