All About Cost Segregation by Eli Loenbenberg, CEO Download PDF

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"Our in-house engineers have decades of experience identifying and determining the value of eligible assets,
using the most widely accepted sources of construction cost information, such as
RS Means."

CEO - Madison Specs

Meet Madison Employees


Madison SPECS CEO, is a Certified Public Accountant with over 20 years of broad-based tax experience. In 2006 he partnered with Madison Commercial Real Estate Services to form Madison SPECS, LLC, providing expert cost segregation and fixed asset review services. more


Moshe S. Hildeshaim is Director of Operations for Madison SPECS, LLC. In that capacity, Mr. Hildeshaim assists in assigning, overseeing and reviewing all cost segregation studies for Madison SPECS, an affiliate of Madison Commercial Real Estate Services. Additionally, Mr. Hildeshaim deals with client needs and provides direction on all sales and marketing efforts for the division. more


Director of Engineering, is a highly experienced project manager, having performed hundreds of Cost Segregation Studies, covering a wide range of properties such as multifamily, office, retail, hotels, industrial, mixed use, and self-storage. He also has extensive experience in conducting Insurable Value Studies of such properties as office buildings, retail buildings, warehouses, low and high-rise apartment buildings and co-ops, and school buildings. more


Engineering Manager, has more than 20 years experience in Cost Segregation Analysis. He has participated in Cost Segregation Studies of manufacturing and pharmaceutical operations, retail businesses, office complexes and research and development facilities. In addition, he has performed Insurable Value Studies of all types of industrial and commercial properties and assisted in Ad Valorem tax studies. Mr. Bertinelli authored "Uncovering Value from a Cost Segregation Study" for the November/December 1995 issue of Mergers and Acquisitions. more


Erik B. Eggleston is a Cost Segregation Engineer for Madison SPECS. He is highly experienced in cost segregation analysis, having performed solo building and site inspections in over two dozen states. Mr. Eggleston has also assisted in project management for multi-million dollar commercial properties as well as New York State DOT projects. more


Charles Tover, CPA is a Senior Tax Accountant working for Madison SPECS, a division of Madison Commercial Real Estate Services. In this capacity, Mr. Tover is involved with operations preparing tax-engineering cost segregation studies for clients. Mr. Tover earned a Bachelor of Science in Business/Accounting from University of Southern California in 1982. more


Marc Szanzer, CPA is Vice President of Tax for Madison SPECS. In that capacity, Mr. Szanzer is responsible for working with clients to identify opportunities for tax benefits through cost segregation studies. Prior to joining Madison SPECS, Mr. Szanzer worked as a Senior Tax Associate in Real Estate, Hospitality and Construction at Ernst & Young LLP. In that role, he conducted due diligence on transaction agreements including asset sales, lease agreements, and share sales. He also analyzed and audited property level fixed asset reports to calculate current year and accumulated depreciation, E&P depreciation and state adjustments. Mr. Szanzer also researched and applied various IRC code sections including basis adjustments, targeted income allocations and distributions for fund level partner allocations and partners' transfer of interest. more


David Walter is a Depreciation Analyst at Madison SPECS. His focus is on quality control. During a cost segregation study, Mr. Walter works with the in-house team of engineers and with clients to ensure that all the information during a cost segregation study is correct. He reviews the report to make sure that the overall study is accurate, clear and complete. Once the report is sent, Mr. Walter clarifies ambiguities and identifies if any final changes are needed. Before joining Madison SPECS, Mr. Walter worked at an investment firm in NYC where he provided research and analysis to support investment decisions in regards to providing debt and equity positions. In that capacity, he reviewed company financial reports and balance sheets, researched and performed due diligence on assets used to secure loans, and compiled data and made recommendations for use in loan decisions. more


Danny Wechsler is Regional Business Director for Madison Commercial Real Estate Service and works closely with Madison SPECS' sales team, where he is responsible for customer service support and call quality, as well as for on-going staff training. He manages MCRES' presence at professional trade shows throughout the country and also presents informational seminars regarding its specialized services. more


Regional Business Director, Madison SPECS
Leo Rosenbaum is Regional Business Director of Madison SPECS, a division of Madison Commercial Real Estate Services.  In that position, Mr. Rosenbaum builds trusted client relationships by advising valued clients on how to accelerate depreciation in order to take full advantage of tax savings. Mr. Rosenbaum’s vibrant energy and rapid analytical skills make him an esteemed advisor to clients and co-workers alike. more



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