Receivership Services

Our receivership services focus on fast, court-compliant stabilization of distressed assets in NY & NJ: we assume control, secure the property, collect and account for rents, address violations and inspections, coordinate closely with Chancery/foreclosure counsel, file and manage tenancy actions, oversee repairs and contractor work, re-lease units, and deliver transparent financial reporting—protecting value while preparing the asset for refinance, sale, or owner transition.

OVERVIEW

Receivers have access to our full range of commercial real estate services to maintain and improve the asset value throughout the legal process.

• Acting receiver in select assignments
• Client relationship management with special services, banks, insurance companies, note buyers and lender/special services legal counsel with appropriate Newmark resources
• Local receivership laws, rules and state statutes
• Nationwide attorney relationships

Lenders and special services in need of non-performing commercial loan services understand the benefits of working with an experienced receiver.

COMPREHENSIVE RECIEVERSHIP

Services

• Assess additional information needed to operate the receivership
• Gather and maintain all records, leases, plans, files and documents that are available
• Hire, bid and oversee the completion of any necessary capital improvements
• Hire leasing resources to negotiate and modify leases at property as necessary to stabilize and enhance value
• If necessary, challenge real estate tax assessment for the property
• Keep all parties informed through required reporting to the courts and other requested reporting by parties
• Move quickly to take control of the rents and expenses at the property
• Prepare accounting in the required format for the property to keep all parties informed
• Provide market and property information
• Regularly prepare and update property budgets
• Stabilize and physically maintain the property per the receivership order
• Work with local governmental authorities to resolve any outstanding permit of entitlement issues
• Work with parties to assist in settling title issues plaguing the property

For Information About Receivership Services, Contact: gene cooper associate broker, founder

Eugene S. “Gene” Cooper Jr. is a New Jersey real estate executive with 40+ years in property management, brokerage, receiverships, and construction oversight, beginning in 1979 at Torcon Construction and progressing through property and portfolio management roles to become Managing Partner and Broker of Record at Cooper Real Estate Management, LLC in 1998. He has supervised offices and property managers handling 150+ active properties (over 550 managed since inception), led collections, compliance, and vendor payments, and specialized in stabilizing hard-to-run inner-city assets across Newark, East Orange, Irvington, and Paterson. Gene has directed approximately 25 concurrent court receiverships (150+ during 2012–2013), reporting to chancery courts and working directly with banks and attorneys—including assignments from FDIC, PNC, Wells Fargo, Lakeland, Crown, Bayview, Midland, Deutsche Bank, and others—and has prepared BPOs across NJ and NY. Earlier, he served as Broker of Record at B.P. Slavitt Associates (managing 40 properties, HUD complexes, and RTC/FDIC work) and as a property manager/leasing lead at Harold Goldberg & Co. He holds NJ salesperson (1979) and broker (1981) licenses, is a Licensed BPO administrator (2012), attended Syracuse University and Blair Academy, and is a long-standing member of the North Jersey Board of Realtors and the Garden State MLS.

Our INSTITUTIONAL clients

Crown Bank , Lakeland Bank, Wells Fargo Bank, PNC Bank, Bayview Loan Servicing, Midland Loan Services, Deutsche Bank National Trust and more. 

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