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FirstService Residential Selected to Participate in NYSERDA's Empire Building Challenge
May 23, 2024FirstService Residential, New York’s leading residential property management company, has joined the Empire Building Challenge, a $50 million initiative administered by the New York State Energy Research and Development Authority (NYSERDA) to decarbonize existing multifamily residential and commercial high-rise buildings.Read more
"Investing in new, clean, resilient technologies is just one way that New York is advancing progress toward our ambitious Climate Act goals, and the Empire Building Challenge is one of the most successful programs in decarbonizing high-rise buildings. This program continues to demonstrate how collaborative partnerships can develop solutions that lower harmful emissions from buildings, creating healthier spaces for all New Yorkers to live and work, and I look forward to what this new round will bring."
— Kathy Hochul, Governor | New York State
As an Empire Building Challenge Partner, FirstService Residential is committed to advancing New York’s goal to achieve carbon-neutrality through sophisticated energy retrofit projects and facility upgrades that reduce carbon emissions across the company’s portfolio of managed properties.
"New York’s groundbreaking Empire Building Challenge demonstrates the value of public-private partnerships and how large buildings are an important part of the solution to tackle climate change through planned capital investments. The Retrofit Playbook for Large Buildings in conjunction with this new round of partners will serve as inspiration to other building owners as they modernize their buildings."
— Doreen M. Harris, CEO and President | NYSERDA
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Keys to Effective Pre-Leasing and Lease-Up in New York City
May 22, 2024What are the keys to attracting residents in one of the most competitive markets in the world? Ashlee Friedmann, a managing director in our Multifamily Rental Division, shares her insights with Multifamily Executive.Read more
"There needs to be an understanding of the area, what is needed, what people expect, and what the competition offers. Lacking an understanding of why people are drawn to a property can also undermine a marketing campaign, as you may be advertising to the wrong renters."
— Ashlee Friedmann | Managing Director, Multifamily Rental Division
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Lincoln Square Condominium Secures Nearly $16,000 in Energy Credits from Con Edison
Apr 01, 2024FirstService Residential helped Lincoln Square Condominium, a 281-unit condo in Lincoln Square, Manhattan, secure nearly $16,000 in energy credits for lowering whole-building consumption during peak demand events last year. This was enabled through our partnership with Logical Buildings, a climate technology firm that provides energy data tracking through a program called SmartKit AI.Read more
Get the full story in Habitat Magazine.
"We are helping the environment and putting money back in the building’s pocket"
— Mickey McCreesh | Resident Manager, Lincoln Square Condominium
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The Housing Market: 2024 Outlook
Feb 10, 2024Will 2024 be another challenging year for co-op and condo boards? In CooperatorNews' 2024 housing market projections, FirstService Energy president Kelly Dougherty shares efficiency projects and facility upgrades that can help boards lower costs and comply with new local laws.Read more
"We’re seeing communities come together to invest in sustainability programs, from installing EV chargers to investing in water conservation measures, but these low-hanging-fruit projects will not be enough to meet their climate goals, and larger, more expansive projects like the conversion to electricity of heating and domestic hot water production will have to be planned."
— Kelly Dougherty | President, FirstService Energy
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FirstService Residential Remains Optimistic in 2024 Market Outlook
Jan 26, 2024There is no rental market in the country quite like New York City, where the cost of development, emergent housing laws, and the number of rent-controlled apartments far outpace other states. Despite these challenges, Marc Pollack, Managing Director of Asset Management, shares a positive outlook on tenant demand and pricing as we barrel into the second quarter.Read more
Get the full story in Multifamily Dive.
"After an initial hit, where occupancy dropped to historical lows from what we’re used to, we came back pretty strong and experienced two summers of historically strong rents and rent growth. The market has softened a bit, but folks like me really need to see various data points before we’re in a position to concede the point."
— Marc Pollack | Managing Director of Asset Management
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Supply, Concessions, and Demand: 2024 Outlook
Jan 17, 2024Will an emerging glut in apartment supply and the return of concessions yield sluggish rent growth in 2024? Our own Marc Pollack, Managing Director of Asset Management, offered his outlook in Multifamily Dive.Read more
"The people who were happy to be able to lease any apartment in New York City in 2022 and early 2023 can now be choosier as they approach renewal. Things they didn’t care as much about in the residential experience now matter more. It’s created a pickier customer."
— Marc Pollack | Managing Director of Asset Management
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75 Wall Street Saves $50,000 Through Community Distributed Energy Program
Jan 10, 2024Our experts helped 75 Wall Street, a high-rise condo in Downtown Manhattan, save $50K in annual electricity costs through a local CDG energy program. Led by Kelly Dougherty, FirstService Energy has helped boards and building owners save millions in energy and utility costs.Read more
Get the full story in Habitat Magazine.
"FirstService Energy has been great about communicating the benefits, they've articulated what it can mean for the building, and they’ve delivered on that."
— Board President | 75 Wall Street
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FirstService Residential Ranked #1 NYC Management Firm by The Real Deal
Dec 05, 2023For the second consecutive year, FirstService Residential is ranked New York’s top property management company by The Real Deal(Opens in a new window). To rank the city’s top property managers, The Real Deal analyzed the number of units under management using building data from the Department of Housing Preservation and Development from all five boroughs.Read more
By the close of Q3 2023, FirstService’s New York management portfolio exceeded 620 properties, comprising just under 93,000 individual units. That figure surpassed the firm’s closest competitor by more than 18,000 units but excludes properties and units the company manages outside the five boroughs, including Westchester County and Long Island."While New York City’s real estate market was challenging in 2023, we still see developers looking to move forward with diverse projects in different segments of the market. We continue to see strong activity in the mixed-use space, where we see projects that include residential, office, hotel, and retail components. Interest in the rental market also remains strong. Many developers are looking for properties that are right for conversion from commercial to residential use because work-from-home is here to stay."
— Marc Kotler | President, New Development Group
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Livabl Interviews David Diestel on How FirstService Helps Owners Redefine Luxury Living
Nov 16, 2023FirstService has helped the biggest names in real estate and development redefine the limits of luxury. This is especially true in New York where buyers expect lush amenity suites and resort-class services. Hear more from FirstService CEO David Diestel in a feature published by Livabl.Read more"Our developer clients have a vision for their community. And our role is to help them realize that vision for the lifestyle their residents buy into. It’s all about the project success and how the developers are designing their projects for today’s buyers, as well as five years in advance."
— David Diestel | CEO, FirstService Residential
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ABC News Tours the 'Arthaus' Condominium Tower in Philadelphia
Nov 06, 2023Arthaus, a recently completed luxury high-rise in Philadelphia, was recently featured on ABC news. The services and amenities offered in the 47-story property are styled after a 5-star experience more akin to the world's leading resorts.Read more
Arthaus is developer Carl Dranoff's 36th building, which he describes as his "tallest, most expensive, and most grand building." Prices start at $1.6 million and go up to $15 million for the 5,400-square-foot duplex penthouse with a private elevator. All of the units boast floor-to-ceiling glass windows offering jaw-dropping views in every direction.
This exclusive property is proudly managed by FirstService Residential and serves as a significant addition to our portfolio of luxury high-rise buidlings. Watch the full video here.
Aerial rendering of Arthaus - Courtesy of Dranoff Properties