Management Basics

File RPIE Statements by June 1

April 21, 2017    

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 needs income and expense information each year to value your property accurately.

Large Building Owners to Submit Benchmarking Data by May 1

April 21, 2017    

Local Law 84 (LL84) requires owners of large buildings to annually measure their energy and water consumption in a process called benchmarking. LL84 standardizes this process by requiring building owners to enter their annual energy and water use in the U.S. Environmental Protection Agency...

Take Four Steps to Calculate Interest for Rent Overcharge Refunds

March 17, 2017    

You probably know that if you promptly refund an overcharge to a tenant who has filed a rent overcharge complaint against you, the Division of Housing and Community Renewal (DHCR) shouldn’t order you to pay triple damages for the amount of the overcharge. There are numerous DHCR decision...

Online Application Available for MCI Tax Abatement Program

February 17, 2017    

The DOF recently released revised guidance on the implementation of the MCI tax abatement provided for in Section 65 of Chapter 20 of the laws of 2015. The Rent Law of 2015 included changes to the amortization period for the calculation of major capital improvement (MCI) rent increases. The...

Send Tenant 2017 DHCR Form If Rent Is $2,700 or More

February 17, 2017    

Rent-regulated apartments with a legal or maximum monthly rent that reaches or exceeds $2,700 may be petitioned for high-income rent deregulation. The Rent Act of 2015 amended the rent threshold for high-rent vacancy deregulation and high-income/high-rent deregulation by raising the threshold...

File 2017 Fuel Cost Adjustment Forms Online by April 3

February 17, 2017    

On Jan. 23, the DHCR issued new fuel cost adjustment factors for rent-controlled apartments for the 2016 calendar year. The prices are based on a study of home heating oil prices provided by the NYC Rent Guidelines Board oil survey, a NYS Energy Research and Development Authority report, rate...

How to Apply Employee's Rent-Free Apartment Value to State Minimum Wage Requirements

January 24, 2017    

As part of a superintendent’s compensation package, an owner may provide a rent-free apartment to live in. According to state law, the owner can apply this apartment allowance toward the superintendent’s minimum wage requirement to an extent.

New York City DOF Finalizes 2016-17 Real Estate Tax Rates

December 16, 2016    

The city’s Department of Finance (DOF) recently finalized the real estate tax rates for tax year 2016-17, which began July 1, 2016, and will end June 30, 2017. The rate for Class 2 residential properties (properties with more than three units) is up slightly, while the rate for Class 4...

NYC Retrofit Accelerator Program Offers Help to Owners with Aging Steam Systems

December 16, 2016    

The NYC Retrofit Accelerator is a free program that was introduced last year as part of Mayor Bill de Blasio’s goal to create more energy-efficient buildings and reduce greenhouse gas levels. The city is launching a Better Steam campaign to encourage owners to use city resources to upgrade...

DHCR Updates Policy Statement on Decontrolling Rent-Controlled Apartments

November 21, 2016    

The DHCR recently updated Policy Statement 2014-1, which details the filing requirements upon the vacancy of rent-controlled apartments. The automatic rent stabilization coverage has not been changed. If your building has six or more units, a decontrolled apartment automatically falls under rent...

DHCR Reduces Air-Conditioner Rent Surcharge for 2016-17

October 7, 2016    

The Division of Housing and Community Renewal (DHCR) recently announced a cut in this year’s air-conditioner rent surcharge for owners who pay for electricity. It set the monthly surcharge at $26.65, down from $28.94 last year. This year’s decrease reflects the decrease in the price...

Building Owner Obligations as Heating Season Begins

September 23, 2016    

During the previous “heat season,” the Department of Housing Preservation and Development (HPD) fielded 200,904 heat complaints. The current heat season begins on Oct. 1 and continues through May 31, 2017. During this time period, residential building owners with tenants are required...

Page
of 6Next