Over the course of four generations, Milstein Properties has developed or acquired over 50,000 apartments, 20 million SF of office space, and 8,000 hotel rooms in Manhattan.
“Honest Buildings brings a never-before seen transparency to our bidding process. It has allowed my VP of Construction and our entire project team to focus on higher value strategic initiatives. We began to see ROI within the first round of bids we sent through the platform. Honest Buildings easily reduced project costs by 5 - 15% based on improved visibility / transparency into both the bid process and project progression.
The delta between bid cost and final cost was a lot closer on projects that went through Honest Buildings.
Honest Buildings easily reduced project costs by 5 - 15% based on improved visibility / transparency into both the bid process and project progression.
Having our documents more complete initially through the platform, including upfront information on labor rates and material rates, reduced the information asymmetry between the contractors and our team, making subsequent negotiation on change orders more transparent and more robust.
So far we have realized a 5 - 10% savings with the improved ability to negotiate change orders with vendors.
The system also standardizes how we run our RFP process, guaranteeing we have competitive pricing on every level, and helping us mitigate risk by making sure everyone is using the same information, like standard insurance indemnification language for every contract executed. Having a centralized system gives everyone the confidence that our process is being consistently implemented every step of the way.”