Urban Retail Revitalization
Urban NYC Retail Block
Broadway - East 8th - University Place
Greenwich Village, New York City

Retail Complex consisting of:
37 retail stores located on one square city block near NYU in New York City.
Exclusive Management & Leasing Agent for F.D.I.C
30-40-60 East 9th St., New York, NY

Background (upon Brookhill's Commencement of Management & Leasing assignment):
Approximately 30 of the 37 tenants were not paying rent on a regular basis.
Real Estate Tax escalation charges not billed to tenants for four prior years.
Leasing of available space not aggressively pursued by owners.
Landlord/tenant relations abysmal.
Many tenants defaulting on leases and on verge of vacating property.
Physical appearance of property deteriorated with deferred maintenance and extensive graffiti.
Many vacated storefronts boarded up giving run down appearance.

June 1991: As part of Foreclosure Action, F.D.I.C. appoints Brookhill as exclusive management and leasing agent to "Stabilize" and turnaround property.
July 1991: Marketing/Leasing plan developed to re-lease all available space at market rents. New tenants move in and many under-performing retailers replaced.
Aggressive campaign undertaken to collect all past due rentals. Disputed unpaid Real Estate Tax billings addressed and resolved. Relations with tenants significantly improved.
Review tenant performance and payment history to resolve problems and improve area. Campaign undertaken to work with each tenant to improve appearance of the complex and upgrade image of block. Implement program to keep property free of graffiti.
Nov. 1991: National retailer in the complex had previously closed and boarded storefront. Negotiations result in reopening of store under new concept creating bright, attractive store, enhancing marketability of the property.
Physical appearance of property improved dramatically.
Oct. 1992: Within 15 months, property performance dramatically increases resulting in approximately $2,000,000 in excess cash flow being distributed to lender that foreclosed on property.
To "turnaround property", 57% of leases were either renewed, extended or renegotiated. Regular monthly cash receipts doubled since takeover of management.
March 1993: Property sold by the FDIC for $19,550,000, representing an increase of $8,550,000 or 78% over the value in June 1991 when Brookhill took over management.

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