From the July issue: With construction on hold at many New York projects, a growing number
of developers and brokers are getting into the business of running
properties for someone else.
The growth of the so-called “asset management business” comes as an
increased number of properties have turned into virtual zombies —
either unable to complete condominium sales or, in the case of
commercial buildings, unable to retain or even find tenants.
Unlike receivers, which are appointed by the court during
foreclosure proceedings and are often lawyers, asset managers can be
hired by a wide range of players — from lenders to institutional owners
to the court-appointed receivers themselves — at any time. And, while
receivers are charged with overseeing finances and administrative
duties, sometimes they farm out those jobs to asset managers who, as
real estate professionals, will handle property maintenance,
construction, rent collection and accounting. [more]