Management Basics

Management Basics

Provide Indoor Allergen Hazard Information to Prospective and Current Tenants

January 25, 2019    

Local Law 55 of 2018, the Asthma-Free Housing Act, became effective on Jan. 19. Under this law, an owner of multiple dwellings will be required to inspect units annually for indoor allergen hazards, such as mice, cockroaches, rats, and mold. And it requires owners to prevent and remove these...

DOF Publishes FY 2020 Tentative Assessment Roll

January 25, 2019    

On Jan. 15, the New York City Department of Finance (DOF) announced the publication of the tentative property assessment roll for fiscal year (FY) 2020, which shows the total market value of all New York City properties for the upcoming year at about $1.323 trillion, an increase of $72 billion,...

Complete Annual Bedbug Filing with HPD by Jan. 31

December 18, 2018    

HPD’s bedbug portal is now available and, for this current filing period, owners have until Jan. 31, 2019, to complete their annual bedbug filing. You can find the online application through HPD’s homepage under the Quick Links section at...

DHCR Increases Air-Conditioner Rent Surcharge for 2018–19

October 24, 2018    

The Division of Housing and Community Renewal (DHCR) recently announced an increase in this year’s air-conditioner rent surcharge for owners who pay for electricity. It set the monthly surcharge at $26.42, up 40 cents from $26.02 last year. This year’s decrease reflects a 1.5 percent...

Building Owner Heating Obligations as 'Heat Season' Begins

October 24, 2018    

During the previous “heat season,” the Department of Housing Preservation and Development (HPD) fielded 215,138 heat complaints, an increase of 7.8 percent as compared to the previous heat season. The current heat season begins on Oct. 1 and continues through May 31, 2019. During...

Start Compiling Bedbug Infestation History for HPD Reporting Requirement

September 20, 2018    

In 2017, Local Law 69 passed requiring all multifamily owners to attempt to obtain bedbug infestation history from tenants, including any remedial or eradication methods they used. By state law, owners were already required to notify prospective tenants about bedbug infestations within the last...

File 2018 Rent Registrations Online by July 31

June 20, 2018    

You must file an Annual Apartment Registration application with the DHCR for every rent-stabilized apartment you own by July 31, 2018, using the DHCR’s online Owner Rent Regulation Application system. As in past years, the penalty for...

Six Exceptions to the Four-Year Rule for Overcharge Claims

May 22, 2018    

In January 2014, the DHCR adopted amendments to the Rent Stabilization Code (RSC). Among the amendments were more exceptions made to the “four-year rule”—the four-year statute of limitations or time limit to initiate an overcharge complaint. Generally, the statute of...

Large Building Owners to Submit Benchmarking Data by May 1

April 19, 2018    

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...

File RPIE Statements by June 1

April 19, 2018    

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.

DHCR Issues Updated Rider Required for All Rent-Stabilized Leases

March 27, 2018    

The DHCR recently issued a new lease rider, and similar addenda for those rental properties outside of New York City, that must be attached to all vacancy and renewal leases for rent-stabilized apartments. The new rider has multiple sections, but only the first two sections must be filled out by...

New Permit Fees for New Buildings and Alteration Filings in Effect

March 27, 2018    

As of March 5, 2018, new permit fees specified in Local Law 56 of 2016 are in effect. According to DOB’s recent service update, there are three categories of new permit fees: