DOLPHIN PROPERTY SERVICES, LLC

 

Dolphin Property Services, LLC (“DPS”) is headquartered in Yonkers, NY and has a satellite offices in Brooklyn and upper Manhattan.  DPS was founded in 2011 by Peter Murray, the principal owner of DPS and managing member/general partner of many of the properties managed and operated by DPS.  DPS was formed to provide property management, compliance and consulting services to developers and investors involved in real estate and real estate development in the NY metropolitan area.    DPS is currently providing property management, LIHTC compliance and consulting services as well as investment advice to third parties interested in benefiting from the value added by the services provided as outlined below.

 

Property Maintenance

We know the quality of life each resident experiences while living at any property is dependent upon caring and proficient management.  As such, our priorities are focused on providing responsive service and maintaining the property in a meticulous manner.   Every property detail is as important to us as it is to our residents including training and appearance of building staff, the reliability of mechanical systems, the responsible handling of capital improvements, the availability of amenities and services that enhance residents’ lifestyles and an understanding of the unique environment of each property.

DPS aggressively and proactively addresses the physical and financial needs of the communities.  All on site staff are trained to identify the physical needs of the properties and either personally attend to the item or bring it to the attention of their supervisor.  Physical sustainability and quality of life for the residents are interrelated and is the core mission of DPS’s management arm.

As important as the physical condition of the property, the financial health requires long term planning and ongoing diligent monitoring.  Working closely with the owners, investors and lenders as well as public funding agencies is required in order to achieve maximum returns.

As of January 2023 DPS manages a portfolio of 11 LIHTC/Affordable properties with 1,800 apartments and 85 commercial spaces.  Our properties are located throughout NYC as well as Westchester, Rockland, Dutchess and Orange Counties.

 

Regulatory Compliance

Through the design and implementation of standardized procedures and systems utilizing a technological infrastructure, we are able to achieve our compliance goals on a portfolio wide basis.  An experienced staff provides comprehensive financial reports, including interpretative commentary, on a monthly basis.  As all office support and on site managers are required to have completed tax credit compliance courses, the regulatory obligations are on the forefront of all involved personnel.

By using the most current tax credit, HUD and rent stabilization oriented software, DPS provides all necessary data gathering services, initial certification services, re-certification and timely agency, investor and owner compliance reporting.

In addition to the 626 directly managed LIHTC apartments, DPS provides the compliance services for an additional 1,600 apartments in six different developments.

 

Regulatory/Investor/Financing Approvals

As a veteran affordable housing developer, the owner of DPS has developed over 1,700 units, including 900 in 8 developments where LIHTC was used as the primary financing tool.  This experience goes back as far as the early 1990s when the tax credit industry was still evolving and a small 42 unit project located in the South Bronx was syndicated by the principals of the development entity.  With over two decades of development experience in hand, DPS and its principal has a strong working relationship with HPD, HDC, HCR and HFA.  Additionally, he has worked extensively with CPC and the New York City Housing Partnership as well as most of the syndicators and lenders involved in the development of affordable housing.  As most rental properties in NYC have several layers of affordable incentives and requirements including tax abatements and rent stabilization, it is essential that the development/ownership team have an experienced member with the knowledge of NYC’s and New York State’s complicated rules and regulations.