Tag Archives: Ira Meister press

A Lobby Designed by a Pre-Eminent Designer

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Increasingly the value of apartments in New York is determined in part by what is known as “curb appeal” or the design and maintenance of the exterior of the building and the lobby.  Developers are spending more effort and money today to make the entrances as modern and edgy as possible to attract high-end buyers.

One of the luxury buildings Matthew Adam Properties manages was a forerunner of this type of thinking back in the 1960s, says Ira Meister, president and CEO of Matthew Adam Properties.

Raymond Loewy the Father of Industrial Design

“Plaza Tower, the luxury apartment building at 118 East 60th Street is noteworthy for several factors,” Meister says.  “The 232-unit, 34-story building is a midblock high-rise, just down the block from Bloomingdale’s with an attractive circular driveway and a fountain.  But, most noteworthy and unknown to many is designer of the lobby. It was Raymond Loewy, who is known as the ‘father of industrial design.’ In fact, this is the only residential lobby that Loewy designed.”

While Loewy may not be known to many, the average American comes across his designs almost daily.   Included are the slenderized Coca-Cola bottle, the logos for Shell Oil and Exxon, the interiors of Saturn I and V space capsules as well as Skylab.  He designed packages, cars, appliances, and numerous logos.

Modernize and Keep the Integrity of the Design

“Loewy called his design concept ‘beauty through function and simplification,’” Meister says, “and it is evident in the lobby of Plaza Tower.  When it was time to upgrade the lobby our challenge was to modernize it while respecting the integrity of Loewy’s design.”

Loewy’s open-air design included marble and terrazzo floors, a gold-leaf dome, and an ancient Buddha in a niche.

“We replaced the furnishings without taking away from the design element,” Meister said.

One notable change was in the lighting.  Consistent with the “Green” initiatives in Matthew Adam properties, energy efficient lighting was added that both improved the look of the space, made the lighting more dramatic and reduced energy costs.

“We are proud to have worked with the designer and contractor on this project and were able to respect the integrity of the design done by a pioneer in industrial and consumer design,” Meister said.

Legislature Extends NYC’s Co-op/Condo Property Tax Abatement

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Several months ago we discussed the failure of the New York State Legislature to extend the property tax abatement for co-ops and condos, says Ira Meister, president and founder of Matthew Adam Properties, Inc., a premier property management firm.  Well, the good news is that earlier this year, the  legislature voted to continue the abatements, though with several significant changes.  However, the legislature’s action came too late to include the abatements in the 2012/13 fiscal year, so they will be applied to the 2013/14 taxes.

The legislature also failed to make permanent the abatements, which have been authorized with continuing legislation since the late 1990s, Meister notes.

The impact of the abatement is significant. “There are approximately 365,000 co-op and condo units in the city and the city estimates the abatement saves these taxpayers on average approximately $1,200 per unit,” Meister says.

Condo owners pay the property tax directly to the city.  For co-op shareholders, the tax is included in the monthly maintenance charges.

The most significant change is in eligibility. To qualify, the unit must be the primary residence.  If not, the abatement will be phased out and completely removed for the 2014/15 fiscal year beginning July 1, 2014.  If the eligible taxpayer owns three or fewer units in the building, all  are eligible for the abatement.  If four or more, none are.  The city’s Department of Finance is checking income tax records and other filings to ascertain whether the unit is the primary residence.

The abatement is based on the assessed valuation of the property.  For fiscal year 2012/13 it is 25% for properties assessed at $50,000 or less,  22.5% for properties between $55,001 and $55,000; 20% for those assessed at $55,001-$60,000 and 17.5% for those assessed over $60,001.

The abatement increases again in the next two fiscal years for all except the highest level.

Before the extension, the abatement was 17.5% for all units valued at more than $15,000 and 25% for those assessed at $15,000 or less.

“Remember,” Meister says, “this is the assessed valuation based on a complex formula and not the market price of the unit.

“While the new legislation increases the abatement for co-op shareholders and condo owners, it still assesses them at a higher rate than owners of single-family homes,” Meister says.

Ira Meister’s Fire Safety Tips

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.Since childhood, we’ve repeatedly heard tips on fire prevention and what to do if there is a fire

“While most of us have heard these tips, they bear repeating,” says Ira Meister, founder and CEO, Matthew Adam Properties, a leading property management company. “And remember, one of the easiest and most important steps is to check the smoke and carbon detectors in the apartment.”

When clocks are moved each spring and fall, there are announcements that residents should check their detectors, Meister points out.  Unfortunately, many people ignore this.  It is easy and takes less than a minute.  Each detector has a test button that can be pushed to see if the battery is charged.  The city recommends changing the battery every spring and fall.  Detector batteries also give off a shrill sound when they are dying, a sign to replace them. These detectors, by the way, are required for all apartments under city law.  The city also recommends changing smoke detectors every 10 years and carbon monoxide detectors every five to seven years.

In addition to having the detectors in apartments, buildings should place them in the hallway as well as in incinerator rooms and the garage, Meister says.

Ira Meister Keeps His Residents Safe and Secure 

Equipment that should be checked periodically by building staff are the sprinklers and standpipe located in stairwells to make certain that all are working properly.  This can be done by outside contractors.  Yet, Meister believes the best procedure is to have it done by the superintendent, who has been received certification from the city.  Certification requires taking an approximately 25-hour course and passing a written exam.

The benefit of having certified staff is two-fold, Meister says. The inspections should be conducted monthly and doing them in-house is much less costly. Secondly, in the event of a malfunction, personnel are on-hand who are familiar with the system.

Residents, particularly those with children, should develop a fire evacuation plan and also remember to obey Fire Department instructions.  This would include knowing when to leave an apartment, and when to stay, having an escape route to the exits in the event of a heavy smoke, arranging for a meeting point and what to do if it is best to stay in the apartment.   As a quick guideline, Meister says, fire travels up, so if the fire is below, evacuation should be considered.  If the fire is above the apartment, it may be best to stay in the unit.

There is considerable literature available on fire safety from the city and Fire Department.

“It doesn’t take much time to be prepared, and it can save lives,” Meister says.

The Importance of Good Communications

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“After many years in property management, I know that good communications is essential to successful management,” says Ira Meister, President and CEO, Matthew Adam Properties.  He notes that often problem arise because good communications is lacking.

To counter this, Matthew Adam Properties asset managers are trained to be good listeners and to be pro-active.  “It’s not only promptly replying to phone calls, text messages or emails,” Meister says.  “It includes visiting the properties and talking to board members, staff and residents.  A few words with someone can alert the manager to a potential problem or help resolve an issue quickly.”

Another vital area of communications, Meister says, is alerting residents to repairs in the building that can cause temporary service disruptions.  A while back, residents were notified by a sign in the elevator, or in the lobby, telling them that the elevators may be shut down for a few hours or maintenance of the boiler will curtail hot water for several hours.

Ira Meister Keeps His Residents Notified and Up to Date With Building Events and Changes

Today, there are numerous ways to notify  residents.  Meister says that Matthew Adam Properties works with a company called “My Building” to help communicate with residents.  A website is customized for each property to provide numerous services to keep residents informed, make maintenance and service requests, notify them of package deliveries, or to make monthly maintenance, common charge or rent payments.

The system provides various options to notify residents of upcoming service interruptions, emergencies or building news.  Most visible is a monitor usually located at the  front desk or in the mail room that shows by unit number whether there is a delivery to be picked up.    The monitor also shows current information about service interruptions or building news as well as reminders of building policies.

Other means of communication include text messages and phone alerts.

“The use of technology has greatly increased our ability to communicate with residents in real time,” says Meister.  “While useful and needed, technology does not replace the personal contact and quick response time to messages that are at the heart of excellent management.”

 

Creating Value in a Condo or Co-op Part II

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The “curb appeal” of a property sets an immediate impression for a visitor or prospective buyer, says Ira Meister, President and CEO, Matthew Adam Properties, a leading property management company.

“Starting with the landscaping (if there is any) and the entryway it follows as one enters the lobby,” Meister says.  Frayed or dirty furniture or rugs are a total turn-off and can immediately kill any initial interest by a prospective buyer.  The same with peeling paint and dirty carpeting in the hallways.  Some buyers may even look in the laundry and garbage chute rooms to see their condition. These areas say a lot about the upkeep of a property and the attention to detail.

Amenities also come into play. “Older buildings have to compete with newer, amenity-laden properties,” Meister notes.   A desired amenity for many is a health club or gym.  If an older building lacks such a facility, the board and asset manager should explore the feasibility of creating one.  Another possibility is creating or upgrading the roof deck so it becomes a desirable location rather than “tar beach.”  “In one East Side property, we took unused basement space and created a playroom for young children, which is very popular and a real plus for the building,” Meister says.

The attitude and performance of the staff are key, Meister says.  Poor morale leads to lack of attention and sloppiness.  Residents have daily contact with the staff and their attitude, work ethic and capabilities are important in the successful operation of a property.

Finally, technology. In the past decade or so, technology has begun to play an important role in keeping residents informed, and managing the operations of the front desk and the building.  Using technology increases efficiency, can reduce costs and create value.

It is clear that the asset manager plays a significant role.  In fact, the professionalism and capabilities of asset managers and the company they work for help create value.  “People who have sound management abilities, an understanding of mechanical systems, sensitivity to keeping a lid on costs, attention to detail, good people skills and a drive to make the property a showplace are the keys to creating value,” Meister says.

“This is one reason we at Matthew Adam Properties devote time to hiring, training and, most importantly, retaining our asset managers, many of whom have been with us for several decades.  Their knowledge, experience and dedication are behind our creating value.”

Matthew Adam Exploring Co-Generation for Properties It Manages

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Co-generation, the reuse of energy to power systems, has been around for a while in a variety of forms and uses, notes Ira Meister, president and CEO, Matthew Adam Properties, Inc.   It has gained increased interest in the past decade with the expansion of efforts to reduce global warming, enactment of stricter government regulations and the desire to control skyrocketing energy costs in larger buildings.

Matthew Adam Properties, a leader in bringing “Green” initiatives to the properties the company manage, has instituted a program to evaluate the installation of co-generation in several buildings, Meister says. It has been working with Tecogen, a leader in the field of co-generation.  The company is currently performing financial feasibility studies at several buildings. Initial findings indicate Tecogen’s natural gas system can reduce carbon emissions and costs.

“While still in the preliminary stage, the study indicates we can reduce a building’s electric bill by 50 percent, in addition to savings in heating water,” Meister says.

The Tecogen system (called CHP, “combine heat and power”) generates electricity using a natural gas-fueled engine, which immediately reduces electrical consumption.  Natural gas is cleaner and more efficient than oil and a less costly energy than oil or steam.

In co-generation, the “waste” heat produced by the natural gas-fueled engine is recovered and replaces fuel used to operate the water heaters and boilers.  The “waste” heat can be used in conjunction with an absorption chiller to convert the heat into cooling and relieves the chillers (typically electric powered) of providing much of the site’s air conditioning.

“When Tecogen completes its study, we will have a better understanding of the benefits of installing co-generation and help us determine which buildings would benefit,” Meister says. “We, at Matthew Adam Properties, believe that co-generation can help us resolve several issues we confront as managing agents – improving services, reducing costs and adapting ‘Green’ initiatives.”

Meister says the co-generation program is part of Matthew Adam’s overall program to use innovative thinking and a professional approach to provide quality management for the buildings in our portfolio.   The “Green” efforts are spearheaded by our Sustainability Division headed by Kendra Stensven.  Kendra is LEED certified, making Matthew Adam Properties one of the few, if not the only, management company with a LEED certified person heading a “Green” division

Ira Meister Honored by Young Jewish Professionals

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Ira Meister, founder and president of Matthew Adam Properties, Inc., a premier residential management firm, was among three real estate leaders honored by the The Real Estate Division of Young Jewish Professionals.  The award was presented at the YJP Real Estate Summit attended by more than 250 at the Chelsea Pearl in Manhattan.

Meister received the Real Estate Deal Maker and Achievement Award for Matthew Adam’s successful intern/mentoring program.  Started 12 years ago with students from Baruch College of the City University, it has since added students from the Stern School of Business at NYU.  Those chosen for the highly selective program work part-time in their area of interest and receive a small stipend.  Students in the program, Meister pointed out, often receive offers for full-time employment at Matthew Adam or other real estate companies.

“Several factors have led to the success of this program,” Meister said.  “First of all, we give the interns real work to do and as they show their capabilities we can give them more responsibility.  Secondly, we provide a small stipend so they know we put value on what they are doing.”

Meister noted that the program accepts only a few interns at a time and that each is assigned to a mentor.  “In this way,” Meister said, “the intern feels connected to the work he or she  is doing and can get guidance. They do not feel isolated.  The intern also gets to see if this is the career path he or she wants to follow.  It’s a marvelous learning experience and also gives us a fresh viewpoint from young, bright and talented people.”

Honored by YJP with Meister were Stephen A. “Chip” Weiss, director of finance and development at Flintlock Construction Services, and Michael Stern, founder, JDS Development. Weiss was honored for the innovative approaches to construction he has developed which are raising the quality standard of construction.  Stern received the award for the plethora of new developments his company is building in New York.

The event featured a panel discussion on current real estate issues moderated by Marty Miner, Partner, Holland & Knight.  On the panel were: Ken Bernstein, president and CEO, Arcadia Realty Trust; Michael Cohen, President Tri-State Region, Colliers International NYC LLC; David Kramer, Principal, Hudson Companies, Inc; and Emanuel Stern, President & COO, Hartz Mountain Industries, Inc.

Young Women Encouraged to Consider Careers in Property Management

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Over the past several decades, an increasing number of women have joined the ranks of property managers, notes Ira Meister, President and CEO, Matthew Adam Properties, Inc., a premier residential management firm.

One of the best is Kristen Storino, a Senior Asset Manager at Matthew Adam Properties, who has worked as a construction project coordinator as well as a property manager.

Meister said Kristen was asked to speak as part of an innovative mentorship program organized by the Professional Women in Construction to encourage young girls in New York City to consider opportunities in non-traditional, male-dominated professions such as construction and property management.

Kristen spoke to some 30 freshman and sophomores at the Bronx Design and Construction Academy.

“I shared my experiences, struggles and strengths as a young women starting out in general contracting, “Kristen said. “My journey has transitioned me into property management, but construction had always been the base from where I started.”

Kristen described her responsibilities and the talents and characteristics that make for a good property manager.

“Residential property must be taken care of from both a physical and a resident-relations standpoint, and that is what a property manager does,” she told the group. Kristen said she maintains and upgrades facilities while acting as liaison between the board of directors and the residents. She is responsible for a number of properties and “the job can involve frantic work, unusual hours, and extremely difficult schedule coordination.”

“It takes strong communications skills, strong organizational skills, and a flair for numbers,” she said. As property manager she has the most client contact when disasters occur, such as a flooded basement, leaking roof or heating system breakdown. This can be daunting for those who don’t perform well in crisis situations, she said, but she finds the more she anticipates potential problems and prevents them, the fewer there are to deal with.

The best feature of the profession is the chance to work with a variety of people on a number of different tasks. “I never know what my day’s going to be like. It’s a race to keep on top of everything. I love it.”

While property managers spend a lot of their day dealing with paperwork and talking on the telephone, the problems they deal with vary greatly from week to week and month to month, giving most property managers a sense of creative challenge that keeps the job fresh.

Matthew Adam Properties Honored by Resident Managers Groups

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Matthew Adam Properties, Inc., its President, Ira Meister, and three executive vice presidents were honored by The Three Hands group for their outstanding contributions to real estate at a dinner at Chelsea Piers this past November 2012.
The Three Hands organizations – The Metropolitan Building Managers of New York, The Manhattan Residential Managers Club and The Scandinavian-American Building Managers Guild – represent resident managers of many of Manhattan’s premier residential properties.
Honored with the company and Meister were EVPs Harvey Greenberg, Martin Traum, and Janusz Sikora.
“Matthew Adam Properties under the leadership of Ira Meister and the three executives we honor tonight have been in the forefront of quality management in our industry as well as bringing innovative programs to improve the buildings they manage as well as the quality of life of the residents,” said Mike MacGowan, of The Three Hands. “As resident managers of many of the prime residential buildings in Manhattan, The Three Hands members know and understand the efforts and quality that Matthew Adam brings to each assignment.”
Meister accepted the award on behalf of the company and the three executives and thanked the group for the honor. “It is significant that Harvey, Marty and Janusz are being honored along with the company,” he said. “They are real professionals and are significant contributors to our companywide team effort. The honors tonight are for every one of our employees who each contribute to our success and the quality management we bring to the properties we manage.”
This is the second award for Matthew Adam Properties and Meister in the past several months. In October, they were honored by the Young Jewish Professionals Real Estate Division with the Real Estate Deal Maker and Achievement Award.
Matthew Adam Properties is a leading Manhattan-based residential management firm that brings a strategic approach to the more than 100 properties it manages in the New York area. The company also manages and serves as a consultant to retail properties nationwide.
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