Philip Kraus, CEO of Fred Smith Plumbing & Heating, is pleased to welcome Preston Kraus (pictured, right), his eldest son, to the family business. Preston studied finance at Southern Methodist University and then worked in investment banking and private equity for large firms. Philip notes, “Preston’s experience and training positions him to offer new financial disciplines in our operations to ensure the company remains technologically current and operationally competitive.” Philip observes that Preston’s skills complement those of Spencer, his brother (left), and he expects the two of them will make a great team in leading the company in the future.

The co-op and condo world has been fertile ground for many family businesses, including some that are now transitioning to the fourth generation. In its 35th Anniversary issue, Habitat Magazine profiled Fred Smith Plumbing & Heating, speaking with both generations – Phil and Sandy Kraus, and their sons Spencer and Preston. They discuss how they have adapted to the city’s changing real-estate landscape, and the ways they are passing the baton from one generation to the next.

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A foul-smelling sludge was bubbling up from the drain in a co-op apartment on Manhattan’s Lower East Side. The resident was told it would be impossible to fix. Was all hope lost?

“There’s a solution to everything,” said Philip Kraus, the president of Fred Smith Plumbing and Heating Company in Manhattan. Problems like this are usually caused by either a blockage in the plumbing line or a problem with the way a pipe was configured. Blocked pipes can be snaked, and incorrectly installed ones can be repaired.

Read the full story in this “Ask Real Estate” column, published in The New York Times on November 15, 2015.

Spencer Kraus, Plumbing Supervisor-Account Manager, received his Journeyman Plumber Registration, License 1050, from the NYC Department of Buildings. Qualifications for this registration include — but are not limited to–: a minimum of five (5) years of full-time experience performing plumbing under the direct supervision of a NYC Licensed Master Plumber; a demonstrated working familiarity with the New York City Plumbing Code and technical standards; the ability to apply basic plumbing theory and use the trade skills on the jobsite; a working knowledge of the tools of the trade and the ability to properly use them; and, the ability to draft simple diagrams and interpret drawings for the plumbing work. Spencer also received a Certificate in Plumbing Systems Design from NYU Schack Institute of Real Estate. Philip Kraus, CEO of Fred Smith Plumbing & Heating, (and Spencer’s father), says, “I congratulate Spencer on his NYU Certification and DOB Journeyman Plumber Registration. The knowledge acquired from these endeavors builds on his undergraduate education at Carnegie Mellon University and makes him a formidable member of our organization. I appreciate the contributions he makes in leading the “Fred Smith” team in finding the correct plumbing solutions for our clients. Soon, Spencer will join the ranks of NYC Master Licensed Plumbers and will do so as a fourth generation NYC MLP.”