We are dedicated to helping our clients find creative, thorough and cost-effective solutions to problems that arise.
On the Upper West Side, Tri-Star has managed the growth of a family’s property portfolio by investing for the long- term in new technologies, new systems, and upgrades. With patience and with cooperation of many professionals, we implemented heating upgrades and insulated pipes for greater energy efficiency.
We also supervised the modernization of a 100-year old passenger elevator with old-fashioned swing doors to a modern, efficient elevator with sliding doors. The service interruption required communication and cooperation of the residential tenants as well. By working with an excellent subcontractor on the modernization, the job was completed on budget and within the projected time frame. As a building – wide improvement , this qualified for a Major Capital Improvement Rent Increase (MCI) which allows some costs to be passed on to the residential tenants. As a result, the building’s systems were upgraded, operating costs were lowered, and the building’s revenues increased.
We have also supervised construction of a penthouse apartment at this property, taking advantage of unused air rights while working with Landmark Preservation Commission, to comply with specific setback requirements.
In another building in this portfolio, we negotiated a long-term lease extension and modification for the retail branch of a commercial bank. This preserved the important strategic location for this tenant, while significantly increasing the building owner’s cash flow, enabling the property owners to monetize increased value through a low interest rate loan.