Property Management Firm Akam Acquires Residential Operator Orsid

Property management firm Akam is adding 260 residential buildings — mostly in Manhattan — to its portfolio after acquiring Orsid New York.

Akam, which also merged with Metro Management in March, purchased the firm for an undisclosed amount. The deal puts both parties on equal footing in terms of culture and the services they provide to clients, according to the two groups.

“Orsid’s outstanding reputation, deep expertise, and trusted client relationships make it a natural addition to our family of companies,” Akam CEO Ken Greene said in a statement. “With our shared culture and combined scale, we will offer greater value and benefits, invest further in our businesses, and continue our collective pursuit of excellence in property management.”

Orsid President Neil Davidowitz and other members of its executive team will continue to lead operations of the company’s portfolio, which is similar to that of Akam. Most properties managed by Orsid are co-op and condo buildings that hire the company on a contractual basis to manage concierge services, building maintenance and day-to-day shareholder services.

Despite the acquisition, the two groups will operate independently, according to Akam.

“Together, we remain committed to our core mission — improving the quality of life for the people who live in, work in, and visit the properties we manage — while continuing to serve our clients with the same dedication and excellence they have come to expect,” Davidowitz said in a statement.

The acquisition of Orsid, founded in 1955, is similar to Akam’s union with Metro Management in that they would integrate with one another on services provided, but continue to be separate operations. 

Metro Management owner David Baron also remained on board as president after the acquisition by Akam.

Mark Hallum can be reached at mhallum@commercialobserver.com.