In: property management
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.
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.
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.
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.
Flip Taxes are a tool in Cooperative buildings all throughout New York City. Essentially, they’re a tax (or a fee) that the Cooperative collects at the closing of an apartment that is transferring hands between outgoing and incoming Shareholders.