Stribling and RAL affiliate form property management alliance

TRD New York /
Feb.February 12, 2009 02:16 PM
Elizabeth Stribling and Ian Levine

Stribling & Associates has formed a property management alliance with Spandrel Property Services, a property management firm and affiliate of developer RAL Companies & Affiliates, the firms announced this week.

Spandrel will be able to solicit property management business from Stribling’s high-end brokers, said Ian Levine, Spandrel’s president, who is also COO and CFO of RAL. RAL developed One Brooklyn Bridge Park, for which Stribling is the exclusive sales and marketing broker.

Elizabeth Stribling, Stribling’s founder and president, said since her company does not have a property management division this arrangement benefits her firm because her sales agents can better meet client needs. Stribling & Associates can refer clients who are looking for a property manager to Spandrel, Stribling said. Often, building board members ask for property manager recommendations, she said.

“When a property manager does a good job and gets the trust and confidence of the people in the building, the more likely it is they’re going to call them” for a broker recommendation, said John Janangelo, president of Bellmarc Property Management.

Several brokerages, including Bellmarc Realty, Halstead Property and sister company Brown Harris Stevens, have their own property management divisions.

Stribling said Spandrel was appealing because of the company’s size, but the alliance is not exclusive.

“They’re not as large a management group as other management groups, so they can probably give really personalized attention to buildings they manage,” she said.

Levine would not comment on the terms of the arrangement or on any Stribling-marketed properties that Spandrel might be interested in managing. Spandrel currently manages four buildings in New York City, including One Brooklyn Bridge Park, as well as buildings in Westchester and Long Island.

“This is a strategic alliance circling around property management,” said Levine, who added that Stribling and Spandrel “share many of the same business principles.”

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