Commercial Workout Projects
VSP has over 30 years' experience in the workout of distressed and foreclosed real estate. We specialize in commercial an multifamily turnarounds, creating value and maximizing returns across a range of challenging markets.
In addition to acquiring and taking title to distressed real estate projects, VSP has a long history of ORE consulting and in-house engagement by banks, where we have established a reputation for creativity, integrity, and sound insight.
Midway Greens, Windsor, CT
Foreclosure, Improvement, Sale
for Dime Savings Bank
Three building office complex: 169,068 square feet on 17.4 acre site in foreclosure. Arranged tenant relocation; improved building and sold.
Michael Drive, Syosset, NY
Foreclosure, Reposition, Disposition
for Dime Savings Bank
50,000 square foot industrial building in foreclosure. Repositioned, improved and sold within 12 months.
Ocean State Shopping Center, Providence, RI
Foreclosure, Reposition, Sale
for Dime Savings Bank
60,000 square foot shopping center in distress and in foreclosure. Re-marketed and sold.
Parkway Drive South I, Hauppauge, NY
Foreclosure, Reposition, Sale
for Dime Savings Bank
35,000 square foot office building in foreclosure, with high vacancies and in need of repair. Renovated; upgraded tenant base, sold.
Days Inn (four locations), Southern FL
Analysis/Loss Mitigation Strategy
as consultant for Citibank
Performed full evaluation and developed loss mitigation strategy for this portfolio of four non-performing motel properties.
Plainview Road, Hicksville, NY
Foreclosure, Improvement, Disposition
for Dime Savings Bank
Abandoned 2-building industrial site in foreclosure and in need of capital improvement. Renovated, repositioned, and sold.
Highland Plaza, Salt Lake City, UT
Foreclosure, Reposition, Disposition
for Dime Savings Bank
Three-story office building totaling 30,430 square feet, vacant and in foreclosure. Improved, implemented aggressive marketing program resulting in excess recovery.
Vanderventer Street, Port Washington, NY
Foreclosure, Turnaround, Sale
for Dime Savings Bank
12,000 square foot office building in foreclosure, in need of repair and with non-paying tenants. Replaced management, undertook gut renovation, upgraded/stabilized tenant base; sold within a year.
Parkway Drive South II, Hauppauge, NY
Foreclosure, Reposition, Disposition
for Dimes Savings Bank
40,000 square foot industrial sports building in foreclosure. Secured property and sold to owner/occupier with full recovery.
East Shore Road, Green Neck, NY
Foreclosure, Sale
for Dime Savings Bank
35,000 square foot office building in foreclosure and in need of repair. Improved and sold.
West Town Center, West Kearns, UT
Foreclosure, Reposition, Sale
for Dime Savings Bank
35,000 square foot retail and strip center in distress. Managed property, re-marketed, stabilized tenant base and sold.
Green Street, Huntington, NY
Foreclosure, Improvement, Disposition
for Dime Savings Bank
At foreclosure this 19,000 square foot office building was 50% leased and in need of significant renovation. Improved, arranged financing and sold.
High Street, Huntington, NY
Foreclosure, Sale
for Dime Savings Bank
21,000 square foot office building, 50% leased, in foreclosure and in need of renovation. Sold as is.
Harrison Plaza, Ogden, UT
Foreclosure, Reposition, Disposition
for Dime Savings Bank
16,000 square foot shopping center in foreclosure with high vacancies. Made needed capital improvements, upgraded/stabilized tenant base, improved cash flow, sold with excess recovery.
Plaza 677, West Valley, UT
Foreclosure, Reposition, Sale
for Dime Savings Bank
30,000 square foot strip center in foreclosure. Repositioned and sold with excess recovery.
Lawrence Avenue, Smithtown, NY
Foreclosure, Reposition, Sale
for Dime Savings Bank
24,000 square foot office building in foreclosure with low tenant base and poor cash flow. Replaced management, renovated and sold.