Testimonials

At R.E.M we are extremely proud that clients and tenants alike are happy with our service and grateful for the help we provide them. People are moved to tell others about their positive experience with our company and service, whether they frequent Google, Facebook or Yelp. Here is just a small sample of people for whom we have helped make a difference. There is nothing more rewarding than hearing praise from people whose lives we have positively impacted. That is why we do what we do.

R.E.M.’s management service has received our trust and faith, as that they have always held our best financial and ethical interests at heart. They have handled matters ranging from all various rent controls & New York City regulations and ensuring daily communications on all material business matters, to providing customizable management statements. Their careful keeping of property files and records has been useful for legal challenges and financial evaluation. I probably don't say it enough but the employees R.E.M. has in the office have all been fantastic hires. Each of them has strengths for the operation and R.E.M. has given them authority and independence to perform at the highest level.

Noah Osnos

We are happy to express our utmost satisfaction with the property management services provided by R.E.M. Residential in addressing and resolving all of the various physical and tenancy issues in our New York City multi-family property portfolio, many of which have been quite complicated and challenging due to the nature of the properties. R.E.M has provided unparalleled services while maintaining and enhancing our investment’s value …… R.E.M and Eastern have developed an excellent working relationship of more than four years at this point. We have relied on their knowledge, integrity and commitment to exceptional real estate management practices.
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Peter Hausperg

Eastern Consolidated

My company depends upon dealing with professionals and experts of the highest integrity. R.E.M. Residential understands this and has over the years been a source of information and expertise for our firm. Because of our longstanding relationship with R.E.M. Residential, they understood our investment objective and subsequently assisted us in purchasing and repositioning a portfolio of Manhattan apartment buildings.
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Morris Moinian

Fortuna Realty

I am delighted that R.E.M. has been able to grow, develop, enjoy success and be recognized for the unparalleled customer service you deliver. Your team at R.E.M. has shown me that loyalty and trust are deeply rooted in your character. Clearly, this is a strong and healthy partnership. Rick, you have so much to be proud of. The work ethic you have demonstrated from the beginning is remarkable and the reward of having happy, satisfied clients is just one proof point.
It’s a great feeling to be able to spend more time at our vacation home in Jackson Hole, to rest easy knowing that our buildings are in your capable hands!
Thank you for that.

Annette Osnos

Codetic

Unlike the many managing companies that push for unnecessary so called “improvements” to boost their own bottom line, REM has never pushed. They make suggestions, educate the board, explain the pros and cons, detail the costs and benefits, and document the potential future savings. They also have worked with numerous different contractors but there is never any pressure to select one or the other or even to select any of his contacts. We just completed our local law commitment, chose the lowest bidder, the work was excellent, timely and the job came in on budget. So look around carefully but give REM serious consideration.
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Joseph Jeff Loewi

President 315 E 77 St Corp

It is a pleasure to having REM manage our multi-family properties. Their entire team is dedicated to providing professional management, and treats each property as if it is their own. We are a rather large company and have worked and continue to work with several management companies. None have been as responsive and hands on as the REM team. The future is bright for this growing company.
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Jessica Hakim

Carnegie Hill

R.E.M. Residential has been managing our Manhattan mixed-use building for more than three years. During that time the team at R.E.M. has impressed us in all phases of the task.

We particularly appreciate their attention to detail, anticipating and handling potential tenant issues, knowledge of the considerable intricacies of owning and managing real estate in New York City, as well as meeting all projected financial targets while maintaining the property at the highest level.

Our relationship with R.E.M. has exceeded our expectations and I give them our highest recommendation.
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Chet Hochbaum

DCCH Inc.

EAX Group Wholeheartedly recommends R.E.M. Residential for its property management services. R.E.M. took over management of one of our properties a year ago, and the improvement in the building has been dramatic.

First, R.E.M. is extremely hands on in its management of the property, and quick to resolve any issues. This includes any violations with the city, or issues with common spaces. Second, we saw an extremely proactive approach towards managing tenants and understanding the needs of the building. Third, we appreciate the extensive monthly reporting as well as communication with the ownership group about issues facing the building. Finally, we also found R.E.M. was proactive in creating a strategy to improve the rent roll as well as quality of the tenants.
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Evan Xenopoulos

EAX Group

About 6 months ago my family changed management companies to Rick Elezi and R.E.M. Residential for our Manhattan building that has been in our family for over 90 years. We had been with our prior management company for over 45 years and I feared the switch would be awkward. Rick understood my concerns and the switch was efficient and without problems.

Since R.E.M. Residential has taken over as the management, Rick and his staff have acted proactively to address issues that were of concern. The building has already been improved, violations have been removed and tenant relations are better.
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Kenneth P. Kahn

I am writing this letter to express how impressed our building partnership is with the wonderful service R.E.M. has provided us over the past year with regard to the day-to-day management duties of our rental property in New York City.

R.E.M. has managed several significant renovation projects on our behalf with an extremely high level of efficiency and professionalism. The office staff is pleasant to speak with, our calls are typically returned promptly and we are always kept informed with regard to matters such as lease renewals and market conditions in relation to rental rate increases.

I would recommend R.E.M. to any property owner that wishes to retain the services of a top-notch, professional property management firm that truly follows through on everything that it is supposed to.
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Brison C. Rohrbach

Our experience [with R.E.M.] to date has been even better than our expectations. We found that Rick works non-stop and does not know the meaning of weekends. If we send an email, it is responded to almost always within an hour. We have been very pleased with R.E.M.'s accounting. They let us know if they see something out of the ordinary. To date all of our bills have been paid on time, and the monthly accounting reports are comprehensive (they use Appfolio). We like that in addition to the income statements and cash reports, the invoices are attached giving the Board the opportunity to review the details of paid invoices. We have been very pleased with R.E.M. Residential, and their care for our building.

Diane Drey

President 353 Central Park West Condominium Association

Success Stories

570 West 204th St, New York

The building now has no drug dealers and has been restored to be the flower of inwood. The entire area has improved as a result. The Tenants Association has been disbanded – in fact there is now a waiting list for tenants – but it is long because nobody wants to leave! Even our rent stabilized tenants are happy! And so is our client. We tripled the rent roll – imagine a rent roll increase of 300%!

R.E.M. began working on making changes from day one. We worked with the Tenants Association to get a better understanding of all of the issues. We hired a new superintendent with knowledge, experience and a passion for doing a great job. We also hired an experienced porter who is proven at being a great support staff member. The building’s property manager and the Owner of R.E.M. himself visited each and every unit and met with every tenant. R.E.M. didn’t ignore the drug problem that was plaguing the building – we got actively involved and worked with local police precinct to eliminate the drug dealers. 

We systematically evicted all non-paying tenants and illegal residents. R.E.M. performed a foundation to roof inspection. There were naturally some significant problems and we priced, managed and supervised the work that needed to be done. We installed a new elevator, parapet, wired in new electrical, new surveillance, and fixed the sidewalks. To prevent further crime, we added hall lighting and a new intercom, which also improved the look and feel of  the building. For cost savings, we added solar panels on the roof. We installed a new laundry room and renovated 40 out of the 88 units. Sounds like expensive repairs? They paid for themselves!

3612 Broadway, New York

When R.E.M. took over the management of this building in 2008, the area was undesirable. The building itself was a mess! There were retail stores but they weren’t paying rent – and there were drug dealers dealing in the stores. There were many non-paying and illegal tenants.

R.E.M. has created a complete turnaround for this building. This building now boasts the famous Maggie’s Community Garden, which is loved by adults and children alike. In addition to tending to the beautiful green space, we were lucky to get Maggie as our porter and well-respected by everyone in the area. Two of our tenants are Harlem Public and At The Wallace. They are lively, well run, vibrant establishments, and they have improved the entire area. The property is now renting 3-bedrooms for $4000. We not only improved the rent roll – we doubled it.

R.E.M. evicted the non-paying retail space, and put in a reputable pediatric office. We placed a new superintendent we trusted into the building. The superintendent fixed problems with the building, and reported back to us when he saw drug dealers, and other tenants who were either illegal, dangerous or objectionable. We listened to the reports and acted on them, and eliminated all the bad apples in the building. We installed a new boiler, renovated the halls and added to security by adding a new intercom system. R.E.M. is experienced – we choose our tenants carefully and made sure that the commercial space added rather than detracted from the property.

341 Bleeker St, New York

When we began managing 341 Bleeker, we had two tenants and a store. Bricks were crumbling within the fireplaces and the building was considered dangerous. However, the tenants didn’t want to vacate.

We were unable to get an order to evict our tenants so we had to negotiate. We found units around the corner and we relocated the residents safely to a new building. R.E.M. then had to get order to evict the store resident as it was dangerous. After a year of hard work, we finally evicted the last tenant. Because the inside of the building was in such bad condition, we submitted a request to the Landmark committee to take the building down to its foundation and restore it brick by brick to look exactly like the original. But the application was denied. The building is recognized as a landmark so the facade had to be kept but everything else had to go. What we had to do was leave the external shell and gut the entire interior, without causing any harm to the shell. R.E.M. contracted to support the building from within while building it from the inside up. Of course this took herculean effort, planning and working with many city agencies, the DOB , LPC and various architects. This was a very time consuming, delicate project, and because of careful oversight and meticulous management, it went smoothly. R.E.M. ensured that everything was in compliance and that the inside was rebuilt to its former glory (and better) without interfering with the shell.

After the renovation, the space was rented to a high end retail skin care company and establishment, with 2 luxury rentals above. The rent roll went from $5000 per month to an unprecedented $30,000 per month. This building is definitely a financial success and now is almost maintenance free because of the successful and carefully planned rebuild.

153 Avenue B, New York

When R.E.M. began managing this property, it was totally neglected. The landlords lived out of town and the management company had simply been letting the property sit. The property was totally neglected. The owners could barely pay the mortgage with the scant income. The ground floor unit was empty and in total disarray. The prior management company had not done any research so the rents in the building were very low. The 3rd floor unit was empty. And the budget was so dire, there was no money to renovate.

R.E.M. instantly started working with residents to do minor repairs and get them paying rent. We sourced and hired a contractor to renovate one of the units on a budget, and got some more rent coming in. After a few months of higher revenue, we gathered enough money to renovate the ground floor unit. R.E.M.’s rental department did market research and we were able to get higher rents for the landlord.

Today all the units are fully occupied and the building is cash flow positive. Because of the increase in value to the building, the absentee owner is now considering the option of selling at a huge profit as they were able to get a much higher sales price than they ever thought possible.

364 West 18th St. New York

Morris Moinian bought the building for 31 million in 2008 right before the market crashed. Of course, the value of the building immediately dropped significantly. Both retail stores and tenants weren’t paying rent. There was a very strong tenant association. Parts of the building were either neglected or in a state of disrepair

R.E.M. worked closely with the Tenants Association to improve the building. We listened to issues and resolved them. R.E.M. worked hard to bring the rent roll and value up. We negotiated buyouts with some tenants and evicted others. R.E.M. almost emptied out all the stores and we rented out one huge retail space. We improved the building. R.E.M. renovated many units and the hallways. Of course, we always source for the best price and quality and oversee every stage of the renovation process. We installed a new parapet and intercom system. We hired a qualified energetic superintendent to fix and maintain the property. The Tenant Association noticed the changes and started to work with us, trusting we always do the right thing.

After 3 years the rent roll increased by 60%. The landlord then sold the building for MORE than he bought it even though he bought at the height of the market. R.E.M. was able to not only maintain the property value but significantly improve it during a catastrophic market downturn.

47 Irving Place New York

After we vacated the building, we began renting out the townhouse as a single unit. The rent roll is now $25,0000 per month. Prior to our intervention, the rent roll was $5,000 per month. The landlord is definitely grateful for our time, effort and out-of-the-box solutions.

R.E.M. negotiated buyouts on three of the tenants. We unfortunately had to go to court on one case, which was a lengthy process. The tenant wouldn’t leave regardless of the amount of money that was offered to her. R.E.M. is innovative and by leveraging our relationship with another building we manage, we finally were able to negotiate to move her by moving her rent controlled status to another building. She is now happily living there in a nicer building and much larger unit. We understand that sometimes older people are just afraid of change so we were careful in our negotiations.

When we began to manage this property, the owner informed us that he wanted to rent the entire property as one townhouse. But we had 4 tenants  3 stabilized, and one rent controlled.

940 St. Nicholas, New York

Because of getting to know tenants and the new key fobs, R.E.M. effectively prevented people from bringing in roommates or subletting. Problems with illegal and non paying tenants were effectively eliminated. The result of the new control and the valve work R.E.M. ordered saved the owners 40% on fuel. R.E.M. reduced building expenses by over 80% and almost doubled rent roll. The building continues to flourish.

R.E.M. took over management of this building in 2008. The former manager wouldn’t cooperate or turn over documents so we had to manage the building for a year with no paperwork. The building was a mess and inundated with drugs. Tenants weren’t paying rent. The new boiler wasn’t working properly. There was a bad rat problem. And unsurprisingly, there was a very angry Tenants Association.

Because of getting to know tenants and the new key fobs, R.E.M. effectively prevented people from bringing in roommates or subletting. Problems with illegal and non paying tenants were effectively eliminated. The result of the new control and the valve work R.E.M. ordered saved the owners 40% on fuel. R.E.M. reduced building expenses by over 80% and almost doubled rent roll. The building continues to flourish.

501 West 179th St, New York

A calamity occurred while we were managing this building – a major fire broke out. Lives were in danger and there were several agencies on the scene. This occurred in the middle of an ice/snow storm and tenants were homeless, cold and frightened. The building was in bad shape.

R.E.M. worked with the residents and contractors to repair and restore the building to its original condition. This included a new roof, several units, as well as the halls. The repairs were completed in record time, and all of our tenants are moved back in and happy. Our tenants are still appreciative of our effort and involvement. It was clear from our actions that R.E.M. not only cares about the building but the tenants as well.

Despite the time and the weather, the property manager, Alana, as well as other R.E.M. staff worked tirelessly during the crisis. Our tenants saw and appreciated that we were out there from the beginning to help with this terrible situation. R.E.M. immediately called a reputable fire disaster company who arrived there quickly. We called our trusted insurance adjuster who worked on our behalf with IBX and various agencies to relocate our residents. We ensured communication and compliance with all laws and regulations. R.E.M. worked to get tenants back in as quickly as possible, and negotiated with the insurance company to get paid for loss of rents, and other out of pocket payables. Because there were no hazardous violations in the building, we a were confident that we were not at fault for the fire. R.E.M.’s reputation with various city agencies helped with expediently handling this crisis. Because of our spotless record, the agencies were automatically more helpful, and were more cooperative than they would have been with a management company who had a record of complaints.

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