Hovnanian Taps Onyx for Property Management

WOODBRIDGE, NJ-Onyx Equities LLC has been named exclusive leasing agent and property manager of H. Hovnanian Industries’ 13 corporate office, medical office and retail properties, the first major third-party portfolio assignment for the private real estate and management company. Onyx principals Harvey and Steven Schultz had long been acquainted with members of the Hovnanian family, and many of the Onyx Equities team had prior property management experience, explains Julie Nachamkin, VP of leasing of Onyx, to GlobeSt.com. “When Edele Hovnanian decided to outsource management, she turned to Steve and Harvey,” Nachamkin says. “She was familiar with them and comfortable handing the portfolio over to them.” Onyx will provide management marketing and leasing services to an 840,000-square foot portfolio that spans Monmouth and Ocean Counties in New Jersey. The buildings now being managed are: Bayview Corporate Center, a 125,000-square-foot class A office building at 1433 Hooper Ave. in Toms River; Bellcrest Plaza, a 106,625-square-foot shopping center at 931-953 Fischer Blvd. in Toms River; Holiday City Plazas I, II, III and the Holiday City Medical Building, totaling 137,000 square feet in Toms River; HovChild Plaza, a 94,000-square foot class A office facility in Tinton Falls; Manchester Plaza, a 305,000-square foot shopping center in Manchester Township; Yorktown Plaza, a 41,000-square foot retail center in Brick; and a Rite Aid, Wachovia and PNC Bank, all of which are located in Toms River. “The challenges of today’s real estate market and overall economy require that we avail ourselves of the best resources, technology and talent in the business in order to effectively compete,” explained Edele Hovnanian, CEO of H. Hovnanian Industries, says in a statement. “These challenges led to the outsource decision, and the selection of Onyx Equities as our service provider. Onyx is affiliated with the Schultz Organization, a respected firm with the combination of large company resources and local market know-how. Onyx has the capability to serve both our office and retail properties in a top-quality fashion but above all, they think like owners with an eye toward optimization of long-term value.”