About US

Our over 100 years of combined experience in real estate gives us an edge over our competition with regard to the type of properties we address and the strategy used to turn them around from being unstable to stable and profitable.

Our last project included a 54 unit multifamily building in New York. When we conducted the initial interview it was told to us that the building was a takeover target by the then Property Manager. Less than 33% of the residents were paying, the building was in complete disrepair and they were in an 8 1⁄2 year Chapter 11 which included two foreclosures. The US Attorney’s Office representing HUD filed a motion to dismiss the bankruptcy which would have resulted in the eviction of over 300 people. Our work was cut out for us!

There were over 400 broken windows. The heating system consisted of 1 of 5 boilers and 1 of 2 commercial hot water heaters operating. None of the doors worked properly. The balconies did not meet building codes. Drug dealers dealing out of the back of the building in a dark, remote corner of the parking lot. Police hesitant in responding to calls! It was likened to the Wild Wild West. The building residents were unable to find anyone to help them. The building was too far gone. It was an affordable housing building and even HUD wanted out!

After 2 months of due diligence we made a decision to take on the project. We created a plan to turn the building around which included over $1,000,000.00 in capital improvements. Over 400 new windows. New entrance door systems. New state of the art 98.5% super high efficiency heating system and a new hot water system that would guaranty hot water to the entire building, something they cannot remember ever having. Bringing the balconies up to code and performing the other work required to make the building livable and create a peaceful ambience where people would want to come home to.

It was so bad that the non-paying residents protested the lenders we brought in saying they did not need a loan to make the necessary long overdue repairs to the building. One by one the lenders pulled out as no one wants to be involved with such drama. They want to loan their money to those who appreciate it and will pay it back. This did not look promising to them.

We started evictions one by one evicting those who were dealing drugs, arguing against the progress of the building and those not paying who were on in the same. They fought us every step of the way including appealing and counter suing us using an argumentative defense of lies. One added to his appeal that his mother in-law who was 86 and unable to walk lived in the unit. The fact was he did not live in the building and was renting out the unit to 3 strangers. The mother in-law lived in a first floor apartment with the ex-wife and was unable to walk stairs. This was a 3 story walk up! They fought us every step of the way.

The building had not one increase in 13 years and every attempt to remedy this was fought against. Eventually the increases took effect and the building for the first time in years was starting to show a profit. The income went from the mid $200,000.00 range to close to $600,000.00 a year! Our moto of “Failure is NOT an Option!” carried us and brought us to where we are today.

The value of the building when we first arrived, based on conservative bank appraisals was $1,716,000.00. After completion of the capital improvements and increase in income the building now has a value of $4,800,000.00 adding $3,084,000.00 in value and equity in less than 3 short years.

This is a building we are very proud of. Prior to us, no one wanted to touch this building. It was too much of a task. We were told by the local politicians that it was a lost cause. It couldn’t be done. We proved them wrong!

Achievements:

Increased income by 43% or $366,000.00 per annum
Increased occupancy by 32%
Renegotiated commercial contracts adding 50% to that portion of the income
Implemented energy efficient and cost saving systems
Saved on average 18% to 20% using energy efficient systems (heating, water, hot water, LED lighting, etc.)
Made the building a safe place to live
Added $3,084,000.00 in equity/value to the building
Negotiated real estate tax exemptions