TEAM MGRE |
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| Unlike most firms managing major co-op and condo properties in the metropolitan
area, Mark Greenberg Real Estate (MGRE) is ... situated in the quaint Long Island town of Port Washington,
... "We have a great working atmosphere," says Steven Greenbaum, director of management ... When asked if it
has been a hindrance to be located on Long Island, Greenbaum suggests just the opposite. "... if anything,
we have much more space and resources here than we'd have in the city, so we're able to keep more records on
the premises," allowing efficient and effective management. The Logical Choice ... MGRE was formed 21 years
ago by president Mark Greenberg, ... who bought buildings and converted them into co-ops and condos. Right
before the collapse of the real estate market in 1987, Greenberg stopped the conversions and analyzed the business.
During the same time, people in many of Greenberg's converted buildings had asked that the company manage the
properties... Greenberg decided to give property management a shot. The decision has proven successful. Vice
president James Goldstick joined the firm in 1981 and Greenbaum came along in 1984. Greenberg provides an invaluable
resource for the company in terms of financial guidance. According to Goldstick, Greenberg "has an incredible
knack for knowing sponsors, mortgages, and restructuring loans. When any of our buildings need creative methods,
Mark's a genius to get help from." Hands-On Management MGRE manages over 45 co-ops and condos, amounting to
over 7,000 units in the New York City/Long Island area. Forty percent of the firm's properties are in Manhattan;
the other 60 percent are located in Queens, Brooklyn, Riverdale and Nassau County. Greenbaum ... says MGRE's
major advantage is the hands-on involvement of the firm's executives and back office staff. Each board member
is granted full access to not only their property managers, but to Greenbaum and Goldstick as well. According
to Greenbaum, "James and I attend every board meeting of all of our buildings along with the property managers...
We feel that the role of the property manager is to be at the property and to have the support and presence
of the company's executives." Goldstick adds, "When Steve or I go to a meeting, we know what's going on, we make sure the agents are prepared, that there is a full agenda, and we have all documentation, including minutes and financials, as up-to- |
date as possible "The level of service we offer buildings is what differentiates
us from other firms..." It is Greenbaum who calls the collaboration of efforts between managers and executives "Team
MGRE."... "I was once a president of a co-op," says Goldstick, "so I have an appreciation for the difficulties
of the job." Relating to the frustrations of board members is what prompted that hands-on style of MGRE's executives.
Greenbaum reiterates, "... It's comforting for board members to be able to reach us. Or if there's a financial
question, they know they can call our controller, Cynthia Dubinski." In addition, the firm offers full financial
planning and advice. Says Goldstick, "If I can give an answer based on my 20 years in the industry, I can save
the co-op a good deal of money on legal fees." He adds, "Both Steve and I are regulars on panels" for the co-op
and condo industry. Satisfied Clientele Leo Schmid, president of the 287-unit, 27-building Flowerview Gardens
Owners Corp. in Floral Park, Queens, has been more than satisfied with the services provided by MGRE. "They've
managed our buildings for over nine years and we work well together. They're responsive." Schmid continues, "Since
they've been with us, we've refinanced the underlying mortgage, changed our landscapers, and saved money." Like
other buildings managed by MGRE, Flowerview Gardens was a success because of MGRE's primary objective: setting
an agenda. "We're very goal oriented with boards," says Greenbaum. "We sit down with them and create goals
for one year, two years and then for longer terms." Flowerview was at one time spending $80,000 per year in
private sanitation costs. MGRE was able to hurdle bureaucratic obstacles and get the town to pick up the trash.
MGRE also restructured Flowerview's underlying mortgage, and now $5,000 goes into the reserve fund every month
from excess operating costs. In addition, Schmid says, "MGRE renegotiated our laundry room contract and got
us more money, plus had the laundry rooms refurbished at no cost to us." According to Greenbaum, these successes
are because the firm is "accountable and responsible." Greenbaum cites the success of another MGRE-managed
property which has been able to accomplish the litany of objectives on their agenda. "In the final interview
with them, we set a laundry list of goals. Within a year, they've been able to accomplish everything on that list." |
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