A member of the forum of Habitat Magazine (www.habitatmag.com) posted that her current agent neglected to pay their water bill and now penalties and late fees were being applied. The poster wanted to know if the money that the building is out would be collectable from the current agent.
Mark Levine of Excel Bradshaw Management Group, a NYC property management firm explains a solution to how to avoid this from happening in the future in any building and also gives an insight into a real world scenario that he has encountered with the same issue.
Should the Board try and recoup the losses? Yes, but in order to collect they may have to go to legal with the property management firm and weighing the cost of legal vs. the outstanding fines and penalties will shape their decision. The real question is; will they keep their current firm or search for a new one?
June 3, 2014
With Memorial Day just passing, now is the right time to talk about BBQ safety in NYC. Everyone should be aware of the propane restrictions in NYC and by doing so, we can keep the risk of fire and explosions to a minimum in the city’s 5 boroughs.
In New York City residential buildings, Local Law 75 of 2011 dealt with the replacement of Carbon Monoxide Detectors in multi-family buildings. On April 1, 2014 the law was amended to also include the oversight of replacement of Smoke Detectors at the end of their useful life, ensuring that all apartments were protected.
Mark Levine, our Vice President is introducing himself in the first of many New York City centric property management videos. Since 1996, our firm has been a 3rd party property management firm specializing in the management of Cooperatives, Condominiums and rental buildings in the 5 boroughs of NYC and also on Long Island. These videos will be a great way for our clients, potential clients and the general public to get a better handle on property management of multi-family buildings, no matter if they are in the NYC area or elsewhere.