In 2016, one of Empire State Management’s most promising properties, Hudsonview Terrace, had a higher than average vacancy rate despite healthy employment rates and a strong rental market. Fashionable finishes and amenities plus the addition of a doorman were not enough to draw tenants.
Hudsonview employed a security guard and had a camera system to monitor for safety and security in common areas. Yet, issues were occurring on a daily basis in the building. Safety, security, and quality of life were being comprised and this was affecting Empire’s bottom line — vacancy rates.
Future tenants would sometimes look in the stairwell and smell smoke and see litter strewn while touring the building. Existing tenants would complain of smoking in the halls and residents lingering in the stairwells often with their dogs. All of these behaviors were unattractive to prospective and existing tenants who wanted a quiet, clean and secure building.
OWAL presented management with a camera-based solution that was custom designed for Empire State Management to reduce loitering incidents, improve the quality of life, operate more efficiently and market properties more effectively.
Vacancy rates are now at 2.3% from 5% last year. Tenants can enjoy their living space because they feel safer and have a higher quality of life.