After a slow 4th quarter effected by the September 11th tragedy and a weak economy, Schacker Real Estate Corp. CEO, Philip Shwom, SIOR, CCIM reports strong activity in the 1st quarter of 2002. The robust sales market offset a challenging leasing market, each conversely impacted by low interest rates. With conventional interest rates below 8%, the cost of ownership has declined making sales more attractive while weakening demand in the leasing market.
"This is especially clear in the fragmented industrial sector of the marketplace," says Shwom, "as compared to the office and retail sectors that are more closely controlled by professional Real Estate entities such as developers and REITS."

In addition to its landmark January sale of the 460 acre Pilgrim State Hospital Property to Heartland Development, Phil Shwom represented Heartland Development in the acquisition of an 80,000 sq. ft. industrial facility located at 101 Heartland Blvd., Edgewood. Bill and Dean Greiner of Greiner Maltz represented the seller. Heartland principal Adam Wolkoff noted that they acquired the vacant industrial facility as a long term investment due to its prime location in Heartland Business Center, and its broad tenant appeal. The building has excellent ceiling height and loading for warehouse and distribution, heavy power and floor loads for manufacturing, and the ability to expand the building or create additional parking capacity using adjacent vacant land already owned by Heartland.