It's Allied Renovation Corp. to the rescue!
Since Allied Renovation began its financing program to help owners protect their assets with waterproofing and restoration work, demand for the service in the New York metropolitan area has increased significantly.
"Today there are many cooperative apartment buildings and housing communities, more so than ever, that require immediate restoration work, but don't have the funds to pay for the required work," said Vanna Post, Allied Renovation's senior vice president. "We have been providing financing for this work, enabling qualified owners to protect the value and structure of their investments."
The financing program was initiated by Allied three years ago at a cooperative building in Manhattan which was in need of immediate repairs but did not have the necessary financing at the time and planned to make the repairs over a number of years.
Post said that the co-op board was originally only committed to spend $350,000 for repair work to ensure that the building was safe but Allied suggested doing all the necessary work at once and provided the $600,000 in financing required to take care of the emergency problems as well as long-term problems.
"By obtaining financing from Allied, the co-op was able to install a completely new roof and undertake a complete facade restoration, ensuring the long-term, care-free health of the property," said Post, a graduate of City College with a degree in architecture. "Once we took on that project, we recognized the need for financing at many other buildings and communities."
The success of the financing program offered by Allied has enabled several cooperative apartment buildings to undertake essential repairs which they otherwise would have been forced to delay.
Robert Amrhein, Allied Renovation's vice president of operations, explained that the idea to offer financing to qualified buildings evolved after dealing with a number of cooperative buildings which needed extensive roofing, waterproofing and restoration work but could not afford to fund all the repairs at one time.
"A lot of different buildings needed $200,000 worth of repairs but they could not afford $50,000," said Amrhein. "We used to tailor work to match what they could afford, but it was somewhat foolish, doing repairs that would only last two or three years."
In the case of Forest Park Crescent, a 21-story cooperative apartment building in Kew Gardens, Amrhein noted, the co-op board turned to Allied for $400,000 in financing and was able to complete emergency facade restorations, including a complete new roof installation along with the repair of its facade and tiers of terraces.
"The work we did at Forest Park Crescent was a comprehensive repair project which the building required, and the building is able to pay for the work over an extended period of time with a modest increase in the monthly maintenance," Amrhein said. "Without the financing, the co-op board would be facing year after year of headaches."
At Roslyn Gardens, 379-unit cooperative townhouse community in Roslyn, L.I., Allied provided $1.2 million in financing when the development required a complete roof restoration. As a result, Allied was able to perform the work over a six-month period, with the financing arranged over a six-year period.
"We stress our financing, it enables owners to do work for $100,000 which would wind up costing them $300,000," said Post. "We've grown drastically and we expect this to be one of our better years. We're looking to do premier work, hotels, nursing homes, hotels, and unique properties, the landmark buildings."
Over the past year, Allied has also been called on by some of New York City's finest hotels, including The Essex House on Central Park South and The Plaza Athene, to perform emergency repair work.
The Essex House, which recently underwent a multi-million interior renovations, was in need of repairs when water damage to the roof resulted in leaks penetrating the ceiling of the hotel and threatening the new wallpaper, floors, furniture and overall structure of the building. Allied was contracted to complete the required work, saving the hotel thousands of dollars without inconveniencing the establishment's clientele.
Allied was also called to do repair work for The Stanhope Hotel when its penthouse terrace was in a vulnerable state after suffering the effects of excess water damage when an accumulation of water built up beneath the surface of the tile causing a collapse of the ceiling below.
"After repairing the damaged ceiling, our immediate concern was to save the terrace by repairing the present damage and preventing any future damage and preventing any future problems," said Amrhein. "We installed a waterproofing system beneath the tiles on the terrace to strengthen the floor and secure against water damage, as professional craftsmen were able to re-install all of the tiles without disrupting the original design scheme.
According to Post, Allied Renovation has extensive experience doing repair work at medical facilities, such as hospitals and nursing homes, and is familiar with the inherent complications involved with doing work in these types of institutions, so the firm was able to utilize this knowledge and expertise in their work in the hotel industry.
"We've done quite a lot of hotel work now, and we've really gotten familiar with doing work around occupied facilities," said Post.
Allied Renovation Corporation, a woman-owned business, is a member of the National Association of Home Builders, Associated Builders and Owners, and National Asbestos Contractors. The firm is also an approved contractor for U.S. Intec Brai, Firestone, John Mansville, Sika, Sonne-born, Tri-ply, Thoro Systems, NRG, Good Year, and Garland roofing and waterproofing products.
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|Title Annotation:||waterproofing and roofing company based in Long Island City, New York|
|Publication:||Real Estate Weekly|
|Article Type:||Company Profile|
|Date:||Jan 26, 1994|
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