When MSI began managing this 5,860 unit state financed and regulated cooperative in 1991, a series of rent increases were projected. A $30 million construction program, although funded, had been stalled for years. Eight years later, the construction was finished years ahead of schedule and $3 million under budget. The project included complete replacement of over 8 million feet of underground dual temperature piping which supplies heat, hot water and air conditioning to the development. In addition, the 5KV electrical cable distribution system to the 20 buildings and 2 shopping centers was replaced.
Based on proven budget surpluses, MSI was also able to encourage HCR to withdraw their requirement for submission of rent increase applications for 11 years.
1199 Plaza is a 1594 unit Mitchell-Lama 236 cooperative in New York City. When the management was assumed in July 1995, the development was in the depths of a physical and fiscal crisis, with excessive vendor payables. We successfully completed a $1.5 million withdrawal from the Reserve for Replacement account to pay trade payables and, at the same time, negotiated reductions in those payables at a significant discount to the project. We have implemented a $14 million M.I.O. plan to restore the physical integrity of the project. Outstanding findings from prior HUD and HDC physical and financial reports have been settled, together with the outstanding findings from the HUD IC Audit. Today 1199 is thriving and fully recovered, with a beautiful new recreational facility which is free to the cooperators.
Jimerson Housing is a 420 unit cooperative housing development located in Brownsville neighborhood of Brooklyn. A self-contained community which consists of 3 fifteen-story fireproof buildings and the apartment houses occupy only 15% of the land with the remaining grounds dedicated to landscaped gardens.
Marion Scott’s affiliates and principals own and manage other properties throughout the country including properties in midtown Manhattan, Brooklyn, the Bronx, Ohio and Florida.