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.

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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.

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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.

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If your building still operates with a boiler that runs on oil, or if you have an active storage tank that holds oil, the NYS Department of Environmental Conservation requires that your building keep an active permit, which is due for renewal every five years, for each and every active tank. The Bulk Storage Certificate is required for any size tank and depending on the size of your specific tank, there will be varying filing fees.

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