Real Estate Manager
Resume:
MICHAEL DIFIORE, CPA
Washington Twp, (Bergen County), New Jersey 07676
(H) 201-***-****
(C) 201-***-****
***********@*******.***
SUMMARY
Accomplished financial executive and CPA with significant experience in
real estate and Big 4 public accounting. In-depth background in large real
estate conglomerate with responsibilities in general and construction
accounting, financial reporting, tenant reimbursements and collections.
Strong expertise in property operations, detailed cash flow analyses,
mortgage financings and due diligence related to sales and acquisitions.
PROFESSIONAL EXPERIENCE
Janoff & Olshan, Inc., New York, NY
2009 - Present
A wholly owned affiliate of Mall Properties, Inc., provides management,
leasing, insurance and accounting services for the residential, retail and
commercial properties owned by Mall Properties, its affiliates and
partners.
Controller
Managed a staff of 15 accountants, bookkeepers and property managers for a
mixed portfolio of 1,300 residential units and 6.7M square feet of retail
and commercial properties in the Mid-Atlantic States.
o Reduced MRI tenant receivables by $1.1M over initial 3 month period.
o Increased annual residential leasing fee income by $225K.
o Implemented monthly commercial late fee billings on past due MRI tenant
receivables.
o Re-aligned and restructured staff duties from horizontal to vertical
responsibilities to increase productivity.
Paramount Property Management, LLC, Elizabeth, NJ
2007 - 2008
Real Estate Management Company that owned and managed 160 commercial and
residential properties in the urban cities of NY, NJ and PA.
Chief Financial Officer
o Managed an 11 member accounting department and oversaw all accounting
and finance inclusive of financial statement preparation, budgets,
quarterly closings, A/P, A/R & cash activity.
o Renegotiated a $6.5M line of credit with Capital One.
o Reduced annual salaries by $50K through the outsourcing of utility
payables.
o Implemented new collection procedures to reduce tenant receivables by
$200K per month.
o Responsible for the oversight of all property taxes and real estate tax
assessments.
o Guided the preparation of common area maintenance (CAM) and real estate
tax true-ups.
o Ensured that all monthly debt service payments were accurate and funded
timely.
o Assisted in negotiating new property portfolio insurance policies saving
$250K per annum.
Fairchild Properties, LTD, New York, NY
2004 - 2007
A privately owned boutique real estate developer of assisted living
facilities, nursing homes and hotels in the tri-state area.
Chief Financial Officer
o Oversaw the financial management of the Company's real estate portfolio
consisting of commercial office, nursing homes, hotels and assisted
living facilities.
o Implemented an accounting system to realize real estate tax savings,
(PILOT), contemplated under a hotel
MICHAEL DIFIORE PAGE
TWO_________
tax abatement agreement previously negotiated with Newark, NJ.
o Reviewed and insured all firms' K-1's (prepared by external CPA firms)
were complete and filed on a timely basis.
o Directed hotels' general managers and on-site controllers on all
financial matters.
o Obtained and negotiated new third party hotel management agreements.
o Managed due diligence process for disposition of 2 hotels held for sale
in NJ (200 keys) and CT (155 keys).
Wilshire Enterprises, Inc., (AMEX:WOC) Newark, NJ
1999-2004
A small cap publicly - traded company on the AMEX that owns residential and
commercial properties in 5 states. The company sold all of its US and
Canadian oil and gas holdings in 2004.
Vice President - Controller - Real Estate (2000 to 2004)
Consultant (1999 - 2000)
o Negotiated and executed simultaneously a $32M refinancing of 5
residential properties in 3 states through Merrill Lynch Conduit
Financing saving $400K in interest per annum.
o Negotiated the modification of $21M in mortgages held by the Trust
Company of NJ for 19 residential and commercial properties saving $200K
in interest per annum.
o Negotiated the acquisition of a 180 unit-apartment complex in Texas for
$5.2M.
o Obtained a $2.6M line of credit from Provident Savings Bank
collateralized by marketable securities.
o Refinanced a NJ residential property with Columbia Savings Bank for
$4.2M.
o Participated in the negotiation of a $6.3M mortgage receivable contract
collateralized by 196 NJ condo units
o Planned and executed a 1031 exchange deferring $700K in taxes.
o Analyzed mortgage escrow reserves and recovered $200K not drawn down.
o Participated in the negotiation of two long-term triple-net hotel and
conference center leases for contiguous NJ properties.
Hartz Mountain Industries, Inc., Secaucus, NJ 1983 - 1998
Assistant Vice President - Controller (1988 - 1998)
Controller (1984 - 1988)
Accounting Manager (1983)
Managed a 16 member accounting department for a prominent NJ Meadowlands
real estate development enterprise that owned 172 properties encompassing
32 million square feet of office, warehouse, residential, hotel, theater
and retail space in the NY and NJ metropolitan area. Major responsibilities
included financial reporting to partners and lending institutions,
calculation of tenant taxes, operating cost escalations, Chapter 11
bankruptcy claims, executive bonuses, monitoring of delinquent receivables,
planning and coordination of annual audits.
Hartz Mountain Corporation, Harrison, NJ
1980 - 1982
Consolidation Manager - Consumer Products
Fedders Corporation, Edison, NJ
1978 - 1980
Divisional Controller - Consumer Products
Peat, Marwick, Mitchell & Co., Newark, NJ (Predecessor firm to KPMG)
1974 - 1978
Senior Auditor
EDUCATION
Bachelor of Science, Accounting, Saint Peter's College, 1974
Certified Public Accountant, New Jersey, 1979[pic]
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