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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.”
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