Management Basics

DHCR Updates NYC Lease Rider, ETPA Standard Lease Addenda

January 26, 2024    

Any lease offered on or after April 4, 2024, must have these updated documents attached.

 

 

DOF Publishes FY 2025 Tentative Assessment Roll

January 26, 2024    

Class 2 rentals saw a market value increase of 5.7 percent.

 

 

On Jan. 16, the NYC Department of Finance (DOF) announced the publication of the tentative property assessment roll for fiscal year (FY) 2025, which shows the total market value of all NYC properties...

DOB Imposes New Deadline for Parking Structure Inspections

January 26, 2024    

Inspections for Subcycle 1B started Jan. 1.

 

 

If your apartment building has a parking structure, you should know that the Department of Buildings has adopted stricter inspection requirements for owners this year. In November 2023, DOB amended Local Law 126 of...

File Annual Drinking Water Storage Tank Inspection Results with DOHMH by Jan. 15

December 18, 2023    

Drinking water tanks help deliver pressurized water to some buildings with more than six floors.

New York City has a set of laws in place requiring owners of buildings that use these tanks to store or pressurize the building’s drinking water to inspect and clean them at least once...

Provide Annual Stove Knob Cover Notices by Jan. 16

December 18, 2023    

Failure to provide requested documentation will result in a Class B hazardous violation.

 

Complete Annual Bedbug Reporting Requirement with HPD by Dec. 31

November 21, 2023    

Each year, apartment building owners are required to file bedbug infestation and treatment reports with HPD. Owners must file annually between Dec. 1 and Dec. 31 for the previous year from November 2022 through October 2023.  

Perform Indoor Allergen Hazard Investigations by Dec. 31

November 21, 2023    

In New York City, Local Law 55 of 2018, the Asthma-Free Housing Act, requires that owners of buildings with three or more apartments keep their tenants’ apartments free of mold and pests. Under this law, an owner of multiple dwellings is required to inspect units annually for indoor...

Post Updated Energy Grades for Large Buildings by Oct. 31

September 25, 2023    

Failure to post the label by the deadline may result in a civil penalty of $1,250.

 

Since 2020, buildings 25,000 square feet and larger have been required to publicly post their building’s energy efficiency grade by Oct. 31. Failure to display an energy grade of each...

What You Need to Know about NYC Heat Law Requirements

September 25, 2023    

The beginning of New York City’s eight-month-long “heat season” is coming soon, and owners must comply with the temperature requirements in NYC heat laws during the colder months. During heat season, HPD responds to all heat and hot water complaints and, if adequate heat and...

DHCR Issues Updated Renewal Lease Form

July 25, 2023    

The DHCR recently updated NYC Renewal Lease Form (RTP-8) to incorporate the requirements of Rent Guidelines Board Order (RGBO) #55. The RGBO applies to renewal leases for rent-stabilized apartments, beginning anytime on or after Oct. 1, 2023, through Sept. 30, 2024.

File 2023 Rent Registrations Online by July 31

June 22, 2023    

You can’t collect a rent increase—or even apply for one—until you file.

 

You must file an Annual Apartment Registration application with the DHCR for every rent-stabilized apartment you own by July 31, 2023, using the DHCR’s online Owner Rent...

File RPIE Statements, Storefront Registry Filings with DOF by June 1

April 23, 2023    

The NYC Department of Finance (DOF) requires certain owners of residential properties to file the Real Property Income & Expense Statement (RPIE) every year. The DOF uses income and expense information gathered each year from this filing to value your property accurately for the upcoming tax...