New Jersey Transit
As New Jersey Transit’s current tenant manager and leasing consultant, our key mission has been to assist in the maximization of non-fare box revenue. We are directly responsible for the negotiation of all leasing activity. Additionally, our staff manages all leased sites and performs site visits to document agreement compliance for approximately 350 locations statewide. These findings are reviewed weekly with the Agency to develop strategies to secure compliance and/or additional revenue.
Greystone Management Solutions provides Lease Administration and oversees the public Request for Proposals Process for the entire New Jersey Transit retail portfolio including Newark Penn Station, Secaucus Junction Station and Trenton Transit Center. Our primary mission at Newark Penn Station and Trenton Transit Center has been to maximize non-fare box revenue and increase the enterprise value of both locations. To achieve these goals, we work tirelessly to attract Class A and locally-based retailers and vendors. Current offerings can be found at the following location: Leasing Opportunities
Metropolitan Transportation Authority
Greystone Management Solutions manages approximately 4,000 accounts for the Metropolitan Transportation Authority located in the five boroughs of New York City, Nassau, Suffolk, Westchester, Dutchess, Putnam and Rockland Counties, as well as Fairfield and New Haven Counties in Connecticut. We have conducted and filed over 75,000 site inspections for this agency during our tenure. Our inspections identify issues which GMS staff then resolves, including encroachments, dumping, improper storage of hazardous material, fouling of right of ways, and unauthorized subleasing. We are responsible for obtaining proper evidence of tenant compliance with lease insurance requirements. Our staff interacts daily with tenant insurance brokers and agency insurance personnel to ensure proper levels of insurance for tenants and their contractors that perform tenant improvements. Our services include: Design & Construction Coordination; Management of Retail Concessions and Site Leases; Compliance and Safety Inspections; Management of Commuter Parking Agreements; Accounting, Billing & Collections; Insurance Compliance; Broker’s Opinions of Value; Assignments & Modifications; Legal Liaison with outside counsel and the Metropolitan Transportation Authority General Counsel Office. Current offerings can be found at the following location: Leasing Opportunities
New York State Housing Finance Agency
Greystone Management Services provides asset management services for over 50 affordable housing residential loans comprised of 14,000 units for the New York State Housing Finance Agency, located throughout New York State from New York City to Niagara Falls. Our work includes the review of loan documents, payment tracking and collection. GMS administers required escrow contributions that are critical for maintaining loan collateral. Our analysis function is fully automated and generates monthly reports which utilize a projected balance method to identify potential variances or shortfalls before they occur. Our charge includes financial and budget submission compliance to federal and state oversight agencies for these subsidized sites. Working with the New York State Housing Finance Agency, we achieved nearly 100% financial statement filing compliance by property owners and management companies. Using our in house professional staff we have been able to increase oversight presence and provide firsthand knowledge to the agency about site conditions and operations. GMS is a nationwide servicing operation that monitors the real estate of over 400 taxing authorities. For New York State Housing Finance Agency, we monitor the taxing obligations for all housing companies in the portfolio.
Our successful partnership with the New York State Housing Finance Agency includes the following achievements:
- Development of a loan servicing database system for an extremely unique loan portfolio
- Annual roof to cellar inspections of major systems and equipment
- Improved collection rates
- Development of long and short term capital needs budgets
- Daily monitoring of tax and operating escrows
- Development of compliance protocols for property insurance and fixture filings
- Review and assessment of site management personnel and services
New York State Housing Finance Agency Website
Metropolitan Atlanta Rapid Transit Authority
In July of 2014, Greystone Management Solutions was selected by the Metropolitan Atlanta Rapid Transit Authority (MARTA) as its consultant to develop and implement a retail concessions program. The program will include convenience stores, food and beverage specialty retail, grab and go kiosks, and Automated Teller Machines (ATMs). Greystone will utilize its experience and knowledge of best practices to assist MARTA with site selection and product mix to develop a request for bids to attract leading public transit retailers to participate in MARTA’s new program.
As part of our scope of work, we have provided MARTA with a review of current practices of comparable transit agencies and have suggested appropriate financial and business models for a successful retail program. We also have developed station recommendations, and assessed customer traffic flow and physical/design issues related to the placement of concessions. We will work with the agency to implement the concession program by developing requests for bids, and drafting appropriate lease and license agreements to enter into with selected vendors.
Massachusetts Bay Transportation Authority
Greystone, based out of our New England office in Boston, provides a wide range of real estate management and advisory services to the Massachusetts Bay Transportation Authority (MBTA). Services include asset management, disposition services, facility management, concession development, Transit Oriented Development (TOD) project support and development of non-fare box revenue programs.
Greystone provides oversight and support through the entire asset management life cycle for each account in the portfolio, including conducting the public procurement process and preparing all documents; negotiating and drafting transaction documents; accounting and billing of active occupancies; insurance compliance; and field/site inspections.
Team successes include:
- Development of protocols reducing risk and strengthening collection functions resulting in over $900K of recovered revenue within the first 12 months of contract
- Successful negotiation of master lease of major transit station, increasing revenue to MBTA by over $15 million over the term
- Identification and valuation of over a dozen properties for disposition which will produce several million dollars in non-fare revenue
- Implementation of GMS FullView, a customized tracking tool for project
- Design and administration of a new website and “Open for Business” marketing program exclusively for MBTA real estate information and opportunities (www.mbtarealty.com)
- Administration of MBTA Land Tracker, a Geographic Information System (GIS) application which makes available all property ownership information and documents for MBTA-owned parcels
- Implementation of a new and upgraded concession program