Mascia Development’s property and asset management affiliate, Mascia Management, LLC, is a full-service real estate asset management company. Mascia Management specializes in the management of multi-family and mixed-use properties in Manhattan, bringing institutional-quality asset management to this segment of the market.

Their property management team has worked with some of the largest real estate asset managers in the country, so they understand the business processes needed to make our assets operate at a level which allows us to gain the greatest benefit from our investments. The Mascia Management team has experience in managing, purchasing, and owning residential rental properties from 5 units to over 600. Mascia Management offers comprehensive service at a highly competitive price: they utilize proprietary technology solutions to streamline their processes and create efficiencies.

TECHNOLOGY

At the center of Mascia Management’s “institutional-quality” management approach are their Internet-based management tools: Mascia Asset Control (MAC), Owner’s Insight, and Resident Concierge. These systems provide effective communication, financial management, and reporting tools in one easy-to-use interface that gives our entire investment, development, and management team insight into nearly every aspect of our properties. This technology was designed to allow our development and investment team the ability to remove themselves from the day-to-day management while giving them the peace of mind of having constant and transparent contact with all activity associated with each property. Mascia Management integrates each asset into their systems upon closing and actively administers the account, maintaining up to the minute performance reporting.

Duties and activities that Mascia Management handles on a day-to-day basis include all of the following below.

FINANCIAL MANAGEMENT

Mascia Management’s MAC (Mascia Asset Control) system is fully integrated with state-of-the-art accounting and budgeting modules which allows us to tailor it to each property’s specific needs. Types of services Mascia Management provides include:

• Accounts Receivable (AR) 
  • Invoice, collect, deposit, and maintain complete records of all rent payments 
  • Integrated electronic rent collections and electronic payments  
  • A multidimensional follow up process including mail, email, phone calls, and personal visits to ensure payment is remitted on time  
• Accounts Payable (AP) 
  • Bill paying 
  • Monthly electronic distribution of profits to designated accounts  
  • Payment of insurance, mortgage, real estate taxes, and other property related expense payments 
  • Open invoices are paid bi-monthly 
  • Detailed AP processes help ensure no duplicated payments are created 
  • Receive and review competitive bids annually for utilities, insurance, and any service contracts  
  • Carefully monitor actual expenditures against projected budgets

REPORTING

Reporting is the most important aspect of our transparency promise to our investors. Mascia Management’s reporting tools allow us to earn our investors’ trust through their professionalism and by providing them with 24x7 access to all property records and activities. A sample of the types of reports available are as follows:

• Comprehensive monthly activity, financial and status reports including:
  • A summary narrative report on the property’s performance 
  • Accounts payable 
  • Account reconciliation 
  • Balance sheet 
  • Check register of income and expenses 
  • Collections activity for each apartment 
  • Income and expense statement 
  • Cash flow statement 
  • Copies of all bills paid in the prior month 
  • Profit and loss statement 
  • Tenant receipts and delinquencies

GREEN/SUSTAINABLE MANAGEMENT PRACTICES

Mascia Management is the preeminent Green/sustainable rental manager in New York City. Simply managing assets to today’s standards, without employing Green technologies will not create the long-term value vital to the success of our investment. Mascia Management helps us capitalize on the growing demand from tenants focused on living Green. In a city already known for being environmentally-conscious, we believe Green is a key differentiator that separates our properties from the competition.

LEASING SERVICES

Mascia Management is a Licensed Real Estate Broker, providing it with all of the knowledge and tools to act as a leasing broker to keep our properties fully occupied. Their leasing services include:

• A full market analyses on each property, to make sure it is accurately positioned and priced to ensure it leases quickly at the highest rents;
• A positioning and branding plan from the market analysis, which will direct the preparation of marketing, advertising and promotional programs to appeal to potential residents;
• A comprehensive resident screening process performed by an independent professional agency and includes: a credit check, employment verification, rental history, previous landlord interviews, a fraud search, and a criminal background check.

In addition to internal leasing services, Mascia Management has also strategically aligned itself with some of the most active real estate leasing agents in NYC. Combining their strengths with those of the wider real estate community allows us to fill our apartments quickly, with the best possible residents, at the least possible cost.