Acre Properties and WSP Group form ACRE+WSP Advisors

According to Steven Rosefsky, principal at Acre Properties, and WSP Group, the companies have formed ACRE+WSP Advisors, a Manhattan-based real estate advisory firm. "In response to rapidly increasing numbers of distressed real estate assets, ACRE+WSP Advisors brings together a seasoned team of development, financial, legal, construction and engineering professionals that bring new perspective to problematic projects for owners and lenders," Rosefsky said. "We are excited to combine Acre's development and financial expertise with WSP Group's leadership in innovative engineering practices. Together we'll give challenged projects a second chance at viability and profit." "ACRE+WSP Advisors offers development, finance, construction and engineering practices under one roof," said Jeff Smilow, principal of WSP Cantor Seinuk. "This is an exciting next step toward assisting property owners and lenders to rebuild and protect asset values." Prior to joining forces, the members of ACRE+WSP Advisors have contributed to a wide range of successful projects in recent years, including the development of a $1.7 billion, 2.8 million s/f mixed-use project in midtown Manhattan; the development of a 13,000-resident master-planned community and 725,000 s/f retail shopping center in North Carolina; the repositioning of one of New York City's most successful condominium/hotel conversions; the development of a 23-story, 243-unit rental building on the Lower East Side of Manhattan; and the development of a $600 million stadium for one of New York City's professional baseball teams. ACRE+WSP Advisors is an affiliation between Acre Properties LLC, a real estate development and advisory firm that works with institutional lenders, mezzanine lenders, publicly traded corporations, private equity firms and private owners, and WSP Group, a multi-national engineering firm with expertise in structural engineering (WSP Cantor Seinuk), mechanical engineering (WSP Flack+Kurtz), transportation and infrastructure (WSP Sells) and environmental engineering (WSP Environment and Energy). WSP Group manages 30 offices and 10,000 employees worldwide. "Our goal is to ensure that our clients understand the intrinsic value of their real estate assets before making strategic decisions, including whether to foreclose, sell positions, or infuse projects with new capital," principal Erik Horvat said. "We achieve this goal by identifying alternatives and executing solutions which can generate the maximum return of capital or minimize any anticipated losses. With hundreds of distressed properties and stalled construction sites in New York City alone, we offer our clients a unique opportunity to maximize values while fulfilling their fiduciary duties to stakeholders." ACRE+WSP Advisors is a New York-based real estate advisory firm that revitalizes distressed assets for owners, lenders, developers and institutional investors. Under the direction of Rosefsky and Erik Horvat of Acre Properties LLC, and Jeff Smilow and David Cooper of WSP Group, the firm combines real estate development, finance, law, construction and engineering expertise to optimize the value of troubled properties—including commercial, residential and mixed-use developments—throughout the tri-state area and beyond.