Debra Hazel
Choice New York is in a hurry. In 10 years, the third-party management firm and brokerage has expanded from launch to serving more than 15,000 residents and nearly one million square feet of commercial space in New York City. After growing by word of mouth for the first eight years of its existence, more recently, the acquisition also has become part of its growth strategy.
In 2018, Choice acquired KW Property Management’s New York branch, and in October 2019, Choice New York Management acquired Goldin Management. In one move, the company nearly doubled its portfolio and became one of the top 20 property management companies in the city. Today, with three companies (Choice New York Management, Choice Staffing and Home By Choice Brokerage), Choice New York manages and staffs more than 200 buildings valued at $6 billion in New York City and a Midtown workspace.
“For the first eight years, we grew purely organically, but it’s tough to maintain the growth that way,” said Michael Feldman, co-founder of Choice New York. “Acquisition is new and as a concept for us, it’s still in its infancy.”
In fact, the company was founded to focus on operations. Feldman co-founded Choice New York in 2010 to provide top-level customer service to owners and residents in the city. Feldman, a film location scout for a time after college, quickly learned the importance of customer service and solving problems.
The key to the company’s success, Feldman notes, is blending modern technology with old-fashioned customer service.
“We’re really operations-focused,” Feldman said.
The company has since evolved into three separate entities. Choice New York Management provides property management, accounting, asset management, and strategic advisory services to buildings throughout the NYC metropolitan area. Choice Staffing offers sanitation preparation and removal, commercial cleaning services, building supplies, and vendor oversight and maintenance services to New York building owners and third-party property managers. Choice New York Companies launched brokerage Home By Choice, partnering with Kevin Kurland, an industry veteran, to create a full-service owner-rep focused alternative for property owners. Using a tech-based platform, Home offers streamlined owner and tenant/buyer rep services, opportunities for top agents to rent and sell exclusive listings and concierge-level client services.
Home By Choice, in a way, was founded by happenstance. In 2015, Kurland, then with a firm he founded and eventually sold, received a marketing email from Adam Lichtenstein, a principal at Choice New York. Kurland, who normally didn’t respond to such missives, knew of the company’s reputation for delivering for its clients. He replied and kept in touch. In 2019, Kurland was available, and Feldman and Lichtenstein were ready to start Home by Choice.
“We now offer a trio of products that encompass property management, building staffing and brokerage — everything building owners need in one place,” Kurland said. “The growth has been remarkable and the future very bright.”
Future acquisitions are a possibility, though Feldman remains determined to be cautious. While other companies may have five- or 10-year plans, Feldman looks just one to two years ahead as he manages a “fluid” market.
“There are a lot of things outside our control,” he said.
The company will remain focused on New York City, rather than expanding into the suburbs.
“It’s the best and biggest market,” he said. “And real estate is a very local business.”
