Our Financial Department is responsible for a variety of processes: billing, collecting and posting common charges received from unit owners, handling accounts payable, applying late fees with strict adherence to the policy set in accordance with the Board’s bylaws, etc. The department also provides our clients with an array of invaluable data reports, among which are various current and year-to-date reports (i.e. Income and Expense report), highly-detailed Cash and Capital Accounts reports, a comprehensive Common Charges Collection report, General Ledger and Vendor Payment ledger, the Statement of Outstanding Bills, and many others.
We view the relationship between the Board and the Solstice management team as one of the most crucial aspects of operating a building. We make it a priority to understand the Board’s vision and goals for the property, and we include the Board in all of management’s activities to the extent and detail preferred by the Board.
In addition to the aforementioned financial reporting package, a major coordinating tool that we employ is our action list, the communication and organizing tool to keep the Board well informed of the building’s operations and finances activities, and the detailed status and explanation of each action allows meaningful participation in providing direction to management.
The entire Solstice team is readily available to assist with all unit owner and resident inquiries and respond to questions from board members, residents, professionals and others within a business day, without a fail.
With every new management assignment, the Solstice team hosts an introductory cocktail party to meet the residents of the building and exchange information. The residents unable to attend the event are contacted by one of our Executive Committee Members for the individual introduction of the Solstice team, description of our services, assessment of the property’s current problems or issues, and providing advice as needed.
Our Transfer Department is led by our in-house corporate counsel and is responsible for processing and expediting apartment transfers and leasing in accordance with the Proprietary Lease, By-Laws and Board policies of our portfolio properties. The Transfer Department receives and processes applications for review by the Board within 72 hours of receipt of the required information. Upon approval, the Solstice team schedules and implements closings with the seller and purchaser professionals.
We operate and maintain an emergency on-call system to ensure our availability to our clients at all times, 24 hours per day, 365 days per year. We are highly experienced and efficient in coordinating and handling emergencies, such as flood, fire, etc. Our ability to do so is a result of our good relationships with our tenants, as well as our successful partnerships with most competent general contractors, who are available under strict minimum response times in times of need.
We are proud of the fact that our CEO, Allen London, is an honoree of the John M. Griffin Community Service Award. The John M. Griffin Community Service Award recognizes meritorious service to the community by a REBNY management member. In 2012 Mr. London became the recipient of the award for his tireless efforts and contributions in reporting firsthand critical information during Hurricane Sandy to Solstice team members and, by extension, to the real estate community at large.