By Linda O’Flanagan
In its second such collaboration, Urban Compass is partnering with a property management firm to provide brokerage services for 2,000 co-ops.
The brokerage announced an official collaboration with PRC Management Corp. that will see agents work with residents through each step of the process of selling and renting their apartments.
Although PRC’s website boasts a portfolio with a combined rent roll in excess of $100 million, the new partnership will only cover two co-op properties.
Urban Compass identified the properties only as “a five-tower co-op in the South Street Seaport area, about 1,650 units” and the other as “a tower in Murray Hill, 439 units.” A Google search of PRC-managed properties in the neighborhoods identifies them as 25 Tudor City Place in Murray Hill, and the Southbridge Towers on Beekman Street.
In November, Southbridge Towers residents voted to privatize their subsidized Mitchell Lama co-ops. It has been widely reported that the booming apartment market convinced residents – some of whom paid as little as $20,000 for their homes – to back the conversion to market rate rather than keep the complex affordable.
When it was first introduced as part of a housing affordability plan in the 1950s, Mitchell-Lama allowed buyers to purchase apartments at below-market prices, but capped what owners could sell them for.
25 Tudor City Place is a 23-story tower with 439 apartments. It is one of 15 Tudor City buildings that include 11 co-op apartment buildings and four brownstones that are home to more than 5,000 residents.
In a statement, David Khazzam, vice president of management at PRC, said his company’s aim was to “enhance the value of our clients’ investment.”
He said of the new partnership, “Urban Compass was a natural fit for us, and we are looking forward to positive influence they will have on enhancing our clients’ transaction process.”
Gordon Golub, Chief Residential Real Estate Officer at Urban Compass, said. “The power of Urban Compass’ fresh vision and cutting edge in-house marketing and technology, working in tandem with PRC personnel, will be able to best serve the entire sales community.”
James Cox, Greg McHale, Jesse Shafer and Takk Yamaguchi are the agents who have been selected to work with the residents and clients of PRC in its properties.
In August 2014, Urban Compass signed a similar agreement with Century Management to refer owners of 10,000 apartments in 80 buildings it manages across New York to the brokerage.