Oakwood's Noel Hernandez Creates Apartment Miracles in New York.

Business, Lifestyle & Real Estate Editors

NEW YORK--(BUSINESS WIRE)--Oct. 5, 2000

Tales about finding an apartment in New York City can be as tall as the buildings themselves.

Fishermen and small children can't match the stories of the thrill of landing that one perfect spot in a recently renovated prewar building with a doorman.

If finding one apartment is tough, finding hundreds of them must be impossible. But that hasn't stopped Noel Hernandez from becoming New York's master apartment finder.

As senior district manager for Oakwood Corporate Housing in "the city that never sleeps," Hernandez is regularly asked to deliver the miraculous, as Oakwood leases furnished apartments to corporate executives who need a place in a hurry. How much of a hurry? Oakwood has even coined the phrase "laptop nomads" to describe many of these visitors-consultants who arrive in town with laptop, need an apartment, burn the midnight oil for a month or two, and then move on to their next destination.

After leading Oakwood's New York business for three years, Hernandez stands ready to open Oakwood's crown jewel -- 86 new furnished residences, opening Oct. 15, all located at the property known as Ocean, at 1 West St. across from Battery Park (previously known as 17 Battery Place).

The residences at Ocean have stunning views of the Hudson River, Ellis Island and the Statue of Liberty. The all-new lobby re-creates a 14th-century Venetian palace, with arched ceilings with classic Italian frescoes and inlaid marble floors. The individual apartments offer gracious comforts including 10- to 16-foot ceilings, oak parquet floors, marble bathrooms and gourmet kitchens. Modern features include central air and high-speed Internet, and services provided include 24-hour doorman, concierge and valet.

"Oakwood will have two contiguous floors of apartments at Ocean," adds Hernandez, "and also sales and service staff within the building."

Oakwood is adding its signature furniture, artwork, linens and cookware to each apartment, as well as a 25-inch television, VCR and CD/cassette stereo. Oakwood guests also receive phone, cable and weekly maid service.

Oakwood's rates at Ocean will range from $129/day ($3,870/month) to $180/day ($5,400/month), available for lease only with a 30-day minimum stay. That's a bargain compared with hotel rooms that cost nearly twice as much (assuming one can be found). And Oakwood's units come with kitchens that are equipped with pots, pans, silverware, plates and glasses.

Homecoming for Hernandez

"Three years ago, I was offered a chance to go to Singapore on behalf of Oakwood. I'd always wanted to work abroad and get some international experience," Hernandez says. "But my wife and I are both from New York, and both our families are here."

In mid-1997, Oakwood's New York office was temporarily without office space and with a selection of only 60 apartments -- barely a blip on the Manhattan real estate radar. Then Hernandez returned to the Big Apple, following a career stint in California.

After finding new Midtown office space for his team, Hernandez set out to build Oakwood's business, one apartment at a time. He needed more apartments, at better rents and with the locations and amenities that clients were seeking. He began approaching developers and arranging to lease blocks of apartments as renovations were completed throughout Manhattan.

Quickly, he increased the number of available units in every part of the city. He added two maintenance workers to handle immediate response for Oakwood guests, instead of counting on a building's own work force. Another key was building strong ties to furniture delivery, housekeeping and other service providers who prepared the apartments for residents.

"I'd get out to one or two buildings each month and knock on doors. It's a nightmare to try and rent one or two at a time. Quickly, I set a minimum of five units per developer," Hernandez says.

Developers responded, recognizing his integrity and commitment to quality.

Beth Triolo of Insignia Residential Group says: "The downtown market has been really great for Oakwood. They've been really responsive and work with building management. Short-stay housing is the most difficult to find in this city and second-most-expensive, after hotels. Now there are lots of people copying Noel's strategy."

Hernandez counts Cendant Corp., Arthur Andersen and other financial, entertainment and securities firms among his clients, and says corporate housing is growing in popularity. The opening of Ocean raises Oakwood's total number of units in New York to 400 apartments. They are spread out among Midtown, the Upper East Side, the Upper West Side, Union Square, Downtown and more.

While others in the property game pursue projects as empire builders, Hernandez considers his job as a more humanitarian calling, as a gracious service provider to the frazzled guests who have been relocated to New York for two months. He takes pride in unobtrusively placing guests in apartments where neighbors may never know they live next door to a "laptop nomad."

"It's the entire Oakwood New York staff that deserves credit for how we've grown," he says.

Hernandez is banking on Ocean to elevate Oakwood's reputation in New York. Oakwood is the leading global provider in corporate housing, with 20,000 furnished flats throughout North America, Asia and Europe. The brand is well known in places like Los Angeles, where "The Tonight Show Starring Jay Leno" periodically tapes segments at Oakwood. And the luxurious new Oakwoods in places like London, Tokyo and Manila command their respective cities' highest rates. But the Oakwood name doesn't yet register in Manhattan alongside those of more famous developers.

Noting that the Oakwood name is not on the marquees of any buildings in Manhattan but is rather a presence inside the building, Hernandez explains, "If people remember the name Oakwood in New York, it's because of our service and how we take care of them."

But with the opening of Ocean, that may soon change. People in New York may know the name Oakwood. And they may know the name of New York's fastest-rising apartment finder -- Noel Hernandez.

Oakwood Corporate Housing is a division of privately held Oakwood Worldwide (www.oakwood.com), the largest global provider of corporate housing and serviced apartments, and also a provider of apartment- management services.

Founded in Los Angeles in 1960, Oakwood has locations in virtually every city in North America and select destinations in Asia and Europe. Founding partner and now Chairman Howard Ruby continues to guide the company's global growth and innovation.

For Oakwood information and reservations, call 800/888-0808 or see the company's Web site at www.oakwood.com.