New York real estate tycoon, Elie Hirschfeld, President of Hirschfeld Properties, LLC releases the following commentary on how to keep a business afloat while the commercial and residential markets continue to struggle, including short-term and long-term investment strategies he has implemented through the past three recessions.
“Be proactive. Building and maintaining strong relationships with commercial and residential tenants, lenders and brokers is the key to staying afloat during these tough economic times. For example, give tenants relief by helping them with space improvements and general maintenance,” said Elie Hirschfeld. “Also, stay in front of your lenders with frequent phone calls, emails or in-person visits. From a developer’s perspective, if you need more debt on a project, having the dialogue with your lender can make it much easier to get what you need.”
“Also, I have learned to avoid the exuberance many investors have during market highs. It is difficult to avoid the temptation to invest because in the moment it feels like the real estate market will continue to expand forever, but know it is cyclical and what goes up must come down. During the downtime, adequately prepare your company for recovery,” added Hirschfeld.
Elie Hirschfeld currently serves as President of Hirschfeld Properties, LLC, a NYC based development firm. Hirschfeld Properties, LLC has engaged in the development or ownership of renowned office buildings, hotels, multi-family residential buildings, parking facilities and retail projects in New York City. The company has contributed projects, such as New York’s first open-air garage, the Hotel Pennsylvania, and the Manhattan Mall.
Source: prnewswire.com
