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Construction Management Maintenance Real Estate Online PROPERTY RESOURCES CORPORATION PROPERTY MANAGEMENT –
PROPERTY RESOURCES CORPORATION PROPERTY MANAGEMENT – MITCHELL-LAMA CASE STUDY
PROPERTY RESOURCES CORPORATION
PROPERTY MANAGEMENT – MITCHELL-LAMA CASE STUDY

PRC MANAGEMENT CORPORATION MITCHELL LAMA CASE STUDY

PRC Management has managed a 1,662 unit Mitchell-Lama property since 1995. We took on this assignment on short notice following

investigation of wrong-doing by previous management firm.

management and efficiency of the property and have established an outstanding relationship with the Board of Directors.

In our time as manager, we have made considerable improvements to the

MANAGEMENT & TENANT RELATIONS

Continue to maintain zero vacancy rates due to vigilant maintenance of waiting list and pre- screened applications as well as expediting any and all apartment repairs necessary for an immediate turn around;MANAGEMENT & TENANT RELATIONS Planned and orchestrated numerous elections for Board of Directors seats, including the

Planned and orchestrated numerous elections for Board of Directors seats, including the supervision of several contested and/or disputed elections;apartment repairs necessary for an immediate turn around; Regularly attend court hearings for non-pays as well

Regularly attend court hearings for non-pays as well as the over 60 holdover cases begun due to subletting, succession rejection and nuisance issues;supervision of several contested and/or disputed elections; Negotiated all smaller retail leases and lease renewals for

Negotiated all smaller retail leases and lease renewals for in-house spaces;due to subletting, succession rejection and nuisance issues; Reviewed all retail collections and tenants and established

Reviewedretail leases and lease renewals for in-house spaces; all retail collections and tenants and established programs

all

retail

collections

and

tenants and established programs to

arrears

for

collect all

receivables

and

monitor

compliance

with

lease

obligations;

Negotiated exclusive brokerage agreement with successful responding bidder;monitor compliance with lease obligations; Worked closely with Board, unit Owners and outside counsel

Worked closely with Board, unit Owners and outside counsel to prepare a plan for possible Privatization of a large complex;brokerage agreement with successful responding bidder; Coordinate and attend special board meetings on a weekly

Coordinate and attend special board meetings on a weekly basis and track continuous changes to the red herring prior to submission;a plan for possible Privatization of a large complex; Hold periodic weekend and evening “meet the

Hold periodic weekend and evening “meet the manager” and “succession seminars” sessions;continuous changes to the red herring prior to submission; Created partnership with various social service providers

Created partnership with various social service providers (VNS, Dew York Downtown Hospital, and Hamilton Madison House) to procure the addition of a full-time, on-site social worker. Hold monthly partnership meetings to coordinate the request and receipt of various grants for groups (including seniors).prior to submission; Hold periodic weekend and evening “meet the manager” and “succession seminars” sessions;

OPERATIONAL COST SAVINGS

Continue to competitively bid all jobs within DHCR’s required specifications while maintaining good relations with all vendors; specifications while maintaining good relations with all vendors;

Monitor utility usage and participate in discussions and studies of cost-saving measures;while maintaining good relations with all vendors; Established and monitored annual operating budgets as well

Established and monitored annual operating budgets as well as long-term capital budgets. Reviewed all unpaid bills and negotiated settlements of dozens of disputed bills with vendors, suppliers and professionals over a fifteen year period;in discussions and studies of cost-saving measures; Over the last several years, conducted site inspections

Over the last several years, conducted site inspections regarding the deterioration of the garage and performed various interim repairs for safety reasons;suppliers and professionals over a fifteen year period; Successfully conduct and complete annual inspections, Income

Successfully conduct and complete annual inspections, Income Affidavit submissions, SCRIE entries, DRIE entries, STAR abatements, etc;and performed various interim repairs for safety reasons; FINANCIAL ASSET MANAGEMENT Continue to monitor the

FINANCIAL ASSET MANAGEMENT

Continue to monitor the investments of over $19,000,000 in reserve funding used to pay for all capital work on the property;entries, STAR abatements, etc; FINANCIAL ASSET MANAGEMENT With the certiorari attorney, expedited the receipt of

With the certiorari attorney, expedited the receipt of several hundreds of thousands of dollars in J-51 benefits for capital work on the property;funding used to pay for all capital work on the property; Solicited responses for RFP for

Solicited responses for RFP for exclusive retail leasing for 40,000 square feet of occupied retail space;dollars in J-51 benefits for capital work on the property; Successfully negotiated with grocery store to

Successfully negotiated with grocery store to recoup almost $700,000 in back real estate escalations owed;on the property; Solicited responses for RFP for exclusive retail leasing for 40,000 square feet of

retail space; Successfully negotiated with grocery store to recoup almost $700,000 in back real estate escalations

PRC MANAGEMENT CORPORATION MITCHELL LAMA CASE STUDY

EXECUTIVE BIOS

FRANK LINDE CEO

Under Mr. Linde’s leadership, Property Resources

Corporation has developed and constructed over

5,000 housing units including low-income, middle

income and luxury condominium units. Prior to

working in real estate, Mr. Linde worked on Wall

Street as an investment banker at various firms

including Bear Stearns and Drexel Burnham Lambert.

He is a licensed Real Estate Broker and is a member

of the Real Estate Board of New York.

Mr. Linde is an active member of numerous other

professional, civic and charitable organizations

including serving as Chairman of the New Castle

Housing Advisory Board, Vice President and

Executive Board Member of the Westchester

Chapter of the American Jewish Committee, as well

as its National Board of Governors.

DAVID KHAZZAM VICE PRESIDENT

Mr. Khazzam is the senior executive responsible for

overseeing the day-to-day operations of PRC

Management. Mr. Khazzam has over twenty years

experience in real estate management. Before

joining PRC, he served as a senior management

executive at several mid to large real estate firms,

including a tenure with the Related Companies. Mr.

Khazzam holds a Bachelor of Business

Administration degree in Finance from Hofstra

University.

Khazzam holds a Bachelor of Business Administration degree in Finance from Hofstra University. FRANK LINDE DAVID

FRANK LINDE

Khazzam holds a Bachelor of Business Administration degree in Finance from Hofstra University. FRANK LINDE DAVID

DAVID KHAZZAM

CAPITAL IMPROVEMENTS

Upgraded all laundry rooms, replaced intercoms, installation of income generating rental storage lockers, upgraded the plumbing and heating systems and oversaw program to upgrade the entire common area of the property. Many of the items above necessitated the separate oversight of asbestos removal to comply with all regulations;FRANK LINDE DAVID KHAZZAM CAPITAL IMPROVEMENTS Completed a feasibility study and subsequent RFP for a new

Completed a feasibility study and subsequent RFP for a new boiler plant installation to replace Con Edison steam system for an expected savings of $1,000,000 per year;of asbestos removal to comply with all regulations; Conducting a NYSERDA energy survey of heat, hot

Conducting a NYSERDA energy survey of heat, hot water and electrical systems to uncover various opportunities for improvement. Completing upgrades will directly result in receiving various grants in excess of $2,000,000;steam system for an expected savings of $1,000,000 per year; Supervised planning, design & bidding of

Supervised planning, design & bidding of construction work for capital projects including roofs, sidewalks, public corridors, windows, flooring, building security and façade work;result in receiving various grants in excess of $2,000,000; Oversaw RFP for management of 1,000 car

Oversaw RFP for management of 1,000 car garage including an obligation by bidders to provide over $3 million of necessary construction improvements to the facilities;windows, flooring, building security and façade work; Property Resources Corporation 240 Madison Avenue New York,

of necessary construction improvements to the facilities; Property Resources Corporation 240 Madison Avenue New York,

Property Resources Corporation 240 Madison Avenue New York, NY 10016 Tel: (212) 585-0500 Fax: (212) 213-0667