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Manhattan Pacific redirects residential mgt. focus.

Manhattan Pacific redirects residential mgt. focus

More than a year after Manhattan Pacific Management Co., Inc., a division of The Macklowe Organization, acquired the $3.5 billion M.J. Raynes management portfolio, the firm has fulfilled its pledge to stabilize the operations of these properties. During this time, Manhattan Pacific reassessed its residential management focus and specifically the size and technological sophistication of the properties it deemed best suited for its portfolio of clients.

As a result Manhattan Pacific has strengthened its management focus and will concentrate its efforts on high-rise properties and other complex management assignments, resulting in the termination of its management relationship with 19 smaller properties. These properties are being referred to other management firms.

Manhattan Pacific's president, Kent M. Swig, who stated, "Our operation is best suited to serve recently constructed, high-rise residential and commercial properties which can fully take advantage of our myriad of services such as our Computerized Preventative Maintenance System, Macktel Purchasing System and Resident Response Tracking System." Swig stressed, however, that "Manhattan Pacific is dedicated to serving a few selected traditional and prewar buildings that remain within its portfolio."

Manhattan Pacific's philosophy of "seeking quality management opportunities in the third party management business remains unchanged." Currently, the firm is in negotiation for management contracts with 14 prospective properties. In addition, through its asset management division, Manhattan Pacific is working with a number of financial institutions to manage their real estate portfolios.

Manhattan Pacific is one of the seven operating companies within the vertically integrated Macklowe Organization, which has developed over $2 billion worth of properties during the past ten years.
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Publication:Real Estate Weekly
Article Type:company profile
Date:Oct 23, 1991
Previous Article:Selling property takes realistic approach.
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