The Dermot Co. is a vertically integrated owner, operator, and investment management firm. The New York-based firm has more than $5 billion in assets under management and a portfolio spanning over 7,800 apartments on the Eastern Seaboard.
Dermot combines institutional expertise with a people-first philosophy, creating environments where residents can connect, thrive, and build their lives. Alissa Hazan, director of portfolio operations and general counsel, joined the firm in 2019, overseeing day-to-day operations and strategic initiatives. She shares with Multifamily Executive how Dermot is elevating the resident experience, embracing innovation, and driving long-term value across its growing portfolio.
What’s in Dermot’s multifamily portfolio (owned and managed)?
Dermot’s portfolio totals more than $5.1 billion assets under management across the East and Southeastern regions. Our focus is on investing and managing quality, high-performing communities that are “built for living.” We do this through a value-add approach that enhances the resident experience and delivers risk-adjusted returns to our investors.
Dermot currently owns and/or operates a mix of 19 modern high- and mid-rise communities across Manhattan, Queens, and Brooklyn. While we remain committed to the New York City market, our firm also owns properties across Florida. We expanded our presence in the region to take advantage of demographic tailwinds in the Sunshine State with its influx of new residents. We currently own and/or operate five lifestyle rental communities in key Florida markets including Jacksonville, Miami, and along the southeastern Atlantic Coast. We’ve added over 1,800 units to our Florida portfolio over the last four years, including our most recent acquisition of The Quaye at Wellington, which is a 350-unit community in Wellington.
Our properties in both New York and Florida are primarily managed through our vertically integrated property management platform, which also provides third-party property management services based on our more than 30 years as an owner and operator.
What is Dermot’s property management philosophy?
We believe in providing an elevated resident experience. We understand that satisfied residents lead to higher occupancy, stronger retention rates, and, ultimately, greater long-term value of our properties. Across our portfolio, we ended 2024 with an occupancy rate that was higher than the national average of 94.8%.
We have found success with a multipronged approach to resident satisfaction that includes:
- Placing a significant emphasis on training and development of our teams to ensure we can deliver exceptional service. By prioritizing a sense of belonging and cultivating a diverse workforce, we are better equipped to serve our residents with innovative ideas and varied perspectives.
- Investment in hospitality-driven amenities and experiences that foster community and connection and deliver the upscale lifestyle residents seek. Many of our communities include amenities such as resort-style pools, state-of-the art fitness centers, expansive rooftop and outdoor community spaces, dog parks, and spas, among many others.
- Combining operational expertise with a focus on the resident experience to improve efficiencies, reduce operating costs, and streamline processes to positively impact the bottom line. Ongoing investment in technology has allowed us to deliver faster response times and greater convenience for resident requests. We are also always looking for economies of scale and opportunities for centralization to optimize resources across our portfolio. This approach includes portfoliowide bid processes, centralized technology platforms, and centralized administrative and leasing functions.
How do you set yourself apart when it comes to serving the residents?
We create environments that encourage our residents to build genuine connections with their neighbors, the neighborhood, and the Dermot community. Our comprehensive resident engagement platform, Dermot Ignite, is designed to elevate the resident experience through curated, community-driven experiences. Ignite is one of Dermot’s key differentiators that fosters strong engagement and drives the sense of community that is so important to long-term resident satisfaction.
We cultivate these connections by hosting events and collaborating with local businesses and services. For example, we hosted an art gallery opening at our 250 Houston Street property. At 101 West End, residents enjoyed cocktails and live music from a local band on the building’s remarkable rooftop, and, at 21 West End, a “Sip and Shop” featured a selection of handmade, sustainable jewelry from a local artisan. These events foster inclusivity, heighten resident satisfaction, and encourage retention in innovative and engaging ways.
Everyone who works in a Dermot community is hired because they are approachable, reliable, and dedicated to delivering white-glove service. Our management team has an open-door policy; they want to hear directly from our residents to help improve our communities. Resident feedback is collected both informally and through surveys.
What are the most popular amenities at your communities?
In addition to our events and experiential amenities like Ignite, pools and spas are among the most sought-after features at Dermot communities where they are available. Fitness centers are highly utilized, especially at our communities that offer well-attended fitness classes. For our youngest residents, we have many kid-friendly amenities, such as party rooms, playrooms, and playgrounds. Pet amenities such as pet spas, dog runs, and doggy day care services are also popular.
Residents also value the convenience of Dermot Connect, a digital amenity that connects our residents to our communities through a single mobile-app platform. The app allows residents to view and RSVP to upcoming events, book service amenities, request maintenance, and pay rent—all from their phones.
Tell me about a recent project you completed and how it showcases Dermot’s philosophy.
I am extremely proud of our recent renovation at 220 East 72nd Street. This project highlights Dermot’s philosophy of providing an unforgettable resident experience while demonstrating our commitment to sustainability.
The renovation touched every aspect of the property. The lobby received a complete makeover with a marble-topped doorman’s desk, wood paneling, and beautiful stone floors. When you enter the building, it feels warm and inviting. This aesthetic carries into every apartment with wood flooring, stone-tiled bathrooms, and kitchens with high-end appliances and quartz countertops.
The renovation also included common area amenity upgrades. Resident well-being is front and center with a state-of-the-art fitness center, top-rated workout equipment, and fitness classes. For pet owners, a dog spa and a rooftop dog run make caring for their pets a breeze. Our youngest residents have access to a wonderful children’s playroom with toys, objects to climb on, and quiet nooks for reading. We also created a stunning rooftop deck complete with outdoor lounge areas and grills, which is complemented by the city skyline—especially at sunset.
The upgrades also reflect a commitment to the wider community and environment. Residents are now able to manage heating and cooling with a Wi-Fi-enabled controller connected to air-sourced heat pumps. Newly installed windows are energy-efficient double-paned glass, allowing for unobstructed views and great sunlight. Reducing energy consumption and greenhouse gas emissions are fundamental elements of our overall business strategy. These energy-oriented updates are designed to help meet our greenhouse gas intensity target aligned with New York’s Local Law 97. By 2030, Dermot aims to achieve a 40% cumulative reduction in greenhouse gas emissions intensity from our 2020 baseline.
These renovations are expected to deliver long-term value through lower operational and energy costs, higher occupancy and retention rates, and a better ability to compete with similar buildings in the neighborhood.
What’s in the pipeline for Dermot?
We are looking to expand our owned portfolio and broaden our third-party property management portfolio in the Southeast and Florida. Our investment team is also evaluating opportunities in other markets along the East Coast in addition to New York City and Florida.
In 2024, we acquired 20 Exchange Place, a 767-unit, 57-story luxury apartment building in the heart of Manhattan’s Financial District. This was a unique opportunity to acquire an iconic building at an attractive basis and significantly below replacement cost. 20 Exchange was originally built as the headquarters of Citigroup’s predecessor City Bank-Farmers Trust, and we were able to acquire this off-market based on our relationships in the industry.
Our goal is to continue this momentum in 2025—identifying, sourcing, and acquiring properties like 20 Exchange that are aligned with our long-term investment strategy.
What trends are you watching in multifamily?
We are monitoring two key trends: the adoption of new technology in property management and the integration of artificial intelligence where it can meaningfully enhance operations or resident experience. I co-lead the Dermot technology and innovation team that assesses myriad proptech solutions on the market to determine which tools can add the greatest value to our employees, residents, and investors.
We also see a shift toward centralizing operational functions. The industry has realized that it can achieve significant cost savings and improved performance by centralizing operations in both leasing and management. Better technology makes the benefit of scale and centralization possible.
