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But FirstService, one of the largest property management firms in North America, had a clear advantage.
The company was already managing two other Forest City buildings: The real estate investment trust had chosen FirstService for those two properties at a time when the management giant focused almost exclusively on condo and co-op buildings.
Of course, few property management firms do just that in Running such a business in a city of more than 8 million people can be a thankless job — one that often involves dealing with angry tenants, navigating complex city regulations and making the most out of aging mechanical systems.
But a dozen property managers interviewed for this story said the job has become more white-glove in NYC in recent years as it continues to evolve from coordinating building repairs and collecting rent to providing full-service customer relations. And tenants have grown to expect immediate responses to questions or repair requests.
For that reason and others, competition can be fierce and large firms like FirstService can gain and lose thousands of apartment units in the span of a few years. To get a closer look. Many of the top firms in Manhattan and the outer boroughs acquired smaller companies or scored major portfolios from competitors in recent years to gain a stronger foothold in the market.
And the stakes have perhaps never been higher: The job is more complex than ever, according to industry sources, due to the increase in city regulations and rising rents. At the same time, property management is still viewed as stable ground in the volatile world of real estate — an important quality as the high-end residential market continues to soften.
In the outer boroughs, Metro Management ranked second with 20, units across 1, buildings, followed by Wavecrest Management with 15, units in buildings, Douglas Elliman with 13, units in buildings and AKAM with 11, units in 28 buildings.
That includes apartments at Rosedale Gardens, a rental complex in the Bronx, which is now overseen by Metro Management, and units at Lincoln Towers, a co-op on the Upper West Side, which is now overseen by Midboro Management Midboro ranked ninth in Manhattan with 9, units in 99 buildings.
Meanwhile, the firm has acquired two other companies in the past decade: The office then rebranded under the flagship name FirstService in From toAKAM, a Manhattan-based firm of employees, snatched several properties from Douglas Elliman, including the Toren, a unit condo tower in Downtown Brooklyn, and units at an apartment building at Amsterdam Avenue on the Upper West Side.
A spokesperson for Douglas Elliman declined to comment for this story. Rose Associates and Terra declined to comment. But some industry players say that model is growing outdated due to soaring rents in the city.
For a rental building whose stabilized units have gone market-rate, even 3 percent can be an outrageous ask, said Jonathan West, president and chief operating officer of Charles H. His firm ranked sixth in Manhattan with 13, units in 90 buildings.
But Michael Rothschild, the vice president of AJ Clarke, noted that property management can be very demanding, and owners of multiple properties often want to focus their energy elsewhere.Customer-relationship management (CRM) is an approach to manage a company's interaction with current and potential heartoftexashop.com uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth..
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