40-50 Union Ave, Irvington

Date:08 Jun, 2016

40-50 Union Ave, Irvington

Prior to being turned over to Dubrow Management, this 80,000 sq. ft. commercial property consisting of two office buildings was at 30% occupancy.

Tenants were fleeing the building due to the following issues:

  • lack of maintenance
  • unsanitary conditions
  • absence of security in and around the property
  • malfunctioning HVAC systems

Within 30 days, Dubrow Management stabilized the building. We communicated with existing tenants and managed to prevent them from fleeing the property. We addressed their concerns and renegotiated and in some cases extended their leases. We then used the cash flow from the building to make necessary improvements such as:

  • renovating common areas
  • repairing the HVAC systems
  • hiring a security company
  • substantially improved cleanliness and appearance
  • made necessary repairs in the tenant units

This property was sold at a price above the lender’s expectation.