Client Case Study
Peter Cooper Village and Stuyvesant Town
Rose Associates was retained by MetLife to develop and implement a value-enhancement strategy for Peter Cooper Village and Stuyvesant Town, an 11,000-unit rental complex on Manhattan's east side.
The effort centered on transitioning the property's rent-stabilized apartments to market-rate rents.
- Rose refined leasing procedures at the complex
- Increased the efficiency of the property's management
- Repositioned its retail component
- Guided an extensive, multi-million dollar capital improvement program
Property Management
Rose Associates' Property Management professionals worked with MetLife to achieve efficiencies across all operations, including the design and implementation of a state of the art work order tracking and dispatch system to maintain the 110 buildings of Peter Cooper Village and Stuyvesant Town. Rose Associates upgraded recruiting, supervision and benefits for the complex's 100-person staff, as well as oversaw numerous vendors that regularly employed more than 500 people at the 80-acre Manhattan property.
Residential Marketing
The Residential Marketing Team at Rose Associates worked with MetLife to analyze Peter Cooper Village and Stuyvesant Town's leasing practices and to develop a uniform approach to marketing the complex. The leasing office was repositioned and redesigned; apartment and property touring procedures were improved; a fresh branding initiative was implemented, and the leasing staff received extensive training to ensure that the lifestyle portrayed on site complemented the brand being built through paid advertising. Rose's marketing professionals also distinguished the complex as two communities. The larger apartments and finer finishes of Peter Cooper Village were leveraged to attract the high-end market, while Stuyvesant Town was successfully marketed to the more value-conscious renter.
Rose refined leasing procedures at the complex, increased the efficiency of the property's management, repositioned its retail component, and guided an extensive, multi-million dollar capital improvement program.
Construction Supervision and Project Management To streamline the apartment renovation process at the property, Rose Associates' construction professionals instituted standardized procedures. As units were vacated, the Rose team was able to swiftly execute the renovations required to reposition the apartments as luxury. Vacancy periods were reduced to 100 or fewer days allowing owners to quickly realize increased revenue from market rents.
Rose Associates also managed nearly 100 million dollars worth of capital improvement projects at Peter Cooper Village and Stuyvesant Town including the largest elevator replacement ever planned in New York City. In addition, the company implemented an extensive security upgrade that included the installation of an electronic key card system, and a security command center.