Commercial Observer- FirstService’s Dan Wurtzel and Marc Kotler on Everything From Supertalls to Rent Regulation

By: Alex Appel 

The entire market is in transition in the wake of the rent regulation laws that were passed in June. While Manhattan’s residential market has overall remained flat, the median price of luxury rentals increased by 4.2 percent year over year, according to an October report from Douglas Elliman.

Who better to find out what’s happening on the ground than the largest residential property manager in New York? 

FirstService Residential is in charge of orchestrating the tenant experience at more than 70,000 units in the city, ranging from prewar landmarked buildings to luxury towers and run-of-the-mill co-ops. That portfolio encompasses more than 500 buildings including the supertalls at 53 West 53rd Street and 432 Park Avenue.

The firm is led by Dan Wurtzel, a more than 30-year industry veteran who has served as president since 2008. He oversees a multi-pronged team at FirstService, which has expanded past basic property management into business lines such as energy services and an advisory team that works on new developments.

The latter team, run by senior vice president Marc Kotler, helps developers sketch out things like building design, amenities, operations and budgeting.

Commercial Observer sat down with Wurtzel and Kotler at the firm’s Murray Hill offices to discuss how the firm is fostering community within its buildings, its assignment at 53 West 53rd and their thoughts on how operators can run a tight ship.

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