Built in 1996
OPPORTUNITY: When Rose was
awarded the management assignment of
what was then known as The New
Gotham, it had just been purchased by a
new owner who looked to Rose to create
a plan to unlock value in the property and
generate a strong ROI.
ROSE VALUE CREATION STRATEGY: Rose
Associates’ Revenue and Analytics team,
marketing team, and construction team
utilized our extensive knowledge of resident
preferences and market data to develop a
data-driven plan to efficiently renovate units while maintaining favorable vacancy rates and ultimately generating a 11.6% ROI.
Rose Action Plan
- Analyzed real-time market data to identify
most efficient suite mix, apartment size, and pricing levels for the Hells Kitchen Submarket.
- Utilized a proprietary amenity-based pricing model to calculate and accurately forecast ROI prior to renovation work beginning providing our clients with maximum transparency into their assets and allows us to fully analyze and make thoughtful decisions designed to help your asset outperform the market.
- Implemented a “no walls/shares” policy to
elevate the tenant profile and achieve
building-wide increases in rental rates.
- Communicated real-time construction updates to residents to help mitigate any potential disruptions due to the renovation program.
- Cleaned and made-rent ready apartments
after construction turn over to ensure limited down time and get apartments back on the market faster.
- Introduced resident programming including breakfasts, social events, and fitness classes to activate the amenities spaces and create a community.
- Re-positioned the property including new
name, logo, website and collateral material to create a brand identity that was clean and fresh to reflect the newly renovated apartments and speak to a more affluent target market.
- Introduced a listings feed to update ILS sites with accurate listings featuring floor plans and apartment and building images.
- Implemented a Community Manager staffing model to increase leasing performance, streamline property operations and enhance customer service.
- Trained leasing agents to overcome objections regarding living in a building undergoing renovations and building value for newly renovated apartments.
- Sourced, priced, and purchased new finishes including flooring, kitchens and baths for apartments designated for renovation.
- Bid out contracting work to ensure
competitive pricing and optimal construction staff levels.
- Oversaw the renovation of 152 apartments ensuring that construction was completed on time and on budget.
Under Rose Associates
Renovated 160+ units with an average noi of 11.6%
top line rental income increased 17%
rent roll grew from $55.82 to $65.69
noi grew 18%+