Property Resources Corporation is a family-run real estate firm that designs, develops, operates, and maintains all classes of multifamily residential real estate, from luxury condos to affordable housing. Founded in 1971 by Jerome Chatzky, PRC has, over the past five decades, developed more than 9,800 units of affordable housing and more than 1,500 units of market rate housing in the New York City area. PRC and its affiliated companies Peter Clements Architect, Melcara and PRC Management all work hand in hand to deliver a seamless execution for all the firm’s stakeholders. The firm operates under the core principle that everyone, regardless of income, deserves a clean, safe place to call home.
Throughout PRC’s history, the company has continuously adapted to the needs of the current environment, constantly reinventing itself and maintaining an entrepreneurial spirit. In the 70s and 80s the firm was heavily focused on affordable housing construction and management – aggregating an affordable housing portfolio in the Bronx with more than 2,000 units and establishing a best-in-class affordable and market rate management company. In the 80s and 90s the firm pivoted, utilizing its captive architectural firm to develop high rise condo and condop buildings throughout Manhattan including The Savannah, Princeton House, and The Regatta.
In the early 90s, Frank Linde and John Chatzky, Jerome’s son-in-law and son, took ownership of PRC, transitioning the firm’s leadership from first to second generation. Under Frank and John’s stewardship, the firm expanded its capabilities in both the market rate and affordable housing development, as well as in the firm’s financial sophistication. Utilizing a variety of financial resources including Low Income Housing Tax Credits, Tax-Exempt Bonds, Federal and State Loan Guarantees, and Green Community Support, PRC established an ability to use all available resources to deliver award-winning affordable housing preservation developments — consistently on time and budget. Over this period the firm carved out a niche in being best-in-class at performing tenant-in-place rehabilitations. Few development companies have successfully completed as much tenant-in-place rehabs in the New York Metropolitan area over the past two decades as PRC.
Today, PRC is actively transitioning from second generation to third, with Matt Linde and Ben Linde taking a more active role in guiding the future direction of the company. Over the past several years, PRC has diversified from a sole focus on in-place rehabs in the Bronx to redeveloping two market rate housing projects in Westchester, restarting the firm’s ground up construction practice by building two new 100% affordable residential buildings in the south Bronx, completing two RAD projects in partnership with NRMHA and MHACY, and commencing construction on the Archive, an adaptive reuse conversion of an 1870s built Catholic university into a luxury residential community in Bed-Stuy, Brooklyn. More recently, PRC was awarded its first NYCHA PACT project, part of a team responsible for the rehabilitation of nearly 1,700 public housing units in East New York, Brooklyn. The $600m project will revitalize multiple communities that have long been neglected and underfunded, transforming living conditions for thousands of residents.
PRC’s strength lies in its vertical integration, employing a team of best-in-class experts in design, development, construction, and property management, all under one roof and working in concert to ensure that all our projects run smoothly and efficiently. From due diligence to closing, through construction completion and management, PRC uses its integrated platform to provide the services, skills, and systems necessary to develop or rehabilitate each property to the highest standards of quality. We take great pride in our ability to positively impact the world, creating stability for individuals, families, and communities.