MULTI-HOUSING NEWS
For Apartment/Townhouse/Condominium Builders
A Total Development Service
New York, N.Y. – To be a multi-housing developer all you need is desire, capital and J.P.S. Associates, asserts Jack P. Studnicky, a former educator turned entrepreneur of services for building projects.
His “full service” team has specialists who can perform any development function on a fee basis, from design to marketing. The services come coordinated as a package or are available in parts.
Five years ago Jack Studnicky was a national lecturer on sales motivation, based in Washington, D.C. A friend asked him to test his theories by tackling a distressed condominium in Ocean City, Md. He accepted the challenge and recruited a sales staff for the project.
“Three weeks after we took over, 164 units were sold,” Studnicky recalled.
Based on that success, J.P.S. Associates was formed to rescue troubled real estate and work on new developments. The firm can call on a coterie of 67 persons. There are four subsidiaries – Creative Design, Creative Conco (Construction), Creative Properties and J.P.S. Advertising.
Early this year he moved his base to the New York City area from where he can radiate his specialists to any Northeastern site or project. Although Studnicky’s firm will provide leasing skills for rental properties, he is convinced that rent controls and other problems will lead many owners to condominium and cooperative conversions. His analysis of converting vs. a property sale is reproduced with this article.
J.P.S. Associates produced $75 million in sales over the past three years. This came primarily from turnaround jobs for financial institutions.
While these assignments were marketing by nature they usually involved design and/or construction improvements, handled through J.P.S. specialists. The improvements were usually of such caliber that unit prices were increased.
One success story involved the distressed Towers in Monmouth Beach, N.J.
With a $2 million budget from the sponsor, the lobby, elevators and halls were remodeled. A boardwalk was built along the seafront, a pool plaza was constructed, and a $300,000 recaulking job completed to solve a leakage problem.
With improvements underway, suite prices were raised…a typical $61,000 apartment was upgraded to $79,000. An open house with related promotion drew 1,200 visitors. Some 59 suites were sold in eight weeks; all 132 were gone within six months.
“People said it could not be done. The Towers was known as a ‘white elephant’.” said Studnicky. “I knew it could be done because it had good potential. All it required were some changes and a strong merchandising effort.”
V.P. Advertising Public Relations / V.P. Marketing / General Sales Manager / V.P. Architectural Design / V.P. Construction
Accounting Manager
Accounting Assistant / Accounting Assistant
ORGANIZATIONAL CHART shows various specialties offered on service basis by J.P.S. Associates based in New York, N.Y.
ORGANIZATION CHART
Sales Person / Sales Person / Receptionist / Assistant Administrator / Construction Foreman
Model Display Servicer / Hostess / Hostess / Hostess / Production Assistant
PROJECT ORGANIZATION for a major job as created by J.P.S. Associates for client
Other J.P.S. jobs were as follows:
“9400,” Ocean City, Md. 220 unit, high-rise development sold out in three months. Client: Chase Manhattan Mortgage & Realty Trust.
“Sandy Lane,” Ocean City, Md. The remaining 20 units of this condominium sold in eight days. Client: Virginia Mortgage & Investment Company.
“Suburban Oaks,” Baltimore, Md. A luxury high-rise condominium. 66 units sold in seven days. Client: Chase Manhattan Mortgage & Realty Trust
“Imperial House,” Baltimore, Md. 68 units sold in six months. Client: Virginia Mortgage & Investment Company.
“Alexandria House,” Washington, D.C. 177 sales sold out this luxury high-rise in six months. Client: Chase Manhattan Bank.
“The Representative,” Washington, D.C. 155 sales sold out this ultra-luxury high-rise in seven months. Client: Chase Manhattan Bank.
“Hillcrest Towers,” Flushing, NY. 44 sales in two months. Client: Chemical Bank.
“TOTAL DEVELOPMENT” SERVICES OF JPS Associates are directed by team: Desiree Studnicky, director of design; Larry Jankins, vice president, construction; Jack P. Studnicky, president; Mick Barrow, director of advertising; Craig Studnicky, director of marketing. (shown in photo not displayed here)
