[New] Greenthal Mgmt Acquired NST’s Management Company Purchased by FirstService

By Michael Kohn

Charles H. Greenthal Management Corp., the company that has managed North Shore Towers for the past 25 years, was acquired in January by FirstService Corporation. The existing management team will continue to oversee day-to-day operations at the Towers, according to FirstService’s official announcement on Thursday, Jan. 12th.

After receiving the news, the NST Board of Directors issued a statement stating they were “investigating the details of the acquisition and will be evaluating the impact on NST as well as options going forward…” The Board’s choices include remaining with First Service or pursuing other alternative companies. For now, management of NST will continue “as is” with Interim Manager Desi Ndreu, according to the Board.

“Our beloved NST staff is not impacted by this change,” the Board’s letter stated. “Existing projects will continue on course. As always, the Board is actively pursuing every avenue to ensure that the best interests of the community are pursued and protected.”

NST Board of Directors Secretary Cheryl Vollweiler added in her newspaper column, “We are patiently waiting to hear from FSR so we can assess their capabilities and what they have to offer NST.”

Greenthal was founded in 1958 and was one of the largest privately owned residential management and leasing firms in the New York metropolitan area, with over 250 properties under management throughout New York City, Long Island, and Westchester County.

“Over the last few years, I have been carefully plan- ning for the next phase of our firm so that we would be able to continue to deliver to you the exceptional service that you have come to expect,” Greenthal CEO and President Jonathan S. West wrote in an open letter distributed by the Board. “As you would expect, I am committed to ensuring a smooth transition, and I will remain integrally involved with the business and the management of our portfolio as we commence the transition. Each of your managing agents and our supporting staff will remain in place.”

West said the acquisition brings about new opportunities, such as leveraging the company’s national resources and value-added services, in- cluding preferred banking, lending, energy, and insurance programs, collective buying power, and advanced resident communication tools. FirstService Residential Connect management software will be available as a centralized portal to facilitate communication between management, owners, board members, residents, and building staff. In the coming months, the company’s call-in Customer Care Center will also be added for use by the residents.

At the same time FirstService also announced its purchase of Tudor Realty Services Corp. “These two acquisitions add attractive portfolios of marquee properties which further extend our leadership position,” said David Diestel, CEO of FirstService Residential. “We are excited to have Greenthal and Tudor join the FirstService Residential family and look forward to working closely with their teams to drive additional value to our clients and residents throughout the New York region.”

FirstService Residential is North America’s largest manager of residential communities, generating over $3.5 billion in annual revenues with approximately 25,000 employees across North America. The company generates over $3.5 billion in annual revenues and has about 25,000 employees across North America.

“New York is one of our largest markets and a strategic growth priority for us,” said David Diestel, CEO of FirstService Residential. “These two acquisitions add attractive portfolios of marquee properties which further extend our leadership position.”

North Shore Towers changed management companies in July 1998 for the first time in its history, marking the first time management was not directly owned by the original sponsor of the co-op conversion. Greenthal’s initial management contract with the co-op was for three years at slightly below $800,000. It represented roughly a $75,000 reduction from the previous company’s contract.

In a smooth transition overseen by General Manager Suz Landi, only three administrative staff changes were made, and offices were technologically updated. By February of 1999, Landi was defending herself from angry residents and Board Directors, and after serving only one year and one month, was dismissed on Monday, Aug. 2nd, 1999.

Landi’s former assistant, Nancy Gentile, was appointed Acting General Manager and was named permanently to the position soon after. Retired Deputy Inspector/Commanding Officer of the 105th Precinct Glen Kotowski replaced Gentile on Monday, Dec. 17th, 2001. Kotowski retired at the end of July 2022 after serving 25 years at the Towers. Greenthal Director of Special Operations and Senior Account Executive Desi Ndreu was appointed NST’s Interim Property Manager and is continuing in that position as the search for a replacement continues.