Cooper Square was brought in to manage 119-131 St. Marks Place when a lender required the new ownership to hire us as a condition to obtain a loan for the 111-unit, four building complex across from Tompkins Square Park. When we started in 1994, the East Village was a gentrifying area with significant potential. The building, however, was in terrible shape with numerous vacancies which couldn't be rented, and many tenants withholding rent.

The limited available capital was used to renovate some vacant apartments. As these were rented at market rates, the improved cash flow funded the renovation of additional vacant units. With the financial position improving, the physical plant and public areas were renovated. Cooper Square also negotiated new leases for the 11 stores at higher rents. The improved cash flow and stronger financial position enabled the building to refinance its mortgage two years later and the investors, who were about to throw in the towel in 1994, began to receive distributions.

During this time Cooper Square significantly improved services so the building was cleaned and properly maintained, repairs were made when needed, and the overall quality of life was upgraded.

By 1998 Cooper Square had increased the annual rent roll from $580,000 to $1.3 million, and the building was sold for $10.5 million, a high rent multiple obtainable because of the building's good condition, location and well-run operations.