From the Trenches

Views of a NYC property manager

By Leah Etling on Mar 29, 2012 in People

William Lluberes has worked in international trade in Chile, had a career in the information technology field, and now makes his living as a New York City property manager, one of the most eclectic real estate jobs known to man.

Self-described as someone who “gets bored easily,” William seems to have found one type of work that will never allow that to happen. The world of New York City real estate, and its subregion of apartment leasing, has too much complexity, ongoing change and nuance.

New York’s run-and-gun rental climate of low vacancies, tiny apartments and cutthroat pricing is famous around the globe, but the recent economic downturn had major impact on leasing realities for property managers, William told us.

 

 

Here are some of the insights he shared from the trenches:

-Renters in the city have become more frugal with their hard-earned dollars, and they’re now willing to commute a bit (up to 30 minutes) to get to jobs in Manhattan. Fed up with prices, entry level workers are willing to consider neighborhoods like Queens or Long Island City where they might be able to get a 750 square foot unit for around $1600, vs. a 400 square shoebox for $2225 downtown.

-Specials and renovated buildings are easier to come by. Property owners, realizing the market has become more competitive, are often undergoing piecemeal renovations of properties with fixtures older than 15-20 years and updating with granite countertops, stainless kitchen appliances, faux cherry wood and more. 13-month leases with one month free at signing are also becoming more common, William said.

-Foreign capital. The highest end apartment units in Manhattan and elsewhere, upwards of $2500 a month, are often being rented to visitors and relocated residents from Europe and Asia, he observed, whose money stretches further in the U.S. than it did four or five years ago. (This extends to home sales as well – according to DataQuick, nearly 4 percent of homes closed in New York County between May 2011 and January 2012 have a foreign mailing address on the property deed.)

A property manager who has worked for several NYC companies, William prides himself on being able to parachute into a job, a country or even an individual apartment community and talk to residents on their level.

“I can connect with anybody in any neighborhood, anywhere,” he said, describing on-the-job experiences ranging from trying to help laid off financial sector employees get out of their lease commitments after losing their jobs to having a beer with a superintendent at one of his Uptown properties on the weekend. His work and travel in Chile allowed him to pick up Spanish, so he can communicate with work crews. His approach to dealing with them is the same as that he’d use when showing a prospect an apartment.

“Anybody in real estate in New York should be able to connect in any one in any level. I’ve been from high end to low end to the welfare level, and I can speak to these people,” he said. “Everyone wants to be treated with respect.”