Accomplishments / Awards

The company’s track record reflects a strong commitment to effective property management. Within twelve months after taking over a financially troubled 320-unit development, Prestige was able to meet our goal of improving the quality of life for the residents of the development while solving the development’s chronic cash flow problem.

Some problems inherited include:

• Maintenance arrearage of over five Hundred Thousand Dollars ($500,000), drastically reduced by improving prompt payment of current monthly charges and collecting outstanding balances.
• High vacancy rate, reduced with the rental of all vacant units.
• Existing roof leaks affecting apartments, repaired.
• Damaged vacant apartments deemed un-rentable, rehabilitated and rented.

Other accomplishments include:

• Implementing needed capital improvement: i.e. roof fans, emergency lights facade work, and elevator modernization that was delayed and or neglected for several years.
• Obtaining grants and other funding for capital improvement.

Within eighteen months Prestige Management Inc. was able to make a difference for the residents of a financially troubled 900-unit development. The successful “turnaround” of this development was accomplished through the implementation of our sound management techniques.

Some problems inherited were:

• Rent arrearage of approximately Seven Hundred Thousand Dollars ($700,000) reduced to less than Ninety Thousand Dollars ($90,000 in less than 18 months).
• Accounts payable of approximately 1.2 Million Dollars ($1,200,000) due to vendors, reduced to less than One Hundred Twenty Five Thousand Dollars ($125,000), while maintaining current operations.
• 45 vacant apartments that were successfully rented.

Other accomplishments at that development include:

• Improving the relationship between management and the residents.

AWARDS

Prestige Management has been recognized in the property management industry as indicated by a few of the numerous awards received over the years, e.g.

• June 2005: Awarded the “Registered Apartment Manager” of the Year for Affordable Housing;
• November 2004: Prestige Management was awarded the Emma Lazarus Award of “Stars to the Stars” by the Associated Builders and Owners of Greater New York;
• August 2004: Prestige was awarded the “Community Service Award” by the Jackie Robinson Park Conservancy;
• June 2004: Prestige Management was recognized for excellence in management by the RAM Board of the Associated Builders and Owners of New York and also as an “Outstanding Management Company;”
• June 2001: Prestige Management Inc., was recognized by the RAM Board of the Associated Builders and Owners of New York, as an “Outstanding Management Company of 2001”;
• September 1999: Local Initiatives Support Corporation recognized our organization as being “a large part of” the “Second Harlem Renaissance.”