HUD awards $15.5M for NYC property management services to Prescient, Inc. under full and open competition
Contract Overview
Contract Amount: $15,508,706 ($15.5M)
Contractor: Prescient, Inc.
Awarding Agency: Department of Housing and Urban Development
Start Date: 2004-09-20
End Date: 2008-09-30
Contract Duration: 1,471 days
Daily Burn Rate: $10.5K/day
Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Number of Offers Received: 6
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: MANAGEMENT SERVICES FOR OCCUPIED SCATTERED SITE PROPERTIES IN NYC.
Place of Performance
Location: NEW YORK, NEW YORK County, NEW YORK, 10278
State: New York Government Spending
Plain-Language Summary
Department of Housing and Urban Development obligated $15.5 million to PRESCIENT, INC. for work described as: MANAGEMENT SERVICES FOR OCCUPIED SCATTERED SITE PROPERTIES IN NYC. Key points: 1. Contract awarded to Prescient, Inc. for management services in NYC. 2. Total contract value is $15,508,706. 3. Procurement method was full and open competition after exclusion of sources. 4. Services cover occupied scattered site properties. 5. Contract duration is 1471 days.
Value Assessment
Rating: fair
The contract value of $15.5M over approximately 4 years suggests a moderate annual spend. Benchmarking against similar property management contracts in high-cost areas like NYC is necessary for a precise value assessment.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract utilized full and open competition after exclusion of sources, indicating an attempt to maximize competition. The specific exclusion of sources needs further review to understand its impact on price discovery.
Taxpayer Impact: Taxpayer funds are utilized for property management services, with the efficiency and cost-effectiveness of the chosen method impacting the overall value for money.
Public Impact
Ensures continued management of residential properties, impacting tenants' living conditions. Supports local economy through service provision and potential sub-contracting. HUD's effective management of scattered sites is crucial for housing program integrity.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Potential for cost overruns if scope expands.
- Reliance on a single contractor for critical services.
- Effectiveness of 'exclusion of sources' needs scrutiny.
Positive Signals
- Full and open competition aims for best value.
- Long-term contract provides stability.
- Fixed-price contract shifts some risk to contractor.
Sector Analysis
This contract falls within the real estate services sector, specifically property management. Benchmarks for similar services in major metropolitan areas would be relevant for assessing cost-effectiveness.
Small Business Impact
The data does not indicate if small businesses were involved as prime contractors or subcontractors. Further analysis is needed to determine the extent of small business participation.
Oversight & Accountability
Oversight by the Department of Housing and Urban Development is critical to ensure Prescient, Inc. meets performance standards and manages properties effectively and ethically.
Related Government Programs
- Lessors of Residential Buildings and Dwellings
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Lack of clarity on 'exclusion of sources'.
- Potential for cost creep if not managed tightly.
- Dependence on contractor performance.
- Geographic concentration of services.
Tags
lessors-of-residential-buildings-and-dwe, department-of-housing-and-urban-developm, ny, dca, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $15.5 million to PRESCIENT, INC.. MANAGEMENT SERVICES FOR OCCUPIED SCATTERED SITE PROPERTIES IN NYC.
Who is the contractor on this award?
The obligated recipient is PRESCIENT, INC..
Which agency awarded this contract?
Awarding agency: Department of Housing and Urban Development (Department of Housing and Urban Development).
What is the total obligated amount?
The obligated amount is $15.5 million.
What is the period of performance?
Start: 2004-09-20. End: 2008-09-30.
What specific criteria led to the exclusion of certain sources during the full and open competition?
The exclusion of sources during a 'full and open competition' is unusual and warrants clarification. Typically, full and open competition means all responsible sources are considered. The specific reasons for excluding certain entities need to be documented and justified to ensure fairness and prevent potential anti-competitive practices.
How does the per-unit cost of managing these scattered sites compare to industry averages in NYC?
Without specific data on the number of units managed and the breakdown of services provided, a direct per-unit cost comparison is difficult. However, the total contract value of $15.5M over roughly four years for scattered sites in NYC suggests a significant investment. Benchmarking against similar HUD contracts or private sector property management fees in the region would be essential.
What performance metrics are in place to ensure the effectiveness of Prescient, Inc.'s management services?
Effective oversight requires clearly defined performance metrics and service level agreements. These should cover aspects like property maintenance, tenant relations, rent collection, and compliance with housing regulations. Regular performance reviews and reporting mechanisms are crucial to ensure Prescient, Inc. is meeting its contractual obligations and delivering value.
Industry Classification
NAICS: Real Estate and Rental and Leasing › Lessors of Real Estate › Lessors of Residential Buildings and Dwellings
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Offers Received: 6
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 2100 CORAL WAY, STE504, MIAMI, FL, 90
Business Categories: 8(a) Program Participant, Category Business, Hispanic American Owned Business, Minority Owned Business, Small Business, Special Designations
Financial Breakdown
Contract Ceiling: $15,508,706
Exercised Options: $15,508,706
Current Obligation: $15,508,706
Timeline
Start Date: 2004-09-20
Current End Date: 2008-09-30
Potential End Date: 2008-09-30 00:00:00
Last Modified: 2009-10-07
Other Department of Housing and Urban Development Contracts
- Single Family Master Subservicer Services in Support of Ginnie Mae's Mortgage-Backed Securities (MBS) Programs — $982.0M (Carrington Mortgage Services LLC)
- TAS::86 4585::TAS Award of Portion of Hits Solicitation Under RFP R-Opc-21970 Pursuant to Settlement Agreement. the Contractor Shall Provide Data Center, Help Desk, and Disaster Recovery Services — $620.3M (Peraton Enterprise Solutions LLC)
- TAS::86 4585::TAS Award of Portion of Hits RFP to LMC. the Contractor IS Responsible for Lotus Notes, Desktops, Laptops, Field Office Servers, Lans, Printers, and Kiosks — $498.6M (Lockheed Martin Services, LLC)
- Single Family Master Subservicer Igf::ot::igf — $343.6M (Carrington Mortgage Services LLC)
- Single Family Master Subservicer Igf::ot::igf — $314.2M (Selene Finance LP)
View all Department of Housing and Urban Development contracts →