Management Basics

Keep Log of Door and Lock Repairs to Boost Safety, Reduce Liability

August 18, 2022    

If a staff member or tenant reports that a door or lock at a building or unit entrance is broken, you may think you can wait until morning or even a few days to repair this condition. But that would be a mistake. Any delay leaves tenants at risk and increases the likelihood of your being held...

DHCR Issues Updated Renewal Lease Form

July 28, 2022    

The DHCR has modified the NYC Renewal Lease Form (RTP-8) to incorporate the requirements of Rent Guidelines Board Order #54. With the latest order, the city’s Rent Guidelines Board voted to allow you to take a 3.25 percent increase on one-year renewal leases and a 5 percent increase on two...

File 2022 Rent Registrations Online by July 31

June 28, 2022    

Not complying with the annual rent registration requirements can result in a retroactive rent freeze.


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

April 22, 2022    

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 2023–...

Large Building Owners to Submit Benchmarking Data by May 1

March 18, 2022    

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 to enter their annual energy and water use in the U.S. Environmental Protection Agency...

DOF Publishes FY 2023 Tentative Assessment Roll

February 18, 2022    

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 NYC properties for the upcoming year at about $1.398 trillion, an increase of 8.2 percent from the 2022 fiscal...

HPD to Enforce Stricter Definition of Lead-Based Paint

January 24, 2022    

HPD recently issued a release that highlighted new standards related to lead-based paint hazards. On Dec. 1, the standard to define paint as lead-based was cut in half. This new standard, the strictest in the nation, is expected to prompt an increase in lead violations issued by HPD inspectors....

DOB Issues Elevator and Boiler Inspection Updates

January 24, 2022    

The DOB recently updated the rules for periodic elevator and boiler inspections. The new requirements alter the timing for submitting test and inspection reports for both elevators and boilers in New York City. We’ll go over the basic requirements and cover the changes the recent updates...

Local Law 55: Perform Indoor Allergen Hazard Investigations by Dec. 31

November 19, 2021    

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...

Local Law 69: Complete Annual Bedbug Reporting by Dec. 31

November 19, 2021    

As a result of Local Law 69 of 2017, apartment building owners are required to file bedbug infestation and treatment reports with HPD annually. Owners must file annually between Dec. 1 and Dec. 31 for the previous year, from November 2020 through October 2021.

DHCR Increases A/C Rent Surcharge for 2021–22

October 18, 2021    

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 $27.16, up $1.85 from $25.31 last year. This year’s increase reflects a 7.8 percent...

Updated Building Energy Efficiency Rating Label Available on Oct. 1

September 22, 2021    

Large building owners must post the label by Oct. 31 or face a $1,250 penalty.