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Commercial
The MMJ Commercial appraisal division was formed in 1998 by Mr. Jan Barenholtz, MAI, the principal of Barenholtz & Company in association with Steven Maxwell Knobel and Jeffrey Jackson, principals of Mitchell, Maxwell & Jackson. MMJ Commercial has provided real estate appraisal and consulting services to corporations, individual investors, financial and other institutions since 1991. Before founding his own firm, MMJ Commercial's president, Mr. Barenholtz, was a senior consultant at Landauer Associates for many years, where he provided a wide range of valuation, counseling and transactional services to an international clientele.

MMJ Commercial specializes in real estate valuation, transaction counseling and implementation. The company and its predecessor have served a number of major financial institutions and other clients in a variety of valuation and counseling assignments. The firm's ability to analyze complex real estate issues is enhanced by a depth and diversity of professional experience, which is uncommon and unique among appraisal firms. This experience encompasses virtually all facets of the real estate process - feasibility, development, leasing, financing, management and disposition - and affords MMJ Commercial a singular advantage in understanding and meeting clients' needs including mortgage financing, expert witness testimony, arbitrations, establishment of collateral value of existing loans, highest and best use analyses, feasibility for new construction or renovation, resetting of rent for lease renewal, current value accounting, due diligence for investment or sale, like-kind exchanges, IRS estate tax filings and - perhaps the most basic reason for obtaining an appraisal - the desire of the client to have a professional estimate of a property's worth.

Among Mr. Barenholtz's notable appraisal assignments have been: the annual appraisal of the $700 million US real estate portfolio of a corporate pension fund; the quarterly valuation of the $800 million participating mortgage portfolio of a major US insurance company; evaluation of and strategic recommendations for the reuse of a 4,500 acre US Air Force base closed under of the Base Closure and Realignment Act; lease analysis for the court-appointed trustee in the bankruptcy of a major US Law firm; investment analysis for existing owners or potential purchasers of interests in a number of New York City's largest and most prominent office buildings; advising the Resolution Trust Corporation on the sale of a note secured by 107 properties; and valuation of 26 major industrial properties owned by nine partnerships as part of a corporate restructuring.

Staff of MMJ Commercial have appraised properties across the United States including office buildings, regional and community shopping centers, vacant land, hotels, mixed-use structures, industrial and warehouse buildings, research and development facilities, multifamily housing including government subsidized housing and buildings subject to local rent controls, parking garages, transferable development rights and special purpose properties. Property interests have included fee simple interests, leased fees, leaseholds comprising entire buildings or individual tenants' premises, mortgage interests, including convertible and participating mortgages, condominium and cooperative interests, fractional interests, including partnership and joint venture interests as well as property owned in corporate form.

In addition to preparing appraisals, we have also been retained to review outside appraisals to ensure that they meet regulatory guidelines, utilize acceptable procedures and are reasonable in their conclusions. Whatever the purpose, MMJ Commercial approaches each appraisal assignment in a disciplined manner and with a commitment to serve the client. All appraisals are prepared in conformity with the Code of Professional Ethics of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation.

MMJ Commercial is headquartered on the 9th floor of 546 Fifth Avenue at 45th Street in New York City. Our telephone is 212.319.7300, extension 245. Our fax number is 212.486.7970.