P&F Acquires 1,500 Distressed Multifamily Units, Continues to Deliver New Product
- Apr 21, 2009
By Anuradha Kher, Online News EditorHillside, N.J.–Despite the current economic climate and challenges faced by the residential real estate market, P&F Management Co. LLC, is continuing to provide solutions for a variety of underutilized real estate assets and portfolios, as well as real estate-backed securities. Currently, P&F Management has more than 750 units in the planning and/or development stages along with another 250 units under construction in New Jersey. The company has acquired more than 1,500 distressed residential units so far. “P&F Management is very optimistic about the future,” says Glen Fishman, founder and CEO, P&F Management. “Because of our smart-buy strategies, we feel distressed properties acquired at today’s prices could appreciate into long-term positive investments. As an owner, lender and developer, P&F aggressively pursues distressed assets in all class categories.”Prisco J. DeMercurio, P&F’s chief operating officer, tells MHN, “Our strategy is to buy well, construct high-quality, well-appointed buildings, and keep price points sharp and competitive to move the product.” P&F has four new multifamily projects that have recently been completed or are slated to be complete very soon. “These projects were already on the books, well-financed and in key markets where there was a demand for uncommon value and a lifestyle component. In urban settings, we are leveraging tax abatements, HFMA-sponsored loan programs, and other programs for new homeowners,” DeMercurio adds. This is the company’s strategy for delivering new product in a tough economic market.