Raising the Funds to Perform Extensive Renovations
Problem: How do you upgrade a 130-unit luxury building with no expense to the shareholders?
Solution: Argo has been managing this 130-unit luxury building since it was converted to a cooperative in 1985. Our team has been instrumental in overseeing the planning, bidding, contract, and implementation phases of a range of projects at this property. We supervised an extensive façade restoration to comply with Local Law 11, which was staged in two phases to be less disruptive. Argo also dealt successfully with the need to demolish and rebuild the roof tank enclosure. We worked diligently with the architect and contractor to reinforce and enclose the tank with aesthetically pleasing aluminum siding that was specially designed to withstand high winds.
Identifying an opportunity, Argo also oversaw an effort to convert manually operated passenger and service elevators to run automatically, thus eliminating elevator operator salaries. Through the elevator conversion Argo was able to trade elevator operators for a doorman without increasing staff costs.
To raise the funds needed to perform all phases of this extensive renovation, we helped to refinance the building’s underlying mortgage at a lower rate. Refinancing covered 100% of the expenses for an extensive Local Law 11 façade restoration, a new security camera, updated hallways, a renovated lobby that included a mailroom and package storage closet, and a brand new modern exercise room.