“The market in New Jersey has held up quite well. We don’t quite see the peaks and valleys as elsewhere. It will be interesting to see how quickly we turn back around, because there’s obviously still an issue with jobs and where the economy will wind up as we come out of the recession.”
– Matthew K. Harding, president and chief operating office of Levin Management Corporation.

Economic Conditions Notwithstanding, ICSC’s ReCon Shapes Up as a Productive Event for the Firm’s 80-Property Portfolio

LAS VEGAS, NV, May 21, 2009 – Despite the down economy, opportunities still exist in the retail sector, said Matthew K. Harding, president and chief operating office of Levin Management Corporation. The North Plainfield, N.J.-based Levin has a portfolio of more than 80 retail properties in five states, and company officials were among the 30,000 attendees at the annual ReCon meeting of the International Council of Shopping Centers (ICSC), an event described as the world’s largest gathering of retail real estate professionals.

“We had a strong schedule of meetings at the conference,” said Harding, noting that ICSC’s ReCon event is traditionally an appointment-driven show. ICSC research department surveys have indicated that approximately 25 percent of all retail deals in any given year are either signed or initiated during the three-day conference each year in May.

While total attendance was down this year, a reflection of the economy, “there were still people out there,” Harding said. “For us, for business development, it was a very productive show. We are looking at some acquisitions; we spoke with financing people and with lenders. Levin Management has extensive experience helping lenders that are taking back REO distressed retail properties. We stabilize an asset, manage it and help through the entire process while they are controlling it, and ultimately probably disposing of it.”

ReCon is an international forum for real estate professionals, and while traditionally deal-driven, the event also provides attendees with important industry information and knowledge through a comprehensive schedule of general and concurrent sessions, as well as networking with fellow professionals from around the world. In that context, it was an opportunity to compare regional markets worldwide.

“On that basis, the market in New Jersey has held up quite well,” said Harding. “We don’t quite see the peaks and valleys as elsewhere. It will be interesting to see how quickly we turn back around, because there’s obviously still an issue with jobs and where the economy will wind up as we come out of the recession.”
Another factor in the relative stability of the New Jersey retail market is what Harding terms, “first-growth properties.” He noted: “They are the foundation on which the rest of the retail industry in New Jersey was built. First-growth properties are in excellent locations; People with foresight were able to predict where the highway systems were going to be built, and that has really held up. Those markets continue to do well, and we see a lot of that in our portfolio.”
In terms of leasing activity in the current market, ‚Äúit‚Äôs going to be challenging through 2010,‚Äù Harding said. ‚ÄúBut it‚Äôs not dead by any means. A lot of retailers are out there looking in a variety of areas‚Äîlocal retailers, people relocating into better space and companies starting new businesses that provide great opportunities for retail space in New Jersey. As a result, the economy notwithstanding, we expect growth in the next 12 months.”
Levin Management Corporation
975 Route 22 West
North Plainfield, New Jersey 07060

Media Contact: Christine Ziomek/ (201) 796-7788 / chris@caryl.com

· Levin among 30,000 attendees at the annual ReCon meeting of the International Council of Shopping Centers (ICSC)
· New Jersey market faring comparatively well on a national basis