The All-Seeing Enterprise SACKMAN ENTERPRISES, INC.
Working as developer, contractor, manager, leaser and more, Sackman Enterprises, Inc. is a master of their domain when it comes to contributing to the built environment of New York City’s metro area.
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THE ALL-SEEING
ENTERPRISE Sackman Enterprises, Inc. has taken its unique place in the built environment of New York City’s Metropolitan area as developer, contractor, manager, leaser and much more. by Joel Cornell 2 Construction Leaders Today
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THIS PAGE Following the company’s early successful years, Sackman Enterprises, Inc. began making sizeable investments in a number of brownstone buildings throughout the New York City metropolitan area. The 500 West 23rd Street building in Manhattan, N.Y. is one of Sackman Enterprises, Inc.’s latest projects. In being so comprehensive and vertically integrated, Sackman Enterprises, Inc. represents a new, standalone entity in the world of building and developing. Photo courtesy of Sackman Enterprises.
CONSOLIDATED ELEVATOR INDUSTRIES
ceinyc.com The 33 sq. mi. island of Manhattan is home to over 70,000 elevators. Since 1970, in the buildings that constitute one of the most recognizable skylines in the world, Consolidated Elevator Industries have been leaders in the maintenance, repair and installation, of elevator systems. “We have that trust that’s so rare nowadays,” said Karl Revesz Jr., CFO of Consolidated Elevator Industries and son of founder and President Karl Revesz. “This trust took decades to build, working in the city on thousands of projects – many of which we still service on a regular basis today from our first day in business. “Our relationship with Sackman has been one of the best,” Revesz Jr. said. “We’re currently the elevator contractors for two of their recent projects, 29 Cooper St. and 116 East 124th St. Having conducted business with Sackman Enterprises for over a decade, we admire their level of excellence, getting things done right the first time." With the pricing power and flexibility needed in today’s industry environment, Consolidated Elevator Industries have been serving the New York Tri-State area as one of the elevator experts for nearly 42 years and counting. “A large majority of our clients are also in the hotel industry, which is of course enormous in Manhattan,” Revesz, Jr. said. “Just how long we’ve been around has cemented our reputation in the area. Our relationships with our vendors have been spotless for decades. So, when we need elevator materials, we can have the parts in hand faster than most because they know we've been top payers for years. When the project has to come through on strict deadlines or is an emergency job, having the best parts faster and for less can make all the difference in the world.” Consolidated Elevator Industries removes for their clients the worries about proprietary hardware and service contracts with no out option. Their family owned and operated company gives the most in elevator expertise, through decades of experience, professionalism and honesty.
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n 1969, after learning the real estate industry by having worked the previous seven years in his family’s mortgage company, Alan Sackman set out to be a real estate developer. He founded Sackman Enterprises, Inc., which focused its early activities on redeveloping brownstone buildings on the Upper Westside of Manhattan. Alan Sackman saw hidden value in these historic buildings located in a real estate market he thought ready for transition into a popular residential area of New York City. “My father, Alan, developed unique split-level designs for the interior core of many of those brownstones, but maintained the heritage of these buildings by preserving their exterior facade elevations,” Carter Sackman said, the President of Sackman Enterprises, Inc. and Alan’s son. Sackman Enterprises has replicated Alan’s business strategy of identify neglected properties that have contributed to the decline of a community and then redeveloping them into key points of regeneration of the surrounding area. Its expansion of development activities from the Upper West Side of New York City, into Jersey City, New Jersey, Asbury Park, New Jersey, the Bronx, New York, as well as North Carolina, Colorado and the Caribbean have not only proven that Sackman’s core strategy is correct but that the company also has the capabilities to execute its strategy to achieve economic revitalization of underdeveloped properties in diverse geographic locations. Carter Sackman was “raised” on construction, property management and real estate development. Working summers during his youth with his father in
property management introduced him at an early age to all aspects of the industry. Additionally, Carter’s mother was one of only two women who were active construction foreman in the region during his youth, and he began working alongside her on job sites. Following his college graduation, Carter joined Sackman Enterprises, Inc. and for the first eight years originated and serviced construction loans as well as being a member of the firm’s real estate development team. From the company’s inception over forty years ago, Sackman Enterprises, Inc. has evolved over time into an integrated real estate management and development firm. Its present capabilities include acquisition analysis, building management, property rehabilitation, leasing, conversions, marketing and sales, mortgage financing and brokerage, equity structuring, construction. The firm has also expanded from residential properties into mainly mixed use development projects, as well as projects in the retail, industrial and office sectors, throughout the New York Metropolitan area. Although Sackman Enterprises, Inc. has completed many projects across North America, 90 percent of its properties and development work is still within the New York Metropolitan region. The company has accessed non-traditional lower cost government financing programs that has enabled it to take on development projects that would otherwise not be financially viable. Many of these projects have served as the impetus for economic growth in low income and distressed communities. The use of subsidies programs Fall 2011 3
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such as New Markets Tax Credit Loans, Historic Tax Credit Investments and New Jersey’s Smart Living Program enabled Sackman Enterprises to undertake and successfully complete otherwise infeasible projects in Asbury Park and Jersey City, New Jersey and The Bronx, New York. “Asbury Park has an unemployment rate of around 19.5 percent,” Sackman said. “Despite the staggering unemployment figures the company was able to complete mixed-use projects by obtaining unique financing and/or investment subsidies that allowed us to underwrite in that high unemployment community. “We were the only developer in Asbury Park underwriting rental projects, which we were able to do with a 20 percent Historic Tax Credit subsidy and New Markets Tax Credits. Those financing subsidies brought down the cost base so that we could offer finished properties at a rental rate people in the community could afford. Today, the neighborhood is a thriving business, retail and residential district.” The company’s efforts to learn how to access non-traditional lower cost government financing programs for economically distressed communities has enabled it to take on development projects that would otherwise not be financially viable. The use of subsidies programs such as New Markets Tax Credit Loans, Historic Tax Credit Investments and New Jersey’s Smart Living Program enabled Sackman Enterprises to undertake and successfully complete building
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redevelopment projects in Asbury Park and Jersey City, New Jersey and The Bronx, New York that would not otherwise be economical. In being so comprehensive and vertically integrated, Sackman Enterprises, Inc. represents a new, standalone entity in the world of building and developing. Having a hand in not just development, but property management, general contracting, leasing
and marketing, all under one internal umbrella, gives them a huge advantage and a great knowledge base upon which they have built their success. CLT PICTURED ABOVE: A rendering of the 34 Berry St. project reveals a modern design of what will be the center of the community once it is built. Photo courtesy of Sackman Enterprises.