Cervelli returns 100% Investment to Partners

Michael Cervelli announced the aggressive lease up of 1 Marine Plaza, which sits adjacent to the Palisade Medical Center on River Road overlooking Manhattan. A local group purchased the property, which at the time had suffered from severe functional obsolescence.

In less than a year the building, which was bought in distress from a bank, has undergone major capital improvements including a new electrical service, new lobby, windows and landscaping. Cervelli Management handled oversight of all construction management while the real estate team worked on the leasing end.

This has attracted many new tenants including architects, professional services and technology groups. Using a team based approach, Cervelli Real Estate and Property Management has leased over 28,000 square feet. Michael Cervelli has been conducting professional real estate and management services for over 25 years and with the aide of his two sons,  has carried the company through this very difficult environment. By example of what they have accomplished in this one deal (bringing the building from a non-usable structure to having a healthy occupancy and being refinanced to return 100% of the investment to its partners) it gives proof that quality service and experience can succeed in any economic climate.