KALED UNVEILS ASSET MANAGEMENT DIVISION FOR THIRD-PARTY STABILIZED APARTMENT BUILDINGS ON BEHALF OF INSTITUTIONAL OWNERS

(NEW YORK – MAY 28, 2009) – Kaled Management Corp., owners and managers of nearly 6,500 rental apartments, co-ops and condos throughout New York City and Long Island, announced the formation of a new division to provide third-party asset and property management to institutional owners of stabilized apartment properties. The division, Kaled Residential Asset Management, will be spearheaded by Jordan Platt, the company’s Vice President of Operations.

“We are uniquely qualified to take over the management of stabilized apartment buildings on behalf of lenders and institutions that are now holding the keys to assets that are among the most complicated and challenging to run profitably and well,” said Edward Kalikow, president of Kaled Management. “We have more than 30 years of success in this very particular niche of ownership and management – despite onerous rent laws, aging structures and equipment, and complex tenant relations. It is a tightrope walk that requires vigilance, knowledge of bricks-and-mortar as well as rules and regulations, and a hands-on approach to maintain the highest possible occupancy rates.”

Mr. Kalikow, whose firm won the 2009 “Management Company of the Year” award from the New York Association of Realty Managers (NYARM), represents the third generation of his family dedicated to the profession of property management, with a focus on multifamily rental properties in the tri-state region.

“We bring an owner’s perspective to property management,” said Mr. Platt, who represents the fourth generation of the Kalikow family’s professional tradition. “This means that we keep a keen focus on the bottom line as well as maintain the property at the highest level to enhance its value year after year.”

Kaled Residential Asset Management division will specifically serve owners of individual apartment buildings and portfolios of rent-stabilized housing to insure the successful maintenance of the property and enhance each asset for long-term ownership or disposition. We offer the accounting and back-office operational services, as well as on-site property management, and asset maintenance, including the planning and execution of capital improvements.

“Rent stabilized housing is vital to New York, and is an asset class that will always have value if it’s managed properly,” Mr. Platt said. “There have been a number of opportunistic investors that viewed rent-stabilized housing as a treasure trove opportunity, with overly aggressive plans to destabilize the units into market-rate rentals.” But we view these assets as serving an important purpose – providing work force housing to New Yorkers – and also provide an evergreen, conservative income when managed by people who know what they’re doing, and how to work well with their tenants and within the confines of the complex stabilization regulations.”

For more information about Kaled Residential Asset Management call Jordan Platt at: 516-876-4800.