Financial Management

Gumley Haft is one of the top property management companies in NYC for coops and condos. Some of New York’s most desirable cooperatives and condominiums depend on the knowledge of Gumley Haft.

As experts in property management for New York apartment buildings since 1989, we have built long-term relationships with our clients by providing sound financial advice, customized solutions, and the resources to assist Boards of coops and condos to make informed decisions.

Each Building is Unique

We recognize that each building is unique. What may work well for one client may not be the answer for another. When you work with Gumley Haft, our team structures a five-point property management plan exclusively for your cooperative or condominium.

Led by a CEO with a financial background, Gumley Haft prioritizes financial planning as critical to having a well-run building. Each Board works with an assigned Finance Director, and our accounting and reporting systems use the most current technology available.

While we take a proactive approach to preventive maintenance, we also have extensive experience in construction management. As one of the top property management companies in NYC, Gumley Haft has directed complex restoration projects of pre-and-post-war architecture, as well as the installation of boilers, HVAC units, and elevators.

Talk to us about your capital improvement projects.

When Gumley Haft manages a property, we bring the same level of excellence to residents from the East Side to the West Side, the Financial District to Brooklyn, Greenwich Village to Gramercy Park, and other diverse neighborhoods throughout our city.

Full Service Property Management Company

Whether it is a need to initiate preventive maintenance programs, strengthen financial management, develop a capital improvement plan, improve communication, or manage staff, Gumley Haft has excelled in full service property management to New York cooperatives and condominiums for over 30 years.

We are experts in managing the day-to-day routine to the more complex issues which confront our clients. Consult us on challenges your building may be facing.

Imagine if your building stopped working. Do you have a preventive maintenance program?

As Benjamin Franklin said, “An ounce of prevention is worth a pound of cure.” Coordinating preventive maintenance is complex, involving both building staff and a range of other service personnel, and includes:

• Planning and scheduling maintenance of equipment
• Keeping records of inspections and service
• Detecting potential problems and correcting them prior to equipment failure

When Gumley Haft manages your property, we start by surveying the building’s equipment, determining what immediate repairs may be required, and what regular programs of maintenance need to be scheduled to minimize the possibility of expensive repairs or breakdowns. As part of our review of operations, we evaluate where cost savings may emerge, as well as forecasting major repairs which naturally become necessary as buildings age.

Do you currently have a plan in place?

Most of all, we want to be sure your building functions without losing a beat. Preventive maintenance procedures are designed to keep equipment working properly with the least amount of downtime to residents.

Implementing a program of preventive maintenance will help reach levels of compliance with various regulatory agencies, such as the New York Department of Buildings (DOB), the Fire Department of New York (FDNY), the NYC Housing Preservation and Development (HPD) office, and the Environmental Control Board (ECB). In that regard, we ensure that your building complies with rapidly changing laws regarding fire and safety systems, boilers, elevators, roofs, facades, water tanks, as well as structural elements.

Now, imagine working with Gumley Haft. Our clients rely on us as they realize the cost benefits of instituting a preventive maintenance program in their buildings. So will you.

From beginning to end, from analyzing bids to completing a job, Gumley Haft has extensive experience in how to control and oversee a project’s progress, cost and quality of work to meet the expectations of our clients. Most importantly, we help Boards make decisions for a necessary project to move forward.

As buildings age, essential systems reach the end of their useful life and must be replaced, such as elevators, boilers, central air conditioning units, pumps, and more. Projecting the life of building machinery and equipment is something Gumley Haft addresses in our introduction of preventive maintenance programs.

Sometimes, the need for replacement presents opportunities to improve or correct other elements of a building’s infrastructure. Gumley Haft’s experienced staff has managed these types of modernizations, as well as full-scale construction projects: roof replacements, façade restoration, and renovation of out-of-date lobbies and common hallways.

Our experience includes working on large and small projects for New York residential buildings – many in landmarked districts – with budgets from half a million to seven million dollars, including supervising all aspects of construction.

Skilled services provided by Gumley Haft in construction management include:

• Identify professionals, including architects, engineers and designers, who can appropriately determine the necessary work
• Assess the proposed scope of work
• Identify contractors capable of completing the work
• Procure bids, organizing meetings with bidders and boards
• Review cost estimates and negotiate contract
• Recommend successful bidder and negotiate final contract

In addition, we administrate documents required by the project, and in consultations with the engineer, architect or designer, and will assess if work is performed correctly and in accordance with the contract.

Throughout construction, there are inevitable inconveniences which require the cooperation, and patience, of residents. We try to proceed with the least amount of disruption to the routine of a building. During construction, we communicate with residents with comprehensive updates on a regular basis.

When Gumley Haft handles construction management, our goal is for all parties to gain from new functionality, correcting structural issues, increasing aesthetics, and appreciating investment in your building.

Since 1989, Gumley Haft has brought premier real estate management services to both cooperative and condominium Boards throughout the city. As an independently owned, mid-sized firm, the experienced team at Gumley Haft partners with Boards throughout New York, managing approximately 7,000 units of residential apartments.

Gumley Haft is headed by Daniel Wollman, Chief Executive Officer, who has a background as a C.P.A. and is a recognized financial expert for cooperatives and condominiums. Sound financial footing is critical to having a well-run building. Financial planning, budgeting, monitoring costs, implementing technology, and identifying opportunities to maximize funds present some of the strengths of Gumley Haft. Taking a hands-on role, Wollman oversees all account management teams, and directs the Gumley Haft construction division.

We handle major capital improvement projects in compliance with ever-changing building codes in New York City. Our experience includes working with architects, engineers, contractors, and our clients, on projects which have ranged from half a million dollars to over seven million dollars. Some have even made headlines.

Property managers at Gumley have years of expertise in solving issues confronted every day by cooperative and condominium buildings. From instituting programs of preventive maintenance, to incorporating the latest tools in technology and finance, the Gumley Haft team develops management strategies to improve operations for all our clientele. However, our approach is not one-size-for-all. We recognize that each Board is different and a solution that works in one building may not be right for another. Flexibility is critical in developing customized programs and services based on the needs of each building.

Gumley Haft has built a reputation for excellence. We are known for bringing high standards to apartment buildings in a wide range of markets, from the Financial District to the Upper West Side, from Brooklyn to the Upper East Side. We manage pre-and-post-war buildings with over 300 units, as well as smaller, prestigious properties with 100 apartments or less,

Wherever your residence, and whatever its size, Gumley Haft property managers give the same level of attention to our clients.

When Gumley Haft manages your building, we treat it like we live there, too.

Some of New York’s most desirable cooperative and condominium apartment buildings depend on our financial expertise.

Daniel Wollman, Chief Executive Officer, is a CPA and has continuously worked to strengthen financial management services at Gumley Haft for over 30 years. Sound financial management is critical to a well-run building. We adhere to meticulous systems developed by our in-house team of specialists.

Each client is assigned a Finance Director, who oversees the daily finances of each building, and develops the annual operating and capital budgets in coordination with the Account Executive and Board.

For efficient tracking of payments and reporting, we have created strategic alliances with both AvidXchange and ClickPay. Some of the benefits include the ability for shareholders and unit owners to pay their monthly fees online. See our Make a Payment page for more information.

In addition to providing Boards with a monthly financial statement, we produce supplemental reports tailored to the specific needs of each client.

The range of services we provide includes:

• Analyzing monthly financial statements and noting any significant variances
• Planning and budgeting for the future needs of your building
• Maximizing cash assets in the short-term
• Preparation of documents necessary to compile the annual certified audit and tax preparation for each building
• Management of accounts payable, receivable, budget and cash management.

At Gumley Haft, our overall goal is to improve the financial health of our clients. Talk to us about the financial challenges that may exist in your building.

While we may not have the solution today, we have specialized expertise in coop and condo financial management to consider resolutions for tomorrow.