In: Property Management
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 9, 2017
Beginning October 1, 2017, pursuant to Local Law 86 of 2017, the regulations regarding providing heat during the nighttime hours have changed. During the Heat Season (October 1 – May 31), property owners must maintain an indoor temperature of 62 degrees inside all apartments at all times.
The former outdoor temperature trigger of 40 degrees outdoors is no longer in play and heat will now always need to be provided. This is also a 7 degree difference inside, as the old regulations provided for the landlord to provide heat to 55 degrees inside when the temperature fell below 40 degrees outside.
If the inside temperature falls below 62 degrees, tenants may file a complaint about inadequate heat with 311. Please take necessary action to ensure that your heating system will be provide heat according to the law beginning October 1st. Daytime heat must still be provided at a minimum of 68 degrees once it is below 55 degrees outside and hot water must be still be maintained at 120 degrees.
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.
In what can be a sign of things to come in the future of New York City’s continuing fight against Airbnb’s short-term rentals, the New York State Senate recently passed a bill that would make it illegal to advertise any short-term rentals (short-term is classified as anything less than 30 days) for entire homes on their website.
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.
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.
Interior repairs in cooperative or condominium apartments aren’t as cut and dry as in a rental property. Unlike a rental, where most repairs would fall onto the landlord, there is a clear delineation of responsibilities for a shareholder / unit owner and the building.
February 2, 2016
Buildings suffer through a lot of wear and tear during move-ins and move-outs. For each move, there are always two sets of people who are coming and going and elevators, common spaces and the building staff are all taxed during this time. In addition, residents are sometimes disturbed as their elevators are either taken out completely or are under limited use while the movers reserve and utilize them during this time period. It’s for this reason that many buildings charge something in order to offset the costs that they are absorbing. These charges can be by way of a deposit, fee or both. Depending on your building, it may be prudent to charge both to protect the asset under your care.