CLIENT: The Blackstone Group
LOCATION: New York, New York
SERVICES: Facility condition assessment
ASSET TYPES: Multifamily residential
Marx|Okubo performed a Capital Needs Assessment of the Peter Cooper Village and Stuyvesant Town housing complex as part of The Blackstone Group’s acquisition of the property in 2015. The property is located on 80 acres on Manhattan’s east side and is one of the largest private residential developments in the country. Construction began in the 1940s, resulting in 56 residential structures containing 11,231 apartments.
Marx|Okubo’s project team included an architect, structural engineer, mechanical engineer, civil engineer, envelope specialist and a quantity surveyor. We also partnered with a specialty consultant to perform an in-depth review of the vertical transportation. Marx|Okubo process began with an interview with the existing Property Manager (Compass Rock) and Building Engineers, to understand the ongoing issues on the property, tenant complaints, maintenance and services programs, and planned capital projects. We then performed a representative visual assessment of the property with a focus on areas highlighted by the Property Management team.
M|O reviewed all available construction documentation on the property and performed several follow-up interviews with Compass Rock and their third-party vendors (designers, consultants, contractors) to discuss the existing conditions of the property and the maintenance and improvement strategy over the next 10-years. An impactful issue that Marx|Okubo brought to light was the limitations imposed by the 40-amp electrical service at each apartment, which is not sufficient by today’s standards. Options were evaluated to increase electrical capacity, to, support the improvement of apartment amenities.
The result of our process was a detailed 10-year capital expenditure budget for the property, agreed to by all parties, and delivered within 10 weeks of project commencement.