On this episode of Closed!, Brad Pollina sits down with Drew Donovan, CPA, Co-Chief Executive Officer of Choice New York Companies, for a candid conversation about the complexities of property management in New York City, the financial challenges facing residential buildings, and what it takes to deliver effective service in one of the country's most demanding real estate markets.
Drawing on his experience overseeing a portfolio of approximately 250 properties, Drew breaks down the differences between managing rental buildings, condominiums, and co-ops, including the challenges of working with resident boards, navigating sponsor-controlled buildings, and balancing the competing priorities of owners, shareholders, and developers. He also discusses the difficult conversations that arise when buildings face deferred maintenance, unexpected capital expenses, and the need for substantial assessments or increased common charges.
Brad and Drew explore the realities of inheriting poorly managed buildings, the importance of financial transparency and long-term capital planning, and why property managers need to come prepared with solutions rather than simply presenting problems. From building repairs and reserve planning to regulatory compliance, insurance costs, and vendor relationships, Drew explains how proactive management can help protect a property's condition and financial stability.
The conversation also explores Drew's path from accounting to property management, his transition into the Co-CEO role, and Choice New York's emphasis on employee training, professional development, and quality over quantity. Looking ahead, Drew shares his perspective on technology and AI, and why investing in knowledgeable people remains essential to the future of property management.
To learn more about Drew Donovan and Choice New York Companies, visit choicenewyork.com.
To learn more about Brad and Bergstein Flynn Knowlton & Pollina PLLC, visit the firm online at bflawoffice.com.
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