Feature

Notify Four Parties When You Change Managing Agent

April 21, 2017    
A managing agent is designated by an owner to be in control of and responsible for the maintenance and operation of the building and to authorize, on behalf of the owner, the correction of any emergency conditions or the making of any emergency repairs. A managing agent must be an individual over...
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.
Management Basics

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’s...
Violations

Cure Violations for Upcoming 2018-2019 MBR Cycle for Rent-Controlled Apartments

April 21, 2017    
It’s not too soon for owners of buildings that contain rent-controlled units to begin preparing for the upcoming 2018-2019 maximum base rent (MBR) cycle. The Division of Housing and Community Renewal (DHCR) has recently released the 2018-2019 MBR forms. The forms that need to be filed include...
In the News

IBO Study Looks at Turnover Rates for Rent-Stabilized Apartments

April 21, 2017    
Vacancy rate estimates capture only the number of units empty at a specific point in time and not what became available over the course of a year. To address this question, the New York City Independent Budget Office (IBO) examined tenant information for over 925,000 apartments that were rent...
In the News

New Legislation Strengthens Existing Tenant Harassment Laws

April 21, 2017    
Attorney General Eric Schneiderman recently unveiled new legislation aimed at holding unscrupulous landlords criminally accountable for tenant harassment. Current state law demands prosecutors reach a high bar in order to criminally charge landlords with harassment of rent-regulated tenants....
Feature

Comply with Fair Housing Law When Managing Common Areas & Amenities

March 17, 2017    
In August 2016, the NYC Commission on Human Rights entered into a settlement agreement with an owner for alleged age discrimination. A rent-stabilized tenant had filed a complaint against a large real estate management company because the company opened an exercise room in the building and allowed...
Management Basics

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 in...
In the News

Mayor Promises to Continue Fight Against Water Rate Ruling

March 17, 2017    
In Matter of Prometheus Realty Corp. v. New York City Water Board, the Appellate Division, First Department of the State Supreme Court ruled 3 - 1 that the city’s water board lacked a rational basis to award the credit to owners of one- to three-family homes, while leaving other property...
In the News

Governor Vows to Veto 421-a Bill with No Union Labor Provisions

March 17, 2017    
In a recent speech during the Building and Construction Trades Council of Greater New York Winter Conference, Governor Cuomo vowed to veto any 421-a legislation that doesn’t include protections for union labor. The governor said that the exclusion of a prevailing wage provision is “the...
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