Media Coverage

“The Property Management Paradigm Shift,” this month’s Mann Report Magazine cover story, profiles FirstService Residential’s New York leadership team and tracks more than a decade of brand evolution, as market conditions and complex local laws have forced management companies to expand their services and retain in-house expert consultants. 


"In the last year, we closed more than 50 loans totaling $250 million for clients. Based on the size of FirstService Residential’s portfolio, we’ve been able to negotiate interest rates about 0.5% below the industry average, which has saved our clients more than $1.5 million in annual interest payments.”

—Drew Ahrensdorf,  Vice President  | FirstService Financial



"Before any shovels hit the ground, owners and developers begin with a feasibility study to determine if a conversion is physically possible. Modern office buildings, for example, often feature large, column-free floor spans surrounding the building’s core where elevators and bathrooms are typically locat- ed. This layout may not lend itself to a residential floor plan, because areas closest to the center of the building will receive much less natural light.”

—Marc Kotler,  President | New Development Group


 
"Since the Climate Mobilization Act was introduced, FirstService Energy has led edu- cation programs for our property managers, board members and building owners to help unpack the legislation. The more informed our clients are about their building’s environmental impact, the more empowered they are to improve it and avoid costly fines that will impact their building’s annual budget.”

—Kelly Dougherty,  President | FirstService Energy
 

Marc Kotler, president of our New Development Group, participated as featured panelist for Connect CRE's Outer Boroughs Multifamily Update, a virtual roundtable featuring leaders from Madison Realty Capital, Douglaston Development, Southwell Realty Capital, and Arch Companies.
 

Topics include: 

• Investment and development trends post-421a environment
• The impact of hybrid work culture on real estate in Manhattan and the outer boroughs
• Recession-time pressures on financing new buildings.
• Condo/co-ops vs rentals; which way is the pendulum swinging now?

 

Click below to watch a recording of the live event.

FirstService Residential announced the promotion of David Von Hollweg to Vice President in FirstService Residential’s NYC Condo/Co-op Division. In this role, Von Hollweg has executive oversight of a management portfolio comprising roughly 4,000 condos, co-ops, and condop units, and a team of dedicated property managers and assistants who specialize in the management of high-end residential buildings in New York City.

Read the full story from NYREJ.

Can New York City landlords legally charge residents for spare keys? Dan Wurtzel, president of FirstService Residential, weighs in on balancing tenant convenience with mitigating building security risks in The New York Times’ Ask Real Estate column.
 

New York City building energy codes are becoming more stringent, and will continue to do so as city agencies work to reduce carbon emissions in new and existing buildings. In an article published by The Cooperator Kelly Dougherty, president of FirstService Energy, discusses why carbon studies are the best first step for buildings looking to curb emissions and gain a better understanding of how a building uses fossil fuels and identify areas of inefficiency.

In an article published by Multifamily Dive, James Bovino, vice president of Business Development, and Kelly Dougherty, president of FirstService Energy, discuss the continued expansion of our portfolio and how our in-house energy experts make a significant difference for the buildings we manage.

Read more from Multifamily Dive.

Around the country, building owners, residents, buyers and developers are asking more questions about reducing annual utilities, conserving water and measures to improve overall energy efficiency. FirstService Energy President Kelly Dougherty discussed the value of sustainable design and renewable energy systems in a recent article by Commercial Property Executive.
 

In an op-ed published in National Apartment Association's Industry Insider, Marc Kotler, Senior Vice President of FirstService Residential's New Development Group, discusses the challenges and considerations for commercial-to-multifamily residential conversions in New York City.

Read more from the National Apartment Association.

In the first two quarters of 2022, the company added more than 1,350 units to its management portfolio. Among the company’s new clients are some of the city’s most iconic multifamily properties, including Madison House, an 805-foot-tall skyscraper in NoMad; 100 Eleventh Avenue, designed by Pritzker Prize laureate and renowned architect Jean Nouvel; the award-winning 25 Bond Street in NoHo; One Boerum Place, home to the most expensive rental apartment in Brooklyn history; and Parkway Village, a 675-unit garden-style community in Briarwood, Queens.

"We’ve seen extraordinary growth in the first half of 2022, which is a significant accomplishment considering the volatility and growing complexity of New York City’s real estate market," said FirstService Residential New York President Dan Wurtzel. "We owe our success to our decades of experience and access to top-tier in-house resources. These are major differentiators for condo and co-op boards and building owners looking to enhance the value of their property and overcome inflationary pressures.”
 
Read more from Real Estate Weekly. 

In the August issue of The Cooperator, our General Counsel Ben Kirschenbaum offered his thoughts how the most effective boards manage their properties in New York City.

“You’re not expected to be an expert, so your role is to seek the expertise and guidance of your pro-fessionals—accountants, attorneys, engineers, insurance brokers," says Kirschenbaum. "You’re the ones who make the decisions, and if you use good business judgment, your decisions will be upheld legally’—an important assurance in our aggressively litigious society.”

Click here to read the full story.