Management Basics

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...

Large Building Owners to Submit Benchmarking Data by May 1

March 24, 2023    

Failure to benchmark will result in a violation and a penalty of $500.

Local Law 84 (LL84) requires owners of large buildings to measure their energy and water consumption annually in a process called benchmarking. LL84 standardizes this process by requiring building owners...

DHCR Updates Documents to Reflect Private Housing Finance Law

March 24, 2023    

PHFL allows higher rent collection for certain low-income housing projects.


On Dec. 15, 2022, Governor Hochul signed Section 610 of the Private Housing Finance Law (PHFL) to resolve a conflict for low-income housing owners between their rental subsidy program and rent...

OSE Opens Short-Term Rental Registration Portal

March 24, 2023    

In the December 2022 issue of the Insider, we highlighted the Mayor’s Office of Special Enforcement (OSE) proposed rules to implement Local Law 18, the short-term rental registration law (see...

DEP Announces Temporary Amnesty Program for Overdue Water Bills

February 21, 2023    

On Jan. 30, Mayor Eric Adams and NYC Department of Environmental Protection (DEP) Commissioner Rohit T. Aggarwala announced a temporary amnesty program for overdue water bills. Amnesty means forgiveness, and in this context, it means partial or complete interest forgiveness for qualified...

DOF to Conduct Notice of Property Value Information Sessions

February 21, 2023    

In the last issue of the Insider, we notified you that the NYC Department of Finance published the tentative property assessment roll for fiscal year 2023 (see DOF Publishes FY 2023...

DOF Publishes FY 2023 Tentative Assessment Roll

January 25, 2023    

On Jan. 18, the NYC Department of Finance (DOF) announced the publication of the tentative property assessment roll for fiscal year (FY) 2023, which shows the total market value of all New York City properties for the upcoming year at about $1.398 trillion, an increase of 8.2 percent from the...

Compliance Reminder: Provide Updated Annual Stove Knob Cover Notices

January 25, 2023    

Stove knob covers are an important fire prevention tool. The covers make stove knobs on gas-powered stoves inaccessible to children. Local Law 117, which became effective in December 2018, requires that an owner of multiple dwellings provide stove knob covers for gas-powered stoves where the...

Complete Annual Bedbug Reporting Requirement with HPD by Dec. 31

November 30, 2022    

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—which currently means from November 2021 through October 2022.

Perform Indoor Allergen Hazard Investigations by Dec. 31

November 30, 2022    

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...

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

November 30, 2022    

New York City has a set of laws in place requiring owners of buildings that use tanks to store or pressurize the building’s drinking water to inspect and clean them at least once per year. The requirement applies to any tank used to store a building’s drinking water. If the building...

Post Updated Energy Grades for Large Buildings by Oct. 31

September 12, 2022    

Similar to the Department of Health grades for restaurants, a building’s energy efficiency grade is a letter grade that must be posted by Oct. 31 if you own or manage an applicable building. Local Law 33 of 2018, as amended by Local Law 95 of 2019, requires all large building owners...