"Lenders don't want to operate" real estate assets, Raymond Chalme, BSD principal, tells GlobeSt.com. "Unfortunately, there's not much origination going on and they'll operate when necessary, so they need management expertise. We've been expanding our relationships in this area and have gotten a very welcome response, so we're hoping over the next several months to be able to announce some new assignments for third-party asset management, which we've never done before."

Although they haven't managed properties for outside companies previously, Chalme and BSD principal Daniel Blanco are known for hands-on attention over the past two decades to what Chalme calls "the boring stuff that's back in vogue now--operations and growing NOI." BSD's commercial portfolio is currently 95% leased, and its two residential developments--184 Thompson St. and Maison East at 1438 Third Ave.--sold out within 12 months of their respective launches.

"We've been successful on our existing assets to adjust to the marketplace," Chalme says. "Our basis has been comfortable; we did not over-leverage. We see this as an opportunity to grow what has been successful for us, which has been our asset management arm." The new division will focus on office properties in New York City, although Chalme adds that some residential opportunities may arise.