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New York’s powerful property management centers are winning the titans in a highly competitive industry as city regulations increase and demand for white glove services increases dramatically.
At least five companies competed for the game when FirstService Residential contracted for a 363-unit modular rental building in Brooklyn, 461 Dean Street, Forest City Pacific Park. But FirstService, one of North America’s largest property management companies, had a clear advantage. The company has already managed two other buildings in Forest City: a 76-story rental tower at 8 Christmas Street in Lower Manhattan and a 36-story rental building at 80 Decalb in Fort Green.
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The Real Estate Investment Trust chose FirstService for these two properties as the management giant focused almost exclusively on housing and co-op construction. However, Forest City’s senior management believes it is possible to bring condo services to the leased facilities.
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New York City’s real estate management has become “more hospitable,” said Susie Yu, vice president of tenant development. For example, he explained, door staff were trained to work at the same level expected of a hotel attendant, such as “following work orders, delivering parcels to residents during the day and opening car doors.”
Of course, in 2017, few real estate management companies do this. In a city of over 8 million people, running such a business can be a thankless job dealing with angry tenants, managing complex urban arrangements, and getting the most out of it. mechanical aging system.
Housing management has been around for a long time, from the crackdown on public corruption in the 1990s to the recent lobby of a building in Sunniside, Queens, where the lobby was littered with Nazi and federal posters.
But dozens of real estate managers interviewed about the story say the job has become whiter as New York City continues to evolve in recent years, from managing renovations and rent collection to full customer service. Tenants are expected to respond directly to repair questions or requests.
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“We’re not just brick-and-mortar managers,” said Susan Camerata, chief financial officer at Queens-based Wavecrest Management, which has about 130 employees. “We are in control of the people and the problems that arise,” he said. It’s more intense work.”
Property managers have always been tenants, developers or intermediaries who are the eyes and ears of the cooperative’s board, both in leased land, housing and cooperatives. But they are also primarily responsible for the quality of life for homeowners, which can tarnish or damage a building’s reputation.
For these and other reasons, competition is fierce, and large companies like FirstService can win and lose thousands of homes in just a few years.
To take a closer look. Real Deal entered the industry this month, ranking the city’s top property management firms by the number of apartments it controls in Manhattan and the suburbs. To make this classification based on data from the city’s Department of Housing Protection and Development, we focused on companies that own less than 50% of the properties they manage.
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Many of the top companies in Manhattan and the suburbs have bought small companies in recent years or acquired larger portfolios of competitors to gain a stronger foothold in the market. And the stakes may never have been higher: Industry sources say the job has become more complicated than ever due to increased city regulations and rising rents. This puts more pressure on companies to provide a higher level of service, even if customers don’t require it in advance.
At the same time, real estate management is seen as a stable foundation in an unstable real estate world, which is an important quality as the high-end real estate market continues to soften.
“Unlike other real estate industries, it’s resilient,” said Neil Davidovitz, president of Orsid Realty Corp., the seventh-largest in Manhattan, with 12,504 apartments in 118 buildings. “Regardless of the asset’s value, you need someone to manage it. Many companies have difficulty charging fees. One of the great things about property management is that we get paid every month.”
FirstService was the best company in the district, with 27,877 apartments in 264 buildings in Manhattan and 27,800 units in 356 buildings.
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Among the top five in Manhattan, Douglas Elliman Property Management had 27,465 units in 310 buildings, AKAM Associates (part of AKAM Living Services) had 24,267 units in 171 buildings, and Halstad Management had 19,3234 units. and Rose Associates has 13,146 units in 75 buildings.
In the suburbs, Metro Management came in second with 20,397 units out of 1,373 buildings, followed by Wavecrest Management with 36,479 units out of 1,572 units, Douglas Elliman with 13,468 units out of 480 units, and AKAM with 1,170 units. 28 buildings.
Since TRD last ranked property management companies in 2013, FirstService has lost 13,396 apartments to rivals, according to HPD. These include 408 apartments at Rosedale Gardens, a rental complex in the Bronx that is now under Metro management control, and 401 apartments at Lincoln Towers on the Upper West Side, now ninth in Manhattan, with 9,583 units in 99 buildings under management control. from Midboro.
But during the same period, FirstService added about 20,000 new units to its portfolio, including a supermarket at 432 Park Avenue in Harry McLaugh. In addition, the company has acquired two other companies over the past decade, Manhattan-based Goodstein Management and Brooklyn-based Live Right Management. FirstService is headquartered in Toronto, but the company’s New York office was established in 2003 as a subsidiary of Cooper Square Realty. Later, in 2013, the office was renamed to FirstService.
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Dan Wurzel, president of FirstService, said the 400-employee company “diversified its customer service menu, creating “sustainable organic growth over the past decade.” In terms of commercial leasing, he noted that only a handful of companies in the city is able to properly manage large, high-end buildings.There is a lot of competition for luxury apartments, but few companies can build ultra-luxury towers like 432 Park, Wurzel added.
“You’re talking about running a five-star hotel,” he said. “The total salary of a general manager working in a building like 432 Park is a little different from other markets.”
Forest City now uses FirstService at three locations, but REIT has hired two companies, Pinnacle and Midboro, to manage three other properties in the city. “We like to keep competing between companies to see who is better than marrying a single company,” said Yu.
While real estate management companies rely on the advice of developers, condominiums and cooperative councils to expand their business, poaching remains one of the closest ways to grow the industry. Between 2013 and 2017, the 162-employee Manhattan firm AKAM seized several Douglas Elliman properties, including Toren in downtown Brooklyn, a 240-unit building and 272 apartments at 380 Amsterdam Avenue. Top right corner. A spokesperson for Douglas Elliman declined to comment on the story.
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AKAM president Michael Berenson said the company’s main growth strategy is to propose new development projects and replace competitors when a developer or housing council decides to change everything.
“AKAM has not been acquired by any real estate management company in our 35-year history,” he said. “The major management firms in New York have increased their portfolios as a result of acquisitions by other smaller companies.”
But just in the last few months, other companies have opted for an inorganic way to grow their portfolios through high-profile acquisitions.
Rose Associates, a development company, announced in June that it was selling its facilities and co-management business to Halstead Property and Terra Holdings, the parent company of Brown Harris Stevens, at an undisclosed price. A cluster of 8,250 units in 35 buildings accounts for 15% of Rose’s total business. Terra’s newly formed subsidiary Rose/Terra Management acquired the property. Rose Associates and Terra declined to comment.
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In August, AJ purchased Clarke Real Estate’s Fenwick Keats property management unit for an undisclosed price. As part of the deal, AJ Clark took delivery of more than 40 buildings in Manhattan, led by Fenwick, and brought in five of the company’s 12 employees. Fenwick CEO and founder Rob Anzalone said the acquisition was appropriate because both companies focused on small and mid-sized buildings in Manhattan. The two companies have been on each other’s radar for about 25 years, and at one point AJ Clark
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