New York, NY Walter & Samuels, Inc., an 85-year-old real estate firm that manages 50-plus commercial properties comprising more than 3 million s/f in New York, has retained 30-year commercial real estate industry veteran Joseph Manasseri as president. In the new position, Manasseri will run Walter & Samuels’ day-to-day operations, oversee assets under management, and spearhead plans to grow the firm’s brand, investment portfolio and market share.
Manasseri spent 25 years at GE Capital Real Estate, where as managing director of global asset management he led a $30-plus billion debt and Real Estate Owned (REO) portfolio consisting of 3,200 properties across North America, Europe and Asia.
Under his leadership, the group maximized real estate returns in all market environments, achieved record lows in delinquent and nonearning assets, and outperformed the market in portfolio performance.
“I worked with Joe when he was calling the shots at GE Capital in buildings we were partners in,” said Walter & Samuels chairman and long-time investor David Berley. “Joe brings to W&S a sophisticated, high-end, and national institutional approach.”
Prior to joining Walter & Samuels, Manasseri was executive managing director of asset services for the Tri-State Region at Cushman & Wakefield, where in two years he grew the firm’s Tri-State Asset Services business from 47 to 63 million s/f of office, industrial and retail space.
“Walter & Samuels has maintained a strong reputation for many years. I am eager to join the boutique firm at a time when it is focused on growth,” said Manasseri. “Building upon the firm’s broad expertise, I intend to develop best practices, procedures and an effective operating rhythm to rebuild the brand for future growth while minimizing risk and maximizing the value of assets.”
“I saw an opportunity to bring in someone very accomplished who can manage the firm’s operations in today’s changing climate,” added Berley. “Joe has proven to be driven by results. He will enable us to develop new opportunities, keep us at the top of the game, and help us achieve the vision we have for our future.”
Walter & Samuels, Inc. is one of New York’s most long-standing full-service real estate firms. Founded in 1933, the firm specializes in building management, leasing, asset management, financial analysis, coop and condominium conversions and development. In addition to managing over three million square feet of commercial space, Walter & Samuels, Inc. is among the most successful and established converters in Manhattan, where it has performed over 30 major residential cooperative and condominium conversions. For more information, visit www.walter-samuels.com.