Syracuse Realty Group has the right combination of receivership and property management services. Orazio Crisalli has managed all types of commercial real estate assets in the capacity of a court appointed receiver for over 30 years pursuant to Part 36 of the New York Chief Judge. Over the years, many real estate attorneys, acting as receivers have appointed Orazio as a Managing Agent to assist with their Receivership Services.
In addition, Michael Arcuri, CCIM brings 20 years of experience in property management also pursuant to Part 36 of the New York Chief Judge. The combination by both principals brings a wealth of experience unmatched by others.
Receivership Assignments and REO Property Management Objectives
A real estate receiver is an individual or entity appointed by a federal or state court or by creditors, to take control of and manage a property, typically in situations where there are financial difficulties, legal disputes, or other challenges. The appointment of a receiver is a legal remedy that aims to protect and preserve the value of the property exercising full transparency with reliable accounting and financial reporting. This is more economical than Chapter 7 bankruptcy filing.
After a comprehensive review of your real estate asset and the market position, we develop a strategic plan to enhance your property value, while strengthening the quality of services provided to your tenants.
- Secure the accounts and records to protect the integrity of the asset and income stream
- Completed inspection of the property
- Inform and meet tenants and vendors
- Obtain and review records from the owner as well as establish the operation
- Provide maintenance and accounting procedures and systems
The receiver does not have a client who is paying legal expenses from its own funds, but instead the receiver is being paid from the assets of the receivership estate. Also, being a court appointed officer, the receiver does not have a personal connection to the issues of the case, and therefore does not face the emotional burden that often weighs upon the traditional civil litigant.
Here are some potential benefits of using a real estate receiver and/or property management.
1. Preservation of Asset Value:
Receivers are appointed to preserved protect the value of the property. They can take actions to maintain the property, address maintenance issues, and prevent deterioration. The best receivers are able to not only preserve but actually increase the value of the distressed assets under their management.
2. Stabilization of Operations:
In cases where a property is facing financial distress or operational challenges, a receiver can step in to stabilize operations. This may involve managing rental income, addressing tenant issues, and ensuring the property remains viable.
3. Maximization of Income:
Receivers are often tasked with maximizing income from the property. This may involve collection rents, negotiating leases, and taking steps to enhance the property’s revenue-generation potential.
4. Resolution of Disputes:
In situations where legal disputes are affecting a property, the appointment of a receiver can provide a impartial party to oversee the property and facilitate the resolution of disputes among stakeholders.
5. Compliance with Court Orders:
Receivers operate under the authority of the court and are responsible for complying with court orders. This can provide a structural and legal framework for addressing challenges associated with the property.
6. Facilitation of Sale or Refinancing:
In some cases, the goal of appointing a receiver may be to prepare the property for sale or refinancing. The receiver can work to position the property in the best possible light for a successful transaction.
7. Protection of Creditors’ Interests:
In situations of financial distress, the appointment of a receiver can help protect the interests of creditors. The receiver can manage the property in a way that prioritizes the repayment of debts.
8. Objective Management:
Receivers are typically appointed as neutral third parties with a duty to act in the best interests of all stakeholders. This can bring objectivity to the management of the property, avoiding conflicts of interest that may arise with other parties involved.
Call us today for more information.