Case Studies
Review of our PropertiesCASE STUDIES
Pre-War Mod-Rehab on the Grand Concourse, Bronx, New York
This 72 unit prewar building was at 90% occupancy and in significant structural distress. The property was in need of roof work, parapet work, and pointing. In addition, most of the apartments had high room counts housing many families with young children under 7. There was a growing concern for exposure to lead paint, even after undergoing our standard best practices of rigorous repairs and maintenance.
Pre-War Mod-Rehab on in Washington Heights, New York
This 55 unit prewar tenement building has commercial units on the street level. In addition to similar structural and apartment issues with the previous case, the apartments were suffering from beam deflection caused by years of settling and leaks. Repairs and maintenance were made on a continuous basis, addressing emergency conditions immediately and making repairs as required. Furthermore, the small commercial businesses on site were suffering due to the deterioration of the building and its systems, such as plumbing.
The property management team, in conjunction with the owners decided to take a proactive approach to address growing concerns about lead paint exposure and severe settling and long needed capital improvements. In the above examples and with countless others, immediately hazardous structural conditions were addressed timely helping to build a rapport with our residents during regular landlord/tenant community meetings. While aggressively continuing a maintenance program, we arranged for relocation and provided moving services within the building to temporarily relocate tenants while renovating their apartments so as to ensure the safety of the tenants and minimize their inconvenience.
The Washington Heights project here was completed on time and on budget, yielding a property with no DOB violations. The building underwent vigorous XRF testing to qualify for Lead Free certification with HPD. 98% of the units in the Bronx Case study were gut renovated while the residing families were able to maintain a consistent quality of life during renovation, and superior quality housing after the work was completed. Most importantly, they could and raise their families without missing a beat in the homes they’ve resided in for years.
Third Party Management Clientele
Standing by the philosophies exemplified above, we’ve enjoyed beneficial community and client relationships for 30+ years. Addressing capital needs and improving the value of these investments results in a better product for all stakeholders – from investors to residents. These properties require little maintenance, violation counts plummet satisfying lender and investor compliance standards, and satisfied residents yield less turnover rates and vacancy loss. Our clients have enjoyed impressive 5+ CAGR and steady reductions in expenses recognized both in their I&E and during finance underwriting. We are fully committed to both the community and our investors — that’s the Genesis difference.