Company Overview
Parkadon Management and Development has long been committed to affordable residential housing in New York City and the NYC Metro Area.
Established in 1993 by real estate veteran Michael Greenberg, the company has a strong track record of rehabilitating underperforming properties and managing successful affordable housing developments. With expertise in complex financial analysis and transactions, debt and equity, deal structuring, planning and design management, cost-effective contractor and construction oversight and day-to-day operations, the firm works closely with strategic partners in government and the nonprofit and private sectors. Parkadon ensures that each building within its portfolio achieves its maximum potential while maintaining long-term affordability.
Key project partners include the New York City Housing Partnership, the New York City Department of Housing Preservation and Development, and the US Department of Housing and Urban Development. As a principal in a portfolio of real estate partnerships owning over 20 buildings in Manhattan, Brooklyn, Jersey City, and elsewhere in Greater New York, the firm continues to grow and thrive—creating long-term value, developing quality affordable housing, transforming properties through effective management and revitalizing communities.
The Parkadon Model: A Vision of Affordability
As a developer of new buildings, Parkadon believes attractive residential architecture with superior construction, fixtures and finishes, reliable security and life-improving amenities should be accessible to all.
The firm’s most recent project, an eight-story, 64-unit home-ownership condominium building at 70 West 139th Street in Central Harlem featuring 66.67% building-wide affordability, delivers design excellence, quality fixtures and finishes, enhanced amenities, state-of-the-art fire safety, security and access systems, energy efficiencies and high-quality construction at a price point that allows New Yorkers of all income levels to remain in New York City. With 42 affordable apartments for families with incomes between 90% and 165% of the Area Median Income (AMI), and 21 market-rate residences—the project is a joint venture with New York City Housing Partnership, which has an ownership stake in the affordable units.
Whether rehabilitating underperforming properties or planning new affordable housing developments, Parkadon prioritizes durability, sourcing and integrating high-quality construction materials and long-lasting, efficient building systems. For every project, after conducting an inventory to determine when each building component will need to be replaced, Parkadon aggressively escrows reserves to meet those future needs.
For its Central Harlem condominium, 70 West, Parkadon has included a meaningful transfer fee component, requiring that a portion of any apartment sale be paid into the building’s reserve fund. From its inception, Parkadon has structured this project to provide for the building’s capital needs and optimum long-term operations by creating a well-planned and well-funded safety net to ensure low common charges now and into the future. Looking ahead, Parkadon is exploring the creation of a new financial model for housing that would optimize the strongest components of private, government and nonprofit partnership—allowing for the creation of New York City housing developments that are affordable for the long term.
Says Michael Greenberg, “New York’s Mitchell Lama program was tremendous. Thousands of units of housing were built, and many hoped the subsidies would last forever. But it was a 40-year program, and now these residents are being displaced by market realities. We now need a new program, one that creates housing that is perpetually affordable. I want to work with City and State officials and nonprofit partners to craft a housing model that is two-thirds affordable in perpetuity. I believe if we create a feasible program, developers like me will be interested in ensuring that New York remains livable for all.”
Michael Greenberg believes this type of enhanced partnership will appeal to developers and proponents of affordable housing and is willing to have Parkadon “assume the risk on the front end—funding the engineering, architects and legal fees that will add up substantially even before it is known whether a project is feasible. We are banking that once government subsidies are factored in, a project—with two-thirds of the units affordable and one-third market rate—can generate healthy returns going forward, if the project is properly structured from inception. This proposition would require long-term commitment from all participants. Most importantly, it would make life in this great city possible for those of every income level and help to maintain New York’s wonderfully diverse communities. To us at Parkadon, that is a sure win-win.”
Throughout his career, Michael Greenberg has been driven by a dedication to creating quality affordable housing in the New York City metropolitan area.
A lifelong New Yorker, he brings to his projects over 35 years of experience in real estate acquisitions, syndication, financing, land use planning and property management. He has managed and/or asset managed over 10,000 subsidized and non- subsidized residential units together with commercial properties with a total market value of over $1 billion. Currently a principal in multiple real estate partnerships owning and operating over 20 buildings, he has analyzed property assets in 60 markets throughout the US, and successfully structured and completed real estate projects nationally.
An art-lover and culture enthusiast, Michael supports initiatives that help keep the city a vibrant, compassionate place. For decades, he has volunteered every Wednesday as a cook at St. Joseph House Catholic Worker in Manhattan’s East Village. “I am a New Yorker and I love this city—its art, architecture, diversity and strong sense of community. I’ve seen the evolution of our properties and neighborhoods over decades, and every building has its own story. I am committed to doing my best to help make things better for all New Yorkers.”
CHERYL WILSON
Cheryl Wilson serves as Parkadon’s Vice President of Operations, overseeing the day-to-day management of all the firm’s properties. Ms. Wilson has been with Parkadon since 1993, when she came on board to manage Brooklyn’s Greene Park Arms development. With expertise in leasing, operations and regulatory compliance, Cheryl works with residents, vendors, partner organizations and government officials and agencies, guaranteeing that needs are addressed, operations run smoothly and work is completed efficiently, ensuring the long-term stability of all Parkadon properties.
Cheryl’s experience in the affordable housing arena began in the 1980s, when she served as the Board President of Rochdale Village, the second largest Mitchell-Lama housing development in New York City. As Board President, she represented approximately 20,000 residents across 20 buildings in the complex.
With a commitment to affordable housing and community development that extends beyond her executive role at Parkadon, Cheryl serves on NYC Community Board 12 in Queens, the Association of Builders and Owners, and the Association of Minority Black Businesses of New York.
ODDRUN MARRONE
Oddrun Johansen Marrone came to New York City from Norway in the early 1970s. Working in the fashion industry as a model with the Eileen Ford Agency, she appeared in the pages of magazines such as Vogue and Harper’s Bazar. Oddrun’s interest in business led her to the legal sector, where she worked as an office administrator and human resources manager. Oddrun joined Parkadon in 1999 and since that time has managed day-to-day operations for the firm, including accounting, human resources, payroll and benefits, budgeting and banking, as well as maintaining office equipment and managing clerical staff.
JAE BAE
Originally from Seoul, South Korea, Jae Bae came to New York City in 2009 after completing studies in Fine Arts at the University of the Arts in Philadelphia. Working as an assistant designer at a fashion company, she was quickly promoted to Associate Designer and Production Manager. In 2015, Jae decided to leave the fashion industry to join Parkadon, where as Operations Manager she now oversees maintenance and compliance for all of the firm’s properties. She works regularly with the NYC Department of Buildings and other government agencies, coordinates with contractors, oversees required site inspections by the U.S. Department of Housing and Urban Development (HUD) and serves as the firm’s liaison with limited partners and investors. Still a designer at heart, Jae enjoys seeing her contributions to New York City’s evolving streetscape manifest in Parkadon development projects. She continues to express herself creatively as a freelance artist, working largely in painting and mixed media, using organic materials and found objects to create both two- and three-dimensional artwork.