This was an extremely distressed property once appearing on De Blasio’s Worst Landlords list in need of major capital repairs and managerial support when Wavecrest Management, through a joint venture with Banana Kelly, purchased the three-building, 21-unit property in January 2013. Residents were understandably wary of what real change would come from a change in ownership and management.
Wavecrest held regular meetings with residents and tenant leadership to understand the needs of the building, communicate expectations, and alleviate concerns throughout the process. In a collaborative effort with resident input, a scope of work was prepared using a checker boarding strategy, moving residents to vacant units within the building in order to perform all necessary repairs as expeditiously and conveniently as possible without displacing families.
Wavecrest acquired a loan through HPD’s Participation Loan Program (PLP) and the property was fully rehabilitated including new roofs, boilers, windows, kitchens, and baths.
The resident engagement, physical upgrades, and efficient processes have completely turned around the property into a well-functioning, profitable asset and a safe place residents are happy to call home.
