The Treeline Cos., an owner and manager of more than 2.5 million square feet of office properties throughout the New York metropolitan region, is launching Treeline Realty Advisors, a real estate consulting and asset management division focused on troubled assets.

The division will provide consulting services to develop and execute management plans and disposition strategies for lenders and investors in underperforming and distressed real estate assets, with a primary focus on the New York tri-state area.

Jason Wilensky will serve as senior vice president of business development. He joins Treeline Realty Advisors from Bank of America, where he was responsible for the trading and distribution of CMBS B-notes and mezzanine debt. Before Bank of America, Wilensky was a director at TIAA-CREF and a vice president at Chase Manhattan Bank.

Michael Schor, one of the company’s principals, said, “the market, right now, calls for this type of venture with a team of real estate professionals who possess an integrated, yet diverse skill set. We need to restore value back into assets that have been damaged by the current economic crisis. Accomplishing that task requires a multi-disciplined and creative examination of every aspect of a particular asset.”

Treeline Realty Advisors will develop customized plans to work with lenders, investors and their representatives to achieve results using interim and long-term management strategies as well as approaches to leasing and/or asset disposition plans to maximize the value of underperforming properties.

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