Mr. Ceriani joined as a young accountant with hotel and real estate experience under his belt in 1970, only a few years after leaving his native Buenos Aires.

"I was thrilled," he recalls. "The Wien and Malkin name stood for fiscal strength and integrity, then as well as now, and I saw a very desirable opportunity for a long and stable career. At the very least, I knew I was going to learn a great deal."

Managing the Infrastructure

Today, as CFO, Mr. Ceriani puts his vast experience to work in support of the continuing health and stability of Wien & Malkin-led investments, providing oversight for each of them and advising the Malkins with respect to cash flow projections and cash distributions. He manages the extensive accounting infrastructure, oversees the continuing professional education of his department's employees, and supervises all the outside accountants for the properties under his charge.

Reporting to Mr. Ceriani are three controllers, one each in New York, Stamford, Conn., and, for the residential properties, Chicago. There is a staff of accountants and bookkeepers for the residential properties and the same for the office, retail, and corporate operations.

To ensure sharing of ideas and adherence to procedures, as well as to introduce new initiatives and identify any potential problems, Mr. Ceriani conducts semi-annual meetings for the commercial, retail and residential properties.

Enhancing Efficiency

During the last quarter of 2001, a new state-of-the-industry accounting software system was installed and tested that will improve the reporting process and enhance and simplify interaction with management and marketing personnel.

This internet-enabled program allows broad new controls and oversight on a real-time basis for supervisory personnel.

"It will significantly improve efficiency and has the potential to be applicable to maintenance, leasing and other management functions," says Mr. Ceriani. The system became fully functional this month.

A graduate of the University of Buenos Aires, where he majored in accounting, Mr. Ceriani decided in the mid-1960s to sample life in the Northern Hemisphere, especially in terms of employment opportunities. He found a job in New York, then accepted a position as assistant controller for the El San Juan hotel in Puerto Rico. Three years later, he returned to Manhattan to join W&M Properties.

"At first I was assistant controller for hotels because Mssrs. Wien and Malkin had a hospitality portfolio back then," he says. "But my experience quickly broadened to include all phases of our operations." He was named controller in 1982, a vice president in 1986, CFO in 1992, and then elevated to senior vice president.

"When I left Buenos Aires, I told my mother that I'd probably be back in six months," Mr. Ceriani recalls with a smile. "I had no idea that my professional future would be so permanently linked to another family, six thousand miles away."