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The Witkoff Group is involved in every facet of its daily real estate operations and has applied its management skills to increase the properties' overall return on investment. This success is due to the company's in-house capabilities to manage the performance of its assets through targeted renovation, aggressive leasing and hands-on management. Most of the firm's operations such as leasing, building management, tenant services, construction, cleaning and maintenance are conducted from within the organization or through Witkoff affilate companies. As a result, The Witkoff Group is able to achieve the highest level of quality, service and cost control. The depth and integrated services of these in-house teams provide a distinct advantage toward maximizing assets and tenant services. The Witkoff Group has emphasized tenant satisfaction, which in turn has fostered long-term tenant relationships and a significant increase in occupancy rates across the portfolio. Similarly, the company's asset management capabilities have enabled it to reposition properties to current market demands and enhance cash flow on several levels. The scope of these internal resources permits the Witkoff teams to analyze the economic terms for each lease, including base building upgrade and tenant improvement work, while maintaining tight budget controls and minimizing downtime between lease rollovers. This streamlined operation provides both tenant satisfaction and cost-containment - features which are instrumental in achieving maximum value from The Witkoff Group's growing portfolio. |
866 THIRD AVENUE
This 30-story building was considered by the market to be an extremely complex property to purchase solely as an office building. Nevertheless, 866 Third Avenue generated substantial bidding when it was offered for sale. The Witkoff Group acquired the building due to its innovative repositioning strategy. This plan combined three major market segments - three condominium units that transformed the property into medical, office/retail and limited service lodging. Floors 12 through 31 are designated as a Marriott Courtyard, the first Marriott Courtyard in Manhattan, and managed by Marriott International: The development of the hospitality component meets the significant hotel demand of the midtown Manhattan market. Memorial Sloan Kettering Cancer Institute now owns and occupies nine floors below the hotel which are utilized as doctor's offices. This combination of uses, in addition to select retail at the street level and second floor, has enhanced not only the value of the asset but also the potential synergies between tenants.
33 MAIDEN LANE
This spectacular Class "A" building exemplifies The Witkoff Group's ability to recognize and acquire an outstanding asset in a distressed but emerging market. Following the acquisition of the non-performing mortgage of 33 Maiden Lane, The Witkoff Group negotiated with the fee owner of the building and purchased the entire fee interest. At the time of acquisition there was a 29% vacancy rate and of the balance, 50% of the building's leases were expiring within one year and the other 50% in 48 months. The Witkoff Group's property management and leasing divisions embarked on extensive marketing campaign and secured a 300,000 square foot lease with the Federal Reserve Bank of New York. The result was 100% occupancy with no downtime. Within eighteen months of acquisition the market is thriving and 33 Maiden Lane is viewed as one of the area's most desirable assets.
