Feature
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
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
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
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
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
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
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
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
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
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...