Pursuant to a new New York State regulation, Board Members belonging to all Cooperative and Condominium Associations will be required to provide an annual report to the members of your cooperative or association containing information on any contracts made, entered into, or otherwise voted on by the Board that were considered a related party transaction; such as a director with an interest in the company or a relative of the director with an interest in the company that a contract has been entered into with.
August 23, 2016
Are you on the Board and using either your personal or work email address to conduct Board business? If so, this may be a bad practice that can affect your personal and work lives. What do we recommend? Each board member should set up a brand new email address specifically for all board related items.
Between the years of 1992 and 2013 buildings that carried an assessed value of less than $40,000 were eligible to file for a J-51 for renovation work that qualified for the abatement. In 2013, the limits were tightened to an assessed value of $30,000 or less, leaving a large chunk of middle-income buildings in the lurch when it came to receiving abatements to offset the very expensive work that they were doing.
The New York City Water Board has unanimously approved a 2.1 percent increase in the city’s water and sewer rates, effective July 1, 2016.
As per NYC Department of Environmental Protection Code, Buildings in New York City are now required to perform a tune up/overhaul and efficiency test on an annual basis by a certified technician. In addition, it is now required that all buildings keep a log book of maintenance of the boiler. The super must sign this book weekly. If this maintenance and testing is not performed by the end of each calendar year, the building will be subject to a fine.
As per the yearly requirement in New York City, properties that are greater than three (3) units need to file their annual property registration with HPD. As of today, the filings for 2016 – 2017 are available to update on the HPD website.
Many buildings, both large and small, manage their properties in-house, without a professional management company involved. These buildings can be cooperatives or condominium complexes (or a mixture thereof). There’s certainly a benefit to self-management; the building saves on the fee that they would pay an outside company, but in some cases the dollars saved are not what they seem to be. There’s an upside to everything, but also a downside. Let’s explore this more in depth.
In the past twenty years, the world of property management has changed but oftentimes, the way in which property management companies manage, has not. There are plenty of companies that are still run by the same executives and they continue to live off of the management style of the 1980’s. To put it bluntly, the use of modern day technology and apps is mostly non-existent and as a company, we’re changing that.
Beginning on May 15th and lasting until June 25th, the NYC Department of Buildings will be inspecting decks and retaining walls for free, for property owners who request this service. During the assessment, inspectors will check both decks and retaining walls, if applicable, for potentially dangerous conditions, such as cracking, rotting, bulging, leaning and other warning signs that they note can lead to potential structural failure.