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VOL. 114 | NO. 84 | Monday, May 1, 2000

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Messinger Realty merges today with Malkin Management Messinger Realty merges today with Malkin Management Messinger Realty Co. has merged all of its administrative, management and collection operations with those of Malkin Management and Investment Co. Inc., effective today. The new entity will operate under the Malkin Management name. As a result of the merger, Messinger brokers Jurdon Messinger, Bernard Messinger, Ira Lipsey and Dan Mercier will become active sales and leasing associates. Christina Sexton, Messinger accounting department associate, will join MMIC as assistant property manager. Bernard Messinger, chief executive officer and principal broker of Messinger Realty, and Arthur S. Malkin, president and principal broker of MMIC, said the merger would benefit both companies. "Our mutual clients will then be better served with a wider spectrum of real estate sevices that include brokerage, upgraded technology and computer systems and enhanced property management services," Messinger and Malkin said in a joint statement released Friday. The merging, both entities will be able to operate more cost effectively, and the business would benefit from the "blending of energetic youth with seasoned experience," they said. "Of course, the time to quitor drastically slow downis when you are at the top of your game, if you are going to at all," Messinger said. "So, we are merging with a successful younger group that operates similarly to ours. "We and our associates will move to our new officesto join forces as an active part of MMIC, and to pass the mantel of leadership to the younger generation assisted by the wisdom of our 37 years of excellence in real estate." Messinger said the desire to step away from the everyday operation of the business to spend more time with family and friends also played a part in Messingers decision to merge. "Ive made up my mind that its time to smell the roses with my wonderful wife," he said. MMIC, founded in 1958 as Olswanger and Michel Inc., was acquired by Arthur S. Malkin in 1997. Messinger Realty Co. was co-founded by Messinger and his wife, Florence Messinger, after he served 25 years as division sales manager for a national food manufacturer. Both companies built their businesses focusing on commercial investment, real estate brokerage and residential sales and property management, and have maintained similar portfolios of small- to medium-size properties, particularly retail strip centers. The merger follows on the heels of a successful year for Messinger Realty, Messinger said. The company concluded 1999 with a 25 percent increase in business, and has realized a 10 percent increase during the first quarter of 2000, he said. At the time of the merger, the company had four deals nearing completion, including a lease for 6,500 square feet of space in a Downtown office building, a lease for 7,000 square feet of retail space; a lease with a national tenant for a retail store on Elvis Presley Boulevard, and the sale of three homes to one client. The newly-merged entity will operate out of MMICs offices on the 10th floor of White State Tower at 5050 Poplar Avenue.
PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149