Piermont Properties

Case Study

The Challenge

Piermont Properties, an acquisition and redevelopment/development company in the New York tri-state metropolitan area, was in the process of developing a multi-purpose/dwelling property, which included multifamily, medical and retail. The property was eligible to qualify for 421-A tax abatement exemption, but the project was up against the impending December 31, 2015 deadline. To comply with the requirements of the exemption, this property required multiple state and local approvals, sign-offs and permits, along with the challenge to be ‘in the ground’ with concrete footings prior to the deadline.

piermont-logo

The Process

The iDEKOgov team led the effort and coordinated with various members of the Department of Buildings, MTA, and the Department of Finance to create a case file.The team worked alongside the project team in collaborating to assist in the review and submission of the necessary fillings to achieve approvals in advance of the deadline.

The Solution

By creating a project management team with relevant stakeholders, iDEKOgov engaged as an active and leading member of the team, and was instrumental in opening the lines of communication with the appropriate regulatory agencies. Leveraging years of deep expertise and knowledge of City and State requirements, iDEKOgov provided consistent proactive oversight and insight prior to official milestones and approvals, ensuring all issues were properly addressed prior to being exposed to various municipal agencies. The team also acted as the client’s representative throughout the entire process and quarterbacked meetings, community board hearings and management of the entire municipal process across all stakeholders, ensuring the project’s timely and successful completion.

  • Planning

    Planned, scheduled and prepared for DOB, DOF and MTA meetings and examination reviews

  • Execution

    Scheduled, arranged, coached and passed DOB and MTA inspections, as well as securing approvals from DOF

  • Coordination

    Regularly liaised with the client regarding ongoing updates, considerations and escalations

  • Launch

    Deadlines were met and the developer was able to break ground prior to the December 31st deadline

The Numbers

80
Apartment Units
0K
SF of Retail Space
5K
SF of Medical Space
$2M
Project Budget

The Outcome

The Developer, and related construction personnel were able to meet deadlines, and stay ahead of their timeline based on pro-active and responsive city involvement, ensuring the project’s timely and successful completion. The developer secured a 421-A Tax Abatement from the City for this project.

Project In Development – Photos & Media Coming Soon

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