"In today's economy, we are focusing on our core business of managing the properties we own," Berley says in a release. "However, we are open, as we've always been, to third-party opportunities where there is a good fit. Having taken on select third-party properties in the outer boroughs in the past, we recognized these buildings as excellent opportunities." He adds that "in the current market, I expect we will be asked to manage properties throughout the city, and especially assets that have been taken back by lenders, who in general don't have the resources to manage a portfolio of properties."

The portfolio of apartment buildings includes a six-story, 88-unit building located at 1355 E. 18th St. that dates from 1961; a six-story, 67-unit building at 800 Ave. H that was built in 1936; and a six-story, 54-unit building located at 1550 E. 13th St., built in 1940. Walter & Samuels manages over four million square feet of commercial office space and a residential portfolio that includes the Leonori Condominium, Chez 66 Condominium, 1155 Park Ave., Europa Condominium and 186 Fifth Ave.