CASE STUDIES & TESTIMONIALS
Click through our case studies & testimonials to learn why Boost is loved and referred.
UNCOVERING REVENUE
Wyckoff Avenue
Queens, NY 11385
Wyckoff Avenue – Queens, NY 11385
Wyckoff Avenue is a mixed-use asset off the Halsey ‘L’ subway stop at the cross-section of Bushwick and Ridgewood. Boost was hired to manage the building that consists of four residential apartments over ground floor retail space. Boost successfully negotiated a buyout of the commercial tenant and signed a new lease that provided a base rent which represented a 7% increase from the previous tenant.
In another effort to maximize the income and potential of the property, Boost worked with one of its trusted outdoor advertising vendors and discovered what was previously unknown to ownership: the building’s zoning was conducive to significant revenue-producing outdoor signage. Shortly thereafter, Boost helped the owner secure a 7-year lease with the billboard company. The lease provides ownership with nearly $25,000/year and 3% annual rent escalations over the remaining term, all of which was previously unrealized revenue prior to Boost.
After gaining the confidence of ownership, Boost was hired to spearhead the renovation process of the four residential units. In three months, all construction was complete and all permits approved with the DOB. Each unit rented within one month at above market rates. The owner was able to refinance the property and return almost all outstanding equity to investors.
VIOLATION
CLEAN-UP
Suydam Street
Brooklyn, NY 11237
Suydam Street – Brooklyn, NY 11237
Suydam Street is a six-unit residential asset in the heart of Bushwick, Brooklyn. Just prior to Boost’s management, the building was selected to be in the AEP Program (i.e., Alternate Enforcement Program) due to the high count of unresolved violations the building had accrued. The City inducts buildings that have a significant volume of HPD violations and/or buildings with outstanding violations that pose an immediate danger to tenants (for example, black mold, lead paint, asbestos). This becomes costly to landlords that fail to address and properly correct the at-hand issues via hefty fines and the issuance of court orders and emergency repair fees that accrue interest, among other means.
Boost took an active role in immediately coordinating repairs with all tenants, engaging the right vendors to remediate the plumbing, electrical, mechanical and construction issues facing the property, and submitting the requisite paperwork to discharge the building from the Program. Five weeks into Boost’s management, over 36 HPD violations had been repaired, certified and cleared, and the building was discharged from the AEP Program.
EXPENSE REDUCTION
Onderdonk Avenue
Queens, NY 11385
Onderdonk Avenue – Queens, NY 11385
Onderdonk Avenue is a four-unit residential asset in Flushing, Queens. Immediately, Boost acknowledged that while the revenues generated by each apartment unit was aligned with market rents, there were sizable expense reduction opportunities.
Boost implemented a strategy to sub-meter utilities (i.e., electricity, cooking gas and hot water) to tenants when leases turned over, shifting payment responsibility for these utilities away from the owner and onto the tenants, saving over $5,500/year on a recurring basis. Additionally, using Boost’s rolodex of vendors instead of hiring individual contractors each time an issue arose in the building, Boost cut down on annual expense repairs by over 15%. Ultimately, Boost’s expense reduction efforts increase NOI over $11,000 on an annual basis.
TENANT BUYOUTS
St. Nicholas Avenue
Brooklyn, NY 11237
St. Nicholas Avenue – Brooklyn, NY 11237
St. Nicholas Avenue is a six-unit residential asset in the heart of Bushwick, Brooklyn. Boost prides itself on its ability to develop strong relationships with tenants. In doing so, Boost often acts as the intermediary between owners and rent stabilized and rent controlled tenants seeking a buyout option.
Moreover, over an 18-month span, Boost effectively navigated buyout negotiations of three separate tenants in the property, one of whom lived there for decades and posed an ongoing and costly bed bug issue. Boost has negotiated and finalized over a dozen surrender agreements for this landlord over a three-year span, and is well-versed on the nuances of dealing with these sensitive situations in an increasingly regulated environment.
LEGAL NEGOTIATIONS
Menahan Street
Brooklyn, NY 11237
Menahan Street – Brooklyn, NY 11237
Boost was hired to manage a client’s three family residential asset in Bushwick, Brooklyn. At the onset, one of the three units was engaged in long-standing litigation for a free market non-payment suit. Having dealt with non-payment cases in the past, Boost was well-equipped to dive into the weeds of the case and add immediate value.
After learning the background of the case, Boost worked hand-in-hand with the landlord’s counsel to negotiate stipulations that covered the cost of legal fees, arrears, plus an additional sum of damages. Three months into Boost’s oversight of the building, and involvement in the case, Boost obtained a marshal’s eviction and successfully removed the problem tenant from the premises.
Prior to Boost’s involvement, the landlord did not appear at any of the hearings and failed to stay in close enough touch with their lawyers to understand how to most effectively navigate the intricacies of the situation. Boost has deep experience negotiating favorable terms to ensure landlords’ bottom lines are looked after when it comes to holdover and non-payment cases, both of which requires a close watch and consistent involvement to reach a swift and favorable resolution.
INCOME, EXPENSE & FINANCING OPTIMIZATION
Five Building New Client Portfolio
Brooklyn and Queens
Five Building New Client Portfolio – Brooklyn and Queens
Boost was hired to manage a client’s portfolio of five multifamily residential and mixed-use assets in the Bushwick, Bed Stuy and Ridgewood neighborhoods. At the onset, there were severe issues with the clients’ existing insurance package.
Namely, existing insurance did not comply with the buildings’ loan document stipulations, nor did it have in place sufficient coverages in the event of a loss. Furthermore, the client was paying ~8% above market for the policies in place. Lastly, the policies in place were on an individual building basis, which meant they each had different renewal dates and maintained no umbrella coverage across properties.
After identification of these issues, Boost worked diligently to collect the current information which spanned across three brokers and four different carriers, and proceeded to work with its trusted insurance broker to solicit competitive quotes from the most well-suited carriers in the market. In one month, Boost was able to secure a master policy (i.e., one policy with one renewal date under which all properties are housed), with umbrella coverage that was previously non-existent, and with terms that complied with all the bank requirements as stipulated in the loan documents. Finally, the total premium cost was reduced by 11% from the cost of the previous policies. Through economies of scale, working with a single carrier for multiple properties, Boost was able to secure more competitive premium costs than standalone policies could ever achieve.
Three months after sorting out the properties’ insurance coverage, Boost worked alongside ownership to secure more attractive financing. The buildings were cross-collateralized under one loan, which was set to come due shortly down the pipeline. Boost began evaluating potential opportunities for obtaining longer term, permanent financing with more attractive terms.
The properties were previously financed with a $6.00 million loan that had a five (5) year fixed term and one, five (5) year floating option. The loan had a fixed rate of 4.375% per annum. Alongside its debt broker, Boost secured a new $6.85 million loan that had a seven (7) year fixed term at 4.00% per annum. Boost regularly advises clients on debt strategy in an effort to outperform clients’ metric targets.
TESTIMONIALS
Brian G.
Any savvy buyer values the property manager’s role. As a real estate sales broker, my clients often ask me to refer them to a strong property manager. I refer Boost Management to all my multi-family and mixed-use Brooklyn and Queens investor buyers. I am always delighted to introduce clients to Ben and his team because, as my clients later report to me, Boost has an unmatched level of service and quality in the industry. Meeting investor buyers’ needs for a reliable and capable property manager is critical, and Boost Management is an important service that I can offer my clients that can help seal a deal.
Ariela W.
I am amazed by how much time and energy the Boost team puts into my small account. They are thoughtful with their approach, and they are natural executors. They get stuff done!!!
Carol R.
Hiring Ben and team is the best business decision I’ve made all year. They keep everything on-track. I wish I had hired them years ago. Shout out to Kristin for her work on clearing up all our violations expeditiously and to Lauren for sorting out the insurance mess. Crazy to think that before Boost, I was under-insured and over-paying…
Rosita C.
Four years ago, I inherited a four-unit property in Brooklyn and truth be told I have no significant real estate experience. After interviewing several firms, I decided on Boost because they were impressively responsive and patient with me. They are a very genuine bunch. They care about their clients as people and look after my building as if they owned it themselves. I sleep at night knowing I’m in good hands and I have Boost to thank in large part for that!
Joseph W.
After going through two disappointing experiences with property managers, we have been using Boost for over one year and we have been extremely happy. They are professional and reliable and handle capably all rental-related issues. We highly recommend them.
Michael W.
Finally! A management company that understands what an owner appreciates. A manager that doesn’t just go through the motions. A manager that is proactive. A manager that operates in the weeds AND thinks strategically. Boost is a breath of fresh air.
Tony F
Very thankful I hired Boost to manage our Brooklyn portfolio. Without fail, Boost has far exceeded the traditional expectations of a property manager. They have made my life as an investor headache-free and seamless. In addition to carrying out rudimentary management duties to a high degree (brokerage, repairs, reporting), Boost has become an extension of my internal team helping advise and execute on financing, acquisitions, and construction strategy. Big thanks to the Boost Team for their hard work and stellar quality.
Hugh F.
Highly recommend Boost Property Management. When we first engaged Boost we had over a dozen vacancies, serious repairs that were going neglected, and our books were an absolute mess. Boost came in and quickly rented vacant apartments, made sure the buildings were repaired, and straightened out our bookkeeping. It seriously felt like I was their only client. They continue to handle all aspects of our rentals with great efficiency and low cost.
Greg and Josh W.
Our building was a mess!!! We were in the AEP Program due to the high count of HPD violations. The DOB placed a Stop Work Order. The latest tax assessment was irregularly high. The water bill started being 6x what it was in previous months. We were overwhelmed.
Boost tackled each of these issues head on, relentlessly, and in very short order restored our property to stability. There is no way the monthly fee paid to them will ever cover the cost of their work, so the least we can do is tell you that you should give them your business because they absolutely deserve it.