Over the past twenty years we have completed major rehabilitations on many multi-family buildings. We believe that these rehabs have added significant value to the buildings in question. The value added was for the benefit of the community, the tenants and to us as the owner/managers. We often partner with The Community Preservation Corporation and the NYC Department of Housing, Preservation and Development to find, acquire, finance and rehab buildings that are not in the best condition. Generally the building receives all new systems including heating, plumbing, and electrical, roof, windows, security, etc. In addition the City will generally abate real estate taxes so that rents can remain at modest levels. Other subsidies include low interest rate mortgages, real estate tax abatements, restructured rent increases, weatherization programs, low income housing tax credits and governmental grants.
A recent example is our participation in the NYC Third Party Transfer Program. The City transferred ownership of two buildings to us. One, a vacant 9 unit building (shown here) needed a complete gut rehab. As an inducement they also gave us an occupied 44 unit building which needed literally everything from roof to basement replaced. Tenants were not paying rent and there was no control of who was occupying the property. We were loaned money at low rates in order to properly renovate and take control of the tenant situation. The result has been terrific. All apartments are occupied by legal tenants, all rents are collected each month and the building is in perfect physical condition. This is a “win-win” situation for all. The tenants get a safe, clean, properly-run building; the City is relieved of the obligation and we benefit from the management and ownership of a worthwhile property.
If you would like more information, please contact:Joel Gendels