INDUSTRY NEWS CLIPS
MARK POSNER NAMED VP OF FINANCE
Leslie Kaminoff, CEO has announced that Mark Posner, CPA has assumed the position of Vice President of Finance at AKAM Associates, a full service residential management organization headquartered in Manhattan.
Mr. Posner will work closely with AKAM’s executive committee, management executives and with client boards to oversee all aspects of financial planning. He directs AKAM’s in-house accounting department, supervises the preparation of operating and capital budgets for all AKAM properties and acts as an investment consultant to client properties.
Mr. Posner brings to his position extensive experience in residential real estate accounting, budgeting and financial management. Prior to joining AKAM, he was a manager at David Berdon and Company, one of New York’s largest accounting firms specializing in cooperative and condominium real estate. Mr. Posner is a member of both the New York State Society of CPAs and the American Institute of Certified Public Accountants. AKAM Associates is a long-standing member of NYARM and Mr. Kaminoff serves on the NYARM Board of Directors.
DPM RECEIVES AWARDS
Robert Grant, director of management for Diversified Property Management (DPM) received Habitat magazine’s highest honor, the Platinum Award for "Quality of Life" for obtaining project-based pre-approval loan waivers from Fannie Mae at Dara Gardens, a 534 unit cooperative in Queens. This co-op did not meet most of the lending criteria in the banking industry. Grant turned the finances around in 1997-98, showing operating surpluses both years. He obtained a new underlying mortgage at a lower interest rate and embarked on a major beautification program of landscaping, painting and carpeting. Based on these trends and mitigating factors, Grant persuaded a prominent mortgage broker to bring lenders to see the property. Two major lenders were convinced, applied for and obtained Fannie Mae project-based waivers, enabling almost any bank to now make shareholder end loans at Dara.
Grant was also awarded an unprecedented second Platinum Award in "Projects and Improvements," for introducing micro-cogeneration equipment to the cooperative and condominium community. This new technology is being used for the first time in residential apartment buildings and can save qualified properties up to 50% of their annual energy costs. To avoid huge capital investments, Grant was offered a revenue-sharing program from the manufacturer.
Barbara Lipari, site manager for DPM at Hollis Court received a Certificate of Excellence in "Effective Management" from Habitat magazine. Ms. Lipari has managed Hollis Court, a 25 acre garden apartment cooperative in Bayside, Queens for 15 years and continues to excel. This past year she found more than $50,000 in billing mistakes on one of the 18 metered bills issued by DEP. She supervised a major landscaping project and roof and stoop replacement project while running an 8 man staff.
NYARM salutes management company member Diversified Property Management and manager members Robert Grant and Barbara Lipari.
EVA RAPPAPORT HONORED
The Federation of New York Housing Cooperatives' dedicated Executive Director, Eva Rappaport, was invited to a White House reception in celebration of Cooperative Month (October). She was one of six housing cooperative representatives in the country invited. Eva's invitation is an extraordinary honor and well deserved.