The elevator mechanic, who can repair and overhaul elevators, is worth $2.5 million, according to an appraisal released Monday by a New York City law firm.
The firm’s valuation of elevator repair and restoration firm Cascades Engineering Corp. was based on an appraisal of Cascadas’ performance in recent years.
“The elevator repair &restoration industry has undergone an economic turnaround,” said Robert C. DeCarolis, a partner at Cascaders who led the appraisal.
“It’s become a robust and viable business, and it’s been one of the few bright spots in this tough economic climate.”
Elevators have become an increasingly important part of the city’s transportation system as people commute by foot, bike and car.
The number of elevator-repair jobs rose to 10,500 in 2017 from 6,000 in 2015.
But many of those jobs have gone unfilled for years, and there are few openings.
Elevator repair & restorations are the third most important job in the city after police and fire.
The city is currently facing a $4.8 billion shortfall in its general fund budget.
Elevators are among the few transportation jobs that can be outsourced to companies that can make money on their own.
The appraisal by Cascads’ DeCaroli and partner William J. Pfeiffer also shows that the city is building a new high-rise apartment tower at the site of the old Midtown Plaza.
The tower, designed by Chicago-based Gensler, is expected to open next year and be the tallest building in New York.
The deal for Cascading’s work was not disclosed.
In a statement, Pfeffer said that the firm has an aggressive strategy for elevators repair and that it expects to complete its work by March 2021.
Cascadys firm said in a statement that it is grateful to the city for its support of its efforts to upgrade the citys public transportation system and is confident that the partnership will result in the best possible outcome for all involved.
The elevator repair industry, the most common type of repair work, has grown to account for approximately $1.7 trillion in revenue in New Jersey and New York, according the latest estimates by the Institute for Policy Studies, a research and policy group in Washington, D.C. The company says its repair work has a $3.4 billion annual impact on the economy in New Brunswick, New Jersey, which has about 25,000 people.