9/00 - NYARM TREATS FOREIGN VISITORS TO TOUR OF TYPICAL RENTAL PROPERTY

Michael J. Wolfe, Midboro Management; Shivlanberdy Nuryev and Yazdursun Gurbannazarova, Turkmenistan visitors; Alexander Nikolenko, interpreter; Jenny Solomon, US Department of State and Donna Klein, NYARM Executive Director.

On Thursday, August 17, 2000 two visitors from the country of Turkmenistan (formerly part of the Soviet Union) were treated to a tour of a Manhattan apartment building, courtesy of NYARM and Midboro Management.

Sponsored by the United States Department of State (USDS), Yazdursun Gurbannazarova and Shivlanberdy Nuryev were in America on a three week tour of American cities as part of the International Visitor Program. The government of Turkmenistan has been working on implementing reforms in private housing creation and in the decentralization of housing management and particularly in converting existing government housing into private housing.

The USDS contacted NYARM early in August requesting our assistance. The visitors were eager to meet with a property management company, discuss various issues of managing real estate in New York City and take them on a tour of a property. Also, Mr. Nuryev was interested in how we handle garbage disposal and recycling.

NYARM contacted Michael J. Wolfe, President of Midboro Management, a NYARM management company member. Not only did he have the perfect building to tour, a rental property at 270 Riverside Drive, he had a Russian superintendent, Nail Rizvanov, who joined us and assisted the interpreter with his own perspective. The building, bought by the sponsor one year ago, has rent controlled and rent stabilized tenants with rents ranging from $300 to $3000 per month. The building is currently undergoing a renovation with sidewalk sheds (bridging) surrounding the property.

Michael had prepared a binder of important facts and forms for our guests to take home with them. The binder included a standard lease, recycling law and window guard information, a sample Local Law 11 report and a 30 page fact sheet describing rent control, rent stabilization and rental information.

From the sidewalk outside the property, Michael gave the duo a quick lesson in Local Law 11 including its origins and stipulations and then took our entourage to the roof. The group consisted of Mr. Nuryev and Ms. Gurbannazarova; their interpreter Alexander Nikolenko; Jenny Solomon, USDS; Nail and Michael from Midboro; Elaine Misonzhnik, Real Estate Weekly (originally from the Soviet Union, here in America for 8 years); Linda Alexander, NYARM's publicist and Donna Klein, NYARM's Executive Director.

A quick elevator ride treated the entourage to a magnificent view of New Jersey and the Hudson River. Michael gave a quick overview of a standard rolled membrane roof, the group took a few photos and then descended to inspect three apartments. Two of the apartments were furnished and gave the visitors an idea of how working, middle class New Yorkers live. The third apartment was unoccupied, in need of a painting and some minor repairs and was a perfect example of a bare bones apartment.

Coincidentally, Midboro manages a 36 unit cooperative conveniently located down the block. He invited the USDS representative and the foreign visitors to tour a "different" type of property than they originally requested. Eager to be exposed to as much management methodology as possible the group moved down the block. Upon entering the lobby, the differences between a rental and ownership (cooperative) property were immediately obvious. The lobby was beautifully appointed with furniture, mirrors, chandeliers, etc. Michael explained how a cooperative works: tenants own shares in the corporation, a board of directors oversees the corporation and a monthly maintenance fee is attached to each apartment unit.

Michael explained that he presents the Board with an annual budget and, when in need, the maintenance fee is raised to meet projected expenditures. He also explained that most of the new development in New York City is condominium, not cooperative because people want the individual ownership that condos provide.

As mentioned before, Mr. Nuryev was interested in recycling and how a multi unit building handles the collection of garbage. This cooperative had a complete recycling area in the basement of the building outfitted with clearly marked garbage containers for each type of waste (glass, plastic, paper, etc). Michael explained that usually each floor would have its own recycling center within the compactor room, but because this building's compactor rooms had limited space, the tenants had to bring their recycling waste to the basement.

Upon passing the laundry room, Michael explained how the cooperative makes money from the company that services the coin-operated laundry facility.

It was to Michael's credit that both properties we visited were clean and in excellent condition. "Every tenant deserves a clean building, whether they pay $100 or $1 million," stated Michael Wolfe. It was obvious that this credo is practiced daily by the entire Midboro staff.

Part of the promised tour was a visit to the office of the management company. Two cabs whisked away the group to 1926 Broadway (64^th Street). The Turkmenistan visitors were impressed at the amount of paper Michael keeps on each of his 56 properties. He produced 56 color-coordinated binders, one on each property for the current year 2000. He explained that prior years are archived and stored at a different location. Midboro keeps records for seven years and sometimes more when a major renovation/capital improvement has been completed at a site.

Michael showed how all the computers in the office were networked together and how through the use of a palm pilot, even when he was outside the office, he is in touch with all his buildings and their "vital statistics."

All in all it was a remarkable meeting of international philosophies. It was evident that the Turkmenistan visitors were delighted with the amount and quality of information they received thanks to the efforts of Michael Wolfe and Midboro Management. Jenny Solomon, the New York representative for the State Department's visitors program said this was the first of many real estate related visits from other countries eager to exchange ideas and learn from their American counterparts. NYARM offered its services and looks forward to an ongoing relationship with the USDS and its foreign visitors.

Midboro Management was founded in 1963 and currently manages a portfolio of 56 luxury cooperative, condominium and rental properties, primarily located on Manhatttan's Upper East and West sides. Known for its accessible management style and strong back office operations, Midboro has been named the number one mid-sized management firm in the greater New York metropolitan area by The Cooperator.

In 1993, Michael J. Wolfe became president and sole shareholder of Midboro. Through his extensive expertise he was able to provide additional services to his client buildings. He acquired broker licenses for real estate sales, mortgages and insurance. Last year he formed DAL Mortgage Corporation, named for his children Danielle, Andrew and Lindsey, which provides financing for residential buildings.

When asked about the future, Michael says, "One goal I have is the virtual board meeting where board members can be wherever they want to be. The meeting will be conducted in a chat room. That's not far down the road."

Michael is a winner of Habitat's Gold Management Achievement Award and a popular guest lecturer at the Academy for Continuing Education.

The International Visitor Program (IVP) is administered by the United States Department of State, Bureau of Educational and Cultural Affairs, operating under the authority of the Mutual Educational and Cultural Exchange Act of 1961. The emphasis of the program is to increase mutual understanding through communication at the personal and professional levels. Participants are established or potential foreign leaders in government, politics, media, education, science, labor relations and other key fields. They are selected by American embassies overseas to visit the U.S. to meet and confer with their professional counterparts and to experience this country firsthand.

The program depends on the commitment and skills of volunteer-assisted community organizations across the country whose members provide a variety of services, including professional programs and home hospitality.

Through their involvement in the IVP, thousands of Americans across the nation contribute to improve relations between the United States and other countries. In turn, they and their communities are enriched by these cultural, educational, professional and business links.