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Walter & Samuels manages for banks.

In the past year, the real estate firm of Walter & Samuels, Inc. has enhanced the balance sheets of three Midtown buildings assigned to it by banks, reports Evan Pariser, the firm's director of Finance.

In one case, Walter & Samuels turned the property around so well that the bank was able to sell it much more easily.

Pariser and his colleague, Adam Miller, previously worked at Bear, Stearns; Pariser also served at Integrated Resources, a real estate firm.

The three bank properties with which Walter & Samuels has been most involved are:

* 36 West 36th Street -- In the past month, W&S has cut this East New York Savings Bank property's expenses by substantially reducing labor costs and bringing tenants' rent payments current. As a result of these two strategies, the bank did not need to inject additional capital into the-property

* 412 Eighth Avenue -- For over a year, W&S has managed this property for Crossland Savings Bank. The firm has turned the building around for the bank, and negotiations for its sale are underway

* 120 West 23rd Street -- W&S took over this building for Crossland, in foreclosure. W&S corrected a number of lease problems, which paved the way for the bank to sell the building at a favorable price.
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Title Annotation:real estate firm contract to manage commercial properties for several New York, New York banks
Publication:Real Estate Weekly
Date:Mar 24, 1993
Words:210
Previous Article:Stone & Webster selected to assess 20 CUNY buildings.
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