SOHO 25: A Prime Location with Latent Potential

SOHO 25, a 33-unit condominium built in 2004, is nestled at 25 West Houston Street in the prime SOHO neighborhood of New York, NY. This sophisticated residence features a roof deck, storage units assigned to each unit, and a 24/7 Concierge staff. Despite its desirable location and amenities, SOHO 25 faced significant challenges in its early years, particularly regarding its completion and subsequent management.

Initial Challenges: A Legacy of Neglect

The Andrews Organization initially managed SOHO 25 during its first year, while the sponsor was still involved. However, the condominium was never 100% completed, and the sponsor ultimately sold his unit to exit the project. After the sponsor's departure in 2005, the Board transitioned management to First Service Residential.

When The Andrews Organization took over management again in 2014, and specifically when the current manager, Robin, assumed responsibility in 2017, the property was experiencing significant operational and financial difficulties. Robin found the staff in disarray, with no staff raises for the prior 10 years and very low wages. Compounding these issues, the condominium had not implemented a common charge increase in over a decade. This combination of underpaid staff and stagnant common charges indicated a severe lack of proactive financial planning and a potential for operational decline.

The Andrews Organization's Strategic Solutions and Comprehensive Services

Upon reassuming management in 2017, The Andrews Organization, under Robin's leadership, swiftly implemented critical changes to address the accumulated issues. Acknowledging the dedicated staff, they initiated significant adjustments:

• Staff Compensation & Morale: In 2017, the staff received $8.00 per hour raises, directly addressing the decade-long wage stagnation. This vital step significantly boosted staff morale and recognized their contributions. Furthermore, in 2019, new suits were purchased from Suit Supply for the staff, enhancing their professional appearance and aligning with the building's luxury aesthetic. The Board and Andrews are now actively working to implement increased wages and health insurance for the staff in 2026, demonstrating a long-term commitment to their well-being.

• Financial Rectification: To address the stagnant common charges and align them with rising operational costs, common charges were increased by 24% in 2019. This crucial step provided the necessary financial resources for ongoing maintenance and future capital improvements.

• Aesthetic & Infrastructure Upgrades: In 2017, the Board completed the design for a new lobby and all common area hallways. This significant renovation was completed in 2019, resulting in a stunning transformation that earned the lobby second place for "best residential lobby" in 2019. In 2019, in conjunction with their FISP, the condominium also completed a new roof over the common areas, funded by a loan scheduled to be paid off in 2029.

• Operational Efficiency & Communication: Building Link was introduced to enhance resident communication, streamlining updates and fostering a more informed community.

• Financial Recovery & Accountability: A major discovery in 2018 revealed that water charges had not been billed back to the commercial units, leading to an agreement for the Commercial Unit Owner (CUO) to repay over $131,000.00. This substantial recovery significantly bolstered the condominium's operating finances. Quarterly, water charges are now billed back to the CUO for payment to the residential portion of the condominium, ensuring ongoing fairness and financial stability.

• Proactive Infrastructure Modernization: In 2022, it was determined that the three boilers servicing the condominium had reached the end of their useful life. Demar Plumbing provided a competitive bid to replace all three boilers and overhaul the boiler room for improved efficiency. This vital upgrade was financed through reserve funds and a short-term assessment from owners, demonstrating responsible long-term planning and investment in critical infrastructure.

   

Outcomes and Results: A Resurgence of Excellence

The meticulous and comprehensive approach employed by The Andrews Organization at SOHO 25 has yielded remarkable outcomes:

• Robust Financial Health: The condominium is now in significantly better financial health. This is evidenced by the establishment of multiple reserve accounts and two Certificates of Deposit (CDs) that have already generated over $6,000 in interest for the condominium. The Board and Andrews continue to work closely to consistently raise common charges, aligning them with rising costs of insurance, payroll, and utility increases yearly.

• Enhanced Owner Satisfaction: The strong collaborative relationship between the Board and The Andrews Organization ensures that owner expectations are consistently met. This commitment to service is reflected in the numerous positive testimonials from Board members and residents, who consistently express their appreciation for Robin's tireless work and dedication. Phrases like "You stand way above all the other property managers I work with in NYC!" and "Your tireless work and efforts are always appreciated" underscore the high level of satisfaction.

• Modernized Infrastructure: The strategic investments in the new lobby, roof, and boiler systems have not only enhanced the aesthetics of SOHO 25 but also improved its operational efficiency and long-term sustainability.

Conclusion: A Model of Proactive and Client-Focused Management

The transformation of SOHO 25 under the management of The Andrews Organization stands as a compelling case study in proactive, client-focused property management. By addressing long-standing financial and operational challenges with strategic solutions, transparent communication, and a commitment to infrastructure investment, The Andrews Organization has not only stabilized the condominium but also significantly elevated its overall value and the living experience for its residents. Their dedication to ensuring the condominium's financial health and continually striving for excellence embodies their core brand value proposition: providing top-quality services with over 30 years of experience. For properties seeking a management partner capable of navigating complex challenges and delivering sustained success, The Andrews Organization truly exemplifies "Strength, Reliability, Service".