Dania Beach, Fla. (December 5, 2023)

FirstService Residential extended its lead by 18,000 units

Master managers: Ranking NYC’s top property management firms of 2023One year after a narrow margin of victory led to calls for a recount, there is now a clear leader in the competitive world of New York property management. FirstService Residential vaulted further ahead of its competition this year after acquiring Greenthal & Co., substantially adding to its count of managed condominium, cooperative and rental properties.

The firm ended the year managing 18,000 units more than its closest competitor, AKAM Associates, after beating the number two spot by just seven units last year.

“We remain highly engaged in the M&A arena,” Marc Kotler, president of new development at FirstService, told The Real Deal.

Although the company wins more market share and eats more of the pie, Kotler believes the size of the pie continues to grow, too. “We still see developers looking to move forward with diverse projects in different segments of the market … that include residential, office, hotel and retail components,” Kotler said in an email.

To rank the city’s top property managers, TRD analyzed the number of units under management using building data from the Department of Housing Preservation and Development from all five boroughs.

Virtual technologies that made co-working spaces a must-have in competitive buildings also changed how people find and relate to their living space.

For residents used to the ease of digital tools, “there is no one-size-fits-all,” Kotler said, “but overall, residents need easier ways to communicate, request support and receive information.” At luxury buildings, that can mean restricting access to certain floors, as well as automated leak detection and high-tech elevator systems for super-tall buildings, according to Kotler.

To read the full article and see the rankings, click here: Master managers: Ranking NYC’s top firms of 2023

Dec 05, 2023