515 East 72nd Street
EQREP was brought in by lending group representatives to lead auditing and construction efforts to complete a troubled condominium conversion project located at 515 East 72nd Street. Starting when the project was approximately 30% occupied and approximately 50% construction completion, over the course of 20 months, we turned a troubled project into a saleable asset by restoring lender confidence in cost control, work-in-place verification, and quality and scope controls implemented though close on site interaction with fee construction manager and trades.
At the conclusion of our involvement, construction was 100% complete and the building was approaching 51% occupancy. A large part of the turnaround success was due to solving process and communication problems between ownership, residents, construction, sales and marketing, and building management.
Effective leadership helped to restore the good faith and credit of the building, expedited project delivery, restored the reputation of the property within the resident and brokerage community, and translated into increased sales volume and improved public relations.