Surviving the Economic Downturn: Real Estate Mogul Elie Hirschfeld Gives Tips to Stay Afloat While the Market Continues to Struggle

Jan 11, 2010, 16:24 ET from Hirschfeld Properties, LLC

NEW YORK, Jan. 11 /PRNewswire/ -- New York real estate tycoon, Elie Hirschfeld, President of Hirschfeld Properties, LLC releases the following commentary on how to keep a business afloat while the commercial and residential markets continue to struggle, including short-term and long-term investment strategies he has implemented through the past three recessions.

"Be proactive. Building and maintaining strong relationships with commercial and residential tenants, lenders and brokers is the key to staying afloat during these tough economic times. For example, give tenants relief by helping them with space improvements and general maintenance," said Elie Hirschfeld. "Also, stay in front of your lenders with frequent phone calls, emails or in-person visits. From a developer's perspective, if you need more debt on a project, having the dialogue with your lender can make it much easier to get what you need."

"Also, I have learned to avoid the exuberance many investors have during market highs. It is difficult to avoid the temptation to invest because in the moment it feels like the real estate market will continue to expand forever, but know it is cyclical and what goes up must come down. During the downtime, adequately prepare your company for recovery," added Hirschfeld.

Elie Hirschfeld currently serves as President of Hirschfeld Properties, LLC, a NYC based development firm. Hirschfeld Properties, LLC has engaged in the development or ownership of renowned office buildings, hotels, multi-family residential buildings, parking facilities and retail projects in New York City. The company has contributed projects, such as New York's first open-air garage, the Hotel Pennsylvania, and the Manhattan Mall.

Elie Hirschfeld

President and CEO of Hirschfeld Properties since 1997, Elie Hirschfeld has dedicated his professional life to real estate development planning and implementation. Since joining the company in 1976, Mr. Hirschfeld's projects have included the development of prominent New York City properties such as the Grand Sutton, the Hotel Pennsylvania, the Crowne Plaza Hotel, and Park Avenue Court. Mr. Hirschfeld is responsible for guiding the strategic direction of the company and leading all aspects of development including new project analysis, lease marketing and negotiation, legal strategies, and architectural and construction management. Elie Hirschfeld directed Hirschfeld Properties, LLC into partnerships with other distinguished real estate development firms such as the Zeckendorf Organization, the Donald Trump Organization, The Silverstein Organization, Empire Realty Group, Belz Enterprises of Memphis and the shopping mall development group, The Mel Simon Organization.

Additionally, Hirschfeld is an avid sportsman, having completed the New York City Marathon and the New York City Triathlon several times, and the Mighty Hamptons Triathlon for the last twenty consecutive years. In 1990, Elie Hirschfeld completed the 12th Hawaii World Championship Ironman Triathlon. He is also an avid art collector, collecting original art scenes of New York City. Mr. Hirschfeld graduated Phi Beta Kappa, magna cum laude and President of his Class from Brown University and received his law degree from New York University School of Law.

SOURCE Hirschfeld Properties, LLC