Director of Property Management: POKO develops, acquires and operates affordable LIHTC & HUD housing projects in NYC and CT. With a staff of 19, responsibilities included the day-to-day management of a portfolio of 22 properties in New York City and Connecticut. The properties included 60,000 SF of retail & office space and over 750 apartments. Much of the multifamily portion was under Rent Stabilization, LIHTC and/or HUD regulatory requirements. In just under 2 years, through a team approach, we developed a more efficient, energized and collaborative work environment, improved customer service, removed violations, completed $4MM of capital improvements, lowered energy costs 23%, reduced legal expenses 12% and increased collections 23%.
Investor Acquisition Services: Bridgeport, CT. Provided a full complement of advisory services to assess the acquisition, financing, operation and exit strategies for this underperforming package of 48 condo units abutting the University of Bridgeport. Project included a comprehensive property review, unit inspections, review of condo bylaws, financial analysis, disposition strategies, cash flow projections, competitive analysis, and quantified capital requirements. Created lender and investor summaries for the investment group.
Acquisition Due Diligence: Bronx, NY. Portfolio of 3 properties with 179 HUD Project Based Section 8 Apartments. Reviewed the operational, compliance, property condition and financial performance. Lead a team comprised of the investor’s staff to fast track the facilitation, aggregation and review of financial statements, rent roll, delinquencies, service contracts, leases, government compliance, environmental, staffing, code violations and development of the current tenancy’s profile. Onsite inspections of building systems including elevators, heating plants, trash disposal, roofs, vacant & occupied units.
Portfolio Assessment: Multiple Locations, CT. Peryn performed a comprehensive portfolio assessment of properties currently owned or leased by the largest healthcare provider in Connecticut. The deliverables included a catalog of all properties and identification of key strategic opportunities and action items to enhance operational efficiencies. The project included 103 properties, 166 leases, 61 vendors, 22 staff within a portfolio of 1,342,136 SF.
Receivership: New York, NY. A 63,670 SF office building was put into receivership during a protracted negotiations between the owner and lender. While working in collaboration with both parties, occupancy increased 12%, reduced expenses 6%, rent collections increased 17%, funded security accounts, and implemented a capital improvement program to addressed deferred maintenance. Owner recapitalized the property and retained ownership.
REO Management and Disposition: New York, NY. This 38,000 SF office building was foreclosed and REO by lender. Selected to stabilize and position the property for quick sale. Executed a short-term and aggressive asset management program to maximize value. Renegotiated and extended leases with existing tenants, removed violations, and prepared building & staff for property inspections. Produced investment summaries & due diligence packages. The property was marketed, in contract and closed within 21 weeks.
Urgent Management & Property Stabilization: Bridgeport, CT. 11 properties, 128 apartments & 60,000 SF medical office. Developed and executed an emergency action plan after the abrupt termination of the owner's property management co. Within 96 hours; secured building, verified tenancy, hired staff, established vendor relationships, initiated property maintenance, and commenced billing & collections. During a five month stabilization program, developed new operational procedures, initiated leasing & marketing, maintained properties, dispossessed problem tenants and assesses capital requirements. Reduced operating expenses by 32%. Rent roll increased by 17%. Collections rose 12%.
Adaptive Repositioning In a Changing Market: Far Rockaway, NY. This 179 unit apartment building was acquired and repositioned in order to capitalize on this gentrifying neighborhood. A vacancy and renovation program was initiated. Renovations included the lobby, 75 apartments, common areas, elevator, electrical and plumbing. The property was sold, four years later, to co-operative converters. Investors received in excess of a 185% internal rate of return.
Work-Out: New York, NY. Engaged by the lender to resolve a defaulted mortgage via refinancing or short sale of the asset after the owner/occupant defaulted. A refinancing of the mortgage proved to be highly unlikely. The property was widely marketed. A buyer, from California, was interested in relocating their business to New York. After extensive negotiations and court approval, a tri-party agreement was reached. In the end, the purchaser was able to close on the property and the lender received 100% of the loan balance.
Asset Manager: St. Vincent’s Health Services (a division of Ascension Health), is the largest healthcare provider in Connecticut with a statewide portfolio of 1.3 million SF encompassing 103 properties including residential, medical office, educational, and healthcare facilities. The organization has been a long standing Client. Engaged for six months to assist the new Director of Real Estate with strategic planning and portfolio operations.
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Repositioning and Leasing: New York, NY. 200,000 SF industrial building. The building's tenant defaulted on their net lease, leaving numerous noncredit sub-tenants scattered throughout the building. Over 9 months, relocated sub-tenants while successfully negotiating a 20 year net lease with a large credit tenant qualifying the deal as the largest Industrial lease in Manhattan that year.
Advisory: New York, NY. The ownership of this 65,326 square foot office building experienced a sudden drop in occupancy and was self funding the operations of the building. We were engaged by the owner to advise them regarding a potential sale. The assignment lead to the assessment and reduction of operating expenses, development of a new leasing program, restructuring of the existing debt and sourcing of an additional, short term, capital infusion to be used for tenant improvements.
Repositioning and Disposition Strategy: Shreveport, LA. Historic 10-story, 65,203 SF, office building was acquired, sight unseen, by a New York investment group. Met with local business leaders, President of Chamber of Commerce, local lenders, brokers, Shreveport Director of Economic Development, current tenants, and reviewed local real estate trends. Recommended that building should become city’s first-ever commercial condominium with the Chamber of Commerce as the anchor. Plan was enthusiastically received by the chamber, current tenants, local lenders, and the Mayor’s Office.
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Turning Around A Distressed Property: Bridgeport, CT. Engaged to turn-around a distressed 180 unit apartment building. The property was running at a deficit, suffered from deferred maintenance, lapses in services, poor cash management, low rent collections, high turnover, and mounting legal proceedings. Within 14 months, dispossessed problem tenants, 106 apartments were prepped & leased, and strategic capital improvements were made. Expenses dropped 38%, collections increased by 32% and turnovers declined by 23%. The property was stabilized, cash flow positive, and operationally viable.