OnsiteIQ Helps The Moinian Group Monitor their Development Pipeline of Premier Residential, Commercial, and Hospitality Projects

The Moinian Group is one of the largest privately held real estate investment companies in the world, operating in some of the most competitive and challenging markets in the United States. Over the last 40 years, The Moinian Group has built a portfolio of over 20 million square feet of visually distinguished properties including iconic buildings such as 3 Columbus Circle, a 750k square foot class A, office and retail property that spans a full city block in New York, Sky, a stunning 71-story 1250-unit, residential tower located on Manhattan’s West Side, Bezel Miami Worldcenter, and The International Jewelry Center in downtown Los Angeles.

At any given time, The Moinian Group has multiple properties worth hundreds of millions of dollars under development. This exposure coupled with the construction industry’s pervasive schedule delays and cost overruns presents a significant challenge. Not only does the in-house construction management team need to deliver completed assets, the lifeblood of the company’s growth, they also need to avoid schedule delays and cost overruns which could erode their return on investment. A solution enabling the team to mitigate risk and fully understand project performance was needed.

• Verifiable Progress Tracking
• Payment Application Verification
• Collaborating With Project Stakeholders
• Asset Management

After scanning the marketplace for potential solutions, Mitchell Moinian contracted with OnsiteIQ to monitor multiple properties (over 750,000 GSF) of commercial, hospitality, and residential projects underway in New York City and Miami. The Moinian Group now has weekly data on project performance that is both independently acquired and objective. Progress percent complete data is provided across 18 major milestones for the entire development pipeline allowing the team to quickly determine ground truth. Furthermore, construction portfolio management is at the teams fingertips providing the data needed to determine any gaps between perceived project status and reality, as well as providing the basis for releasing vendor payments for work performed. This ensures maintenance of adequate leverage over contractors and significantly reduces project risk. 

Verifiable Progress Tracking

OnsiteIQ has provided The Moinian Group unhindered access to percentage complete progress data which is backed by comprehensive visual evidence. With the ability to virtually walk the jobsite at any time and monitor progress across 18 major milestones, Mitchell Moinian’s team can independently assess project performance against contractor provided data. This level of transparency keeps the project team highly accountable and reduces avoidable delays.

 

Payment Application Verification

Pay Applications are now confidently approved or refuted with OnsiteIQ supporting evidence. In one instance, The Moinian Group received a request to pay for curtain wall installation on eight floors of a tower when in fact only four floors had been completed. Within minutes Mitchell Moinians team was able to validate ground truth and forward imagery of the not yet installed curtain wall to the contractor. This was irrefutable and ensured that The Moinian Group didn’t pay for work that hadn’t been performed. 

 

Collaborating With Project Stakeholders

The Moinian Group builds world class assets in premier locations, often working with the most prestigious architects in the world. Executing on complex construction to achieve the design intent that makes a visually distinguished asset is no easy feat.  Significant collaboration and coordination is required by various project teams. With OnsiteIQ, the in-house construction team, architects, consultants, and contractor can pull up 360 degree imagery of the project site to quickly resolve RFIs, flesh out change orders, and ensure that build quality and standards are being achieved. Crucial collaborations are made without ever having to leave their offices, saving on travel expenses and resolving issues much quicker than previously possible. 

 

Asset Management

Owning an asset for decades brings with it significant lifecycle management challenges. In one instance, a resident wanted to join three residential apartments into one larger suite. OnsiteIQ allowed the architect to peel back the walls of the units and understand where all of the structural components were located. This avoided tens of thousands of dollars which would have been spent on probing and exploration to validate the As-Built conditions. 

Mitch Moinian and The Moinian Group continue to undertake new development projects and deliver world class real estate assets. With OnsiteIQ, the team is able to reduce their risk on hundreds of millions of dollars and foster a more transparent and accountable project team. Project progress is at their fingertips, payments are submitted only for work performed, and long term asset management including future renovations are easier than ever. The Moinian Group will continue building visually distinguished properties and OnsiteIQ will be there to support them.