Case Study 8: 119 STREET LLC INVESTMENT GROUP
Case Study 8
Project: 119th Street Multi-family Rehabilitation
Client: 119th Street LLC Investment Group
Location: New York, New York
Client was pursuing a ″buy and hold″ strategy through our sister company, Harlem Lofts, Inc. Several currently operating buildings were reviewed, in search of achieving a significant return on investment by maximizing rental revenue.
Rent-regulated leases were confusing to implement, improperly registered and dealing with DHCR (rent stabilization office) was a complicated but crucial part of the due diligence that Harlem Lofts performed.
Finding a building that had working mechanicals, great location, great upside and only needed new finishes, not a total gut, and had some great historical wood details.
Scope of Consulting/Work Performed:
HPRe+D provided low cost renovations to seven (7) of the units and increased rent roll by 30% in the first six months immediately following project completion. The completed project came in significantly below budget, at a very fast turn-around time-frame.
The client′s rent roll has doubled in the past 5 years. Their sales value is 50% higher than comparable buildings in the area due to increases in their rent roll, and number of free market units. HPRe+D′s design/guidance paved the way for the highest and best rental/sales values that continue to outperform neighboring buildings.