Parkchester Case Study

Precision Management Group – Recreating Beauty and Value to Parkchester

When Parkchester was built by the Metropolitan Life Insurance Company more than fifty years ago, it was acclaimed as one of the best housing complexes in the world. Over the years however, it had fallen into a desperate state of disrepair. Precision Management Group gladly took on the challenge of turning Parkchester back into what was once known at the “Jewel of the Bronx.”

Precision Turns Parkchester Back into the “Jewel of the Bronx”

Through years of neglect, Parkchester had become an apartment complex plagued with graffiti and vandalism, suffering from both security and maintenance deficiencies. Undeterred, Precision’s management team began revitalizing the property one step at a time, once again returning Parkchester to a complex of beauty and value.

Precision Management Group provided the following changes to Parkchester:

1. Enabled Parkchester to recoup desperately needed funds to meet its operating costs

  • Obtained a reduction of $584,816.49 in Parkchester Real Estate taxes
  • Obtained a dividend of $157,000 from a Workers’ Compensation audit for a overpaid premium.
  • Invented a legal program to rent 60 vacant apartments which increased their cash flow by $300,000.
  • Instituted a creative collection program which returned $500,000 back into their operating account.

2. Revitalized building aesthetics and grounds by instituting accountability to a 450 unionized staff.

3. Established a new, vigilant security force by training and certifying from security guards to peace officers and instituted civilian patrols.

4. Created cost-effective maintenance programs

Thanks to Precision’s property management expertise, Parkchester is a community that reflects the special attention and care it deserves and dramatically improved quality of life for all 40,000 residents.