News:
Spotlight Content
Posted: December 22, 2014
Alan Shamah, Shamah Properties
We consolidated our corporate offices in a state-of-the-art facility in Edison New Jersey that is more accessable to our properties in New Jersey and New York City and consolidates all of our senior management under one roof.
What was your most notable project, deal, transaction or personal achievement in 2014? We entered the Manhattan market for the first time with the $13.5 million purchase of 672 Saint Nicholas Ave, a 48-unit six-story elevator building in Hamilton Heights.
While we own and manage over 20 properties comprising 1,500 rental units in Brooklyn neighborhoods like Flatbush, Crown Heights, Prospect Heights and New Jersey, the purchase of this Manhattan building is exciting because it opens up a new market for us to develop.
What are you looking forward to accomplishing in 2015?
We plan to look to expand our portfolio in Manhattan to have a critical mass of apartments with a company satellite office there to enhance tenant services to the highest standards.
We will also expand our "tenant centric philosophy" offering our many tenants open lines of communication with management.
Our "Meet and Greet" tenant/management program gives tenants and management a chance to meet informally at our many apartment communities and we learn things we would not know unless we lived at the property. In addition to a regular company "tenant hot line," the company also introduced a "tenant survey" that tracks how quickly repairs are accomplished.
Tags:
Spotlight Content
MORE FROM Spotlight Content
Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin
When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
.png)
Quick Hits
.jpg)
Columns and Thought Leadership
Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra
Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
Properly serving a lien law Section 59 Demand - by Bret McCabe
Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
.gif)