Client Case Study
Three Lincoln Center
Rose was hired by the new owners of Three Lincoln Center to create a strategy to sell units and maximize their income. The newly constructed condominium was originally priced at the top of the market with only 25 of its 347 units sold.
Asset Management
The seven banks that acquired Three Lincoln Center's unsold apartments in foreclosure hired Rose Associates to conduct a comprehensive review of the property, analyze the reasons for the developer's failure, and recommend actions to optimize the value of the asset. Rose created a detailed three-year business plan that leveraged the expertise of the many divisions within Rose Associates. Rose issued detailed monthly financial and status reports and held quarterly meetings with representatives of the seven banks to discuss the plan's progress.
Project Management
The Project Management professionals at Rose Associates contracted with and supervised various trades to complete the construction of Three Lincoln Center's residential units. In addition, construction latent defects, such as inadequate fire stopping material, were corrected. Improvements to the buildings public spaces were also made to enhance the sales process.
Rose analyzed the property and the challenges of the marketplace and developed a detailed business plan. Within three years, Rose's plan led to successful sales for all of Three Lincoln Center's units and generated income that exceeded the approved projections.
Property Management
Rose's Property Management team developed new policies and procedures to establish an environment of professionalism at Three Lincoln Center. They then called a meeting with the owners to unveil a variety of initiatives designed to transform the property into a viable and financially strong Condominium. Issues the owners had faced, including the original sponsor not meeting its contractual obligations, were resolved.
Residential Marketing
Before Rose Associates was given the Three Lincoln Center assignment, the building's marketing effort had been stalled. Rose's marketing professionals analyzed the failures of Three Lincoln Center's initial sales effort and conducted a study of the luxury apartment market at the time. It was determined that an entirely new sales program was required for the property. Rose planned for the creation of a new sales center, model apartments, collateral materials, an advertising campaign, and broker promotions. Implementing the new marketing program would require time and money. To provide both, Rose instituted a selective rental program to increase activity at the building while creating much needed operating revenue. The rental effort also proved useful during the subsequent sales program as it provided purchasers with concrete evidence of their investment's earning potential.