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Blue Asset Management LLC Weathers Floods in Northern New Jersey

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Blue Asset Management LLC Weathers Floods in Northern New Jersey Powered By Docstoc
					Blue Asset Management LLC Weathers Floods in Northern New
Jersey

According to Charles Blumenkehl, managing partner of Blue Asset
Management, "This has been a most unusual winter, bringing a
dozen snowfalls and seemingly monsoonlike rain to the area.

Wayne, NJ, May 01, 2011 - According to Charles Blumenkehl,
managing partner of Blue Asset Management, "This has been a most
unusual winter, bringing a dozen snowfalls and seemingly monsoonlike
rain to the area. The result was that, for the first time since we owned
the property, we experienced flooding in our Little Falls rental property
twice in one 12 month period, causing evacuation of the property. In
addition, several of our properties in close proximity to the river
experienced minor flooding and damage from the abundance of water."
According to Blumenkehl, the floods which took place in 2010 were
worse than the recent flooding, and resulted in the installation of new
walls, flooring, kitchen and bathroom cabinets and vanities, and a
myriad of other repairs and remedial activity to mitigate the damage
caused by the flooding. The 2011 flooding, while not as high or as
prolonged as the floods last year, will result in the replacement of much
of the new materials installed in 2010.

Blumenkehl continued, "It is such a shame to see the investment we
made in our property needing replacement so quickly. We have owned
real estate in the area for more than twenty years, and I have never seen
flooding come so close to each other in such a short period of time.
Hopefully," said Blumenkehl, "we won’t have to experience anything like
this for a long time, if ever again."

Blumenkehl added that while flood insurance will help to offset much of
the damages incurred, it still adds to the companies already robust work
list resultant from the many acquisitions his fund has made in the past
months. Blumenkehl continued "Our crews and contractors are working
six and seven days a week to catch up to the workload on our new
acquisitions and complete the work we were unable to do because of the
tough winter we experienced. This will add to the burden, and since it is
a priority to repair the flood-damaged properties so our tenants can move
back in quickly, we will see some of our other projects further delayed."

Blumenkehl was pleased that none of his tenants in the area suffered
damages to their property since there was sufficient notice before the
flooding took place. He has only received notice from one tenant that
they do not intend to re-occupy their premises even if it is restored
within the period provided for in the lease agreement.

Located in Wayne, New Jersey, Blue Asset Management LLC owns,
manages and operates numerous rental properties throughout northern
New Jersey. For more information about Blue Asset Management LLC,
call the company directly at 973-835-1400 or log onto the company
website at www.blueassetmanagementllc.com.

Contact:
Charles Blumenkehl
Managing Partner
Blue Asset Management LLC
2282 Hamburg Tpke
Wayne, NJ 07470
Tel:(973) 835-1400 ext. 103
Fax (973) 835-08105
cblue@bluerealty.com
http://www.blueassetmanagementllc.com

				
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Description: According to Charles Blumenkehl, managing partner of Blue Asset Management, "This has been a most unusual winter, bringing a dozen snowfalls and seemingly monsoonlike rain to the area.