The Bernstein Companies, founded in 1933, is a real estate firm located in Washington, DC. With diverse focuses, they currently own, develop, manage and finance properties in the mid-Atlantic region. As a vertically-integrated, full service operating company, the firm draws upon diverse resources and expertise to execute a comprehensive approach to creating long-term asset value in their residential, office and hotel portfolio.
The Bernstein Companies purchased an office building in Prince George’s County, MD for a total contract purchase price of $6,225,000 from the lender. At the time of purchase, the property was assessed for $25,264,600. Bernstein engaged McIntosh & Associates to challenge the assessment.
M&A used its extensive local market knowledge and appeal experience in Prince George’s County to successfully navigate the three levels of appeal – assessor level, board level and court level. The property suffered from historical high vacancy, large parking expenses and lacked necessary capital improvements. M&A presented the complexities of this case to the assessor, then to a three-member Board, and finally engaged an attorney to file the appeal to court.
With success at all three levels of appeal, M&A saved Bernstein Companies over $900,000 in taxes since purchasing the building.