For their Gowanus portfolio, Charney Companies threw out existing systems and invented their own.
Charney faced the problem of leasing buildings in an emerging neighborhood with increasing supply and competition. After finding the existing solutions lacking, Charney decided to create their own in-house leasing and management platforms built around data and emerging tech. The result was too good to keep to themselves, which is why Charney has spun out their leasing and property management solutions as a third-party offering under Charney Brokerage and Charney Management. The Real Deal sat down with members of the Charney team to hear their forward-thinking, tech-driven strategy to transform Gowanus and how the new tools they’re creating can help deliver value for other operators.
Using data to their advantage
The company’s innovative approach is highly intentional, with team members doing deep dives into data to determine what residents really want.
For its portfolio of Gowanus properties, which is known as Gowanus Wharf and includes Union Channel, Douglass Port and Nevins Landing, Charney leveraged available data to set itself apart from other developments in the area.
“We pulled all the plans of every project that was coming to Gowanus, so we would know exactly what we’re competing against,” says Andrew Steiker-Epstein, Chief Data Officer and Brokerage President. “We knew exactly how many studios, one beds, two beds, and three beds every building was building.”
For example, Charney found that only 3% of the apartments being built were three bedrooms. Their analysis determined that demand for three-bedrooms would be closer to 14%. So, for Gowanus Wharf, the company built more three bedroom residences than they had initially planned.
The result? Demand was as strong as the numbers indicated, and those units were the first to lease.
“It’s a good example of [Charney] diving deeper into the data than other brokerages to advise their third-party clients,” says Steiker-Epstein.
Modernizing the tenant experience
When it came to getting residents into Union Channel, the first Gowanus Wharf building available to lease, Charney streamlined the process with a custom tech stack that let potential residents apply, and even be approved, in minutes.
This rollout was so successful that Charney will also use the same tech stack at their Nevins Landing and Douglass Port projects, where leasing will be launching soon.
“We partnered with a startup , and we were the architects behind building out a better, much more efficient application and lease signing platform,” says Steiker-Epstein. “It allows people to directly connect their bank accounts, get their credit checked, connect their payroll provider and verify their identity using facial recognition. They can do it on their phone within five minutes and we’d get a full profile, verifying through AI exactly what their financial profile looks like. That allows us to approve and send out leases within 10 minutes.”
Recognizing the importance of a seamless customer journey from application to move in, Charney worked with the same startup to develop a private-labeled tenant experience app for Gowanus Wharf. The app streamlines the move-in process, allowing new tenants to book elevators, submit insurance and set up utilities all in one place.
The process is similarly smooth on the operator side. The modern, intuitive dashboard centralizes resident information across work orders, rent balances, community engagement and overall satisfaction in one place, setting owners up for success when the rent cycle repeats.
Tech as a tool
Charney’s proprietary tech stack allows the company to execute this hospitality-first experience at scale.
“Technology by itself doesn’t solve anything,” says Steiker-Epstein. “It’s technology plus operations plus people. The goal is one operating platform from the first interaction with a prospect all the way through move-out, so nothing falls through the cracks.”
Once they’re settled, tenants can use it to book amenities such as fitness classes, work spaces and pool passes, or contact the property management team. Charney also sees the app as a way to build community, giving residents access to interest groups and events with local businesses.
“There’s an element of storytelling that we need to do to make sure that people are familiar, comfortable and excited to live in a neighborhood. A big part of that is our local partnerships,” says Ian Smith, Director of Strategic Growth, Innovation, and Experience. “We’re in the business of placemaking, so it’s not just how do we make your apartment or the building feel like home, but how do we make the neighborhood feel like home? And the ways that we do that are through those community events and partnerships and engagement with local businesses.”
Taking the expertise out of house
Charney is building on the success of its tech stack at Gowanus Wharf and helping third-party owners create systems that work for their buildings, replacing dated operating systems like BuildingLink or existing tech stacks that are a mishmash of dozens of platforms.
“I think a lot of third-party managers and leasing teams know that tech is good, but they don’t actually know how to maximize it the way we do,” says Steiker-Epstein. “And I think we really showcase that at Gowanus Wharf.”
Third-party owners also benefit from Charney’s in-house marketing team, which can help turn a building into a brand. Steiker-Epstein notes that as much as 20% of Charney’s leases at Gowanus Wharf come via social media; while many owners write off branding, Charney has succeeded by embracing it.
“For existing projects, an already special building that’s not being positioned well, can now be a really exciting place that resonates with people and is catered to that market,” says Steiker-Epstein.
Charney’s owner-developer mindset also makes it well-positioned to help building owners alleviate pain points, whether its staffing or tech issues.
“There are so many different KPIs that you could look at from a third-party perspective,” says Smith. “Is your occupancy rate not high enough? Is your turnover rate too high? And we’re able to solve for those things with that one ecosystem on one singular team. We are expert users in the operating system that covers everything from the top of the funnel to the very end—leasing through application then through tenant experience.”
Charney is currently selectively expanding its third-party brokerage and management partnerships in NYC. For inquiries, visit partnerships.charneycompanies.com.