Capital Improvement COst reduction SERVICES

The building repair reduction services are primarily for boards or owner who already have bids for their projects, and want to fulfill their fiduciary responsibility and therefore want a second opinion on their bids.

Depending upon the project, and what stage the board is in, our consulting services also include recommending an alternative architect or engineer, or both.

We have partnered up with an experienced (3rd generation family owned) consultant specializing in exterior maintenance, preservation, and restoration, and who have a coveted approval by the NYC Landmarks Commission. We bring a proficiency in auditing the FISP repair items to evaluate compliance with public safety hazards.

This enables buildings to prioritize necessary repairs vs. what may be an elective “wish list,” and realize savings in the tens- or even hundreds-of-thousands of dollars.

ELEVATOR UPGRADES & REPLACEMENTS

Success story: A client’s engineer had issued an RFP to replace the building’s three elevators. The engineer bid this out, and construction contracts were submitted as sealed bids as per the engineer’s and property management firm’s requests. The lowest proposal was $750,000. The Folson Group renegotiated that same bid, with the same vendor down to $504,000. The client’s savings were $246,000.

INTERCOM INSTALLATIONS

Many buildings have old intercom systems that are frequently not working properly. The Folson Group’s solution provides alternative bids and proposals to replace those systems with superior systems in order to meet the clients’ needs. Successful savings have been in the 30-50% range, often for a better, modern system with more features than existing bids provided by the property management firm.

FITNESS CENTER INSTALLATIONS

Many buildings want to install amenities such as fitness centers, more storage bins, bike storage and roof terraces. We provide alternative bids for those upgrades to meet the clients’ needs.

Success story: A client had a proposal to install a fitness center including construction and buying the machines outright for $220,000. The Folson Group was able to secure a bid with a different contractor and equally quality machines for $100,000. The firm project managed the entire installation.

Our fees for our capital project cost reduction services are a percentage of the savings.

Reach out to set up a strategy call to talk about your building’s upcoming repair projects. We always want to hear what NYC co-op & condo boards are working on.