Five Trends in Development: NYC Edition

Posted on Tuesday January 20, 2015 |



Luxury high rise development is big (and tall) business in New York City. These projects are not only defining the city’s skyline, but they’re also establishing new precedents in how the vision of a luxurious lifestyle becomes realized. After all, the pursuit of luxury is a vast undertaking, and getting there is often the result of a unique collaboration.

 

Through their relationships and partnerships with developers, property management companies are playing a significant role in this. Here’s a look at how property managers are helping to transform luxury high-rise living in America’s First City. 

 

1 Starting right.

A good property management company can provide valuable input on a project before a single hammer is swung. By looking at architectural drawings, an experienced professional is able to make recommendations that increase operational efficiency. For instance, something as simple as planning the routes of trash from the compactor to curb can streamline operations in a way that has a positive impact on the bottom line for the lifespan of the building. By ensuring the essential underpinnings are as efficient as possible, resources can then be allocated to elements that enhance the luxury lifestyle. 

 

2. Staying adaptable.

Sure, it’s one thing to provide input from the beginning. But what about a building that’s being converted? Not to worry – many of the best property management companies have experience in assisting developers with conversions, including significant shifts like transforming commercial space into residential.

 

3. Focusing on the human element.

Luxury is about service, plain and simple. That’s why the best property management companies offer full concierge staffing to developers. The most forward-thinking firms have created their own training programs, offering their concierge teams a level of hospitality expertise normally only found in the world’s finest hotels and resorts. 

 

4. Crunching numbers.

When things are running smooth operationally, management and staff can focus on attending to the minute details that help create a truly luxurious living environment. Making sure those details are addressed starts in a place far removed from them: with the first year operating budget. This document, which can be developed by a property management professional, helps determine the common charges for residents. Proper funding means smooth operations, and that leads to a more rewarding lifestyle experience. 

 

5. Ensuring a smooth transition.

When a property management company is involved with the development process, it ensures a seamless transition to management. This can only be accomplished by larger firms that have both developer consulting and management divisions under a single roof, working together. When that happens, from day one residents feel as if they are living in a high-rise ready to attend to their every need and requirement. This level of service is what separates luxurious residences from more standard counterparts. 

 

Luxury doesn’t happen on its own – it takes a concerted effort by visionary developers and experienced property management professionals. For more insight on how property management can help define the lifestyle of a luxury high-rise, contact FirstService Residential.

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