Merger between two property management firms results in city’s largest residential manager

A merger between Cooper Square Realty and Wentworth
Property Management has resulted in the largest residential property manager in
the city. Combined, the two companies manage 300 buildings with 60,000
apartment units, including the condominium portion of The Plaza at Central Park South, which was managed
by Cooper Square Realty, and Rochdale Village in Jamaica,
Queens, which was managed by Wentworth. Industry observers believe this merger will
mark the beginning of a consolidation in the property management industry,
which has been hurt by the overall real estate downturn. The new combined
management company will operate under the Cooper Square name and Jonathan Klein,
Wentworth’s former president, will become chief administrative officer of the new Cooper Square.

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