Please note: There will be an abridged briefing today because we will be covering New York Build 2018.
The Kusnher Cos. appear to have routinely filed false forms with HPD, and may have claimed that they possessed zero stabilized units when they actually possessed hundreds. [Crain's New York]
Governor Andrew Cuomo will face a challenger in the Democratic primary: Actress Cynthia Nixon, who has never run for any office before, but has both a strongly progressive agenda and name recognition. [Wall Street Journal]
Howeownership in the Buffalo-Niagara region has fallen to its lowest level in 25 years as more people in the area are … read more
Because LandlordsNY will be covering New York Build 2018 today and tomorrow, the Case of the Week will be abridged. As this week's case is extremely straightforward, we'll simply focus on the material findings.
Landlords are allow to collect a surcharge when a stabilized tenant installs air conditioning units. There are a few caveats, however. First, the landlord can involuntarily waive that right should they fail to request the surcharge. Second, a new owner can request the surcharge if they discover a previously undocumented air conditioning unit, provided they do so in a timely manner. Finally, should a … read more
Please note: There will be an abridged briefing today and tomorrow because we will be covering New York Build 2018.
The Bronx was the only borough in the second half of 2017 to see an increase in investment sales, from $1.45 billion to $1.49 billion. [Welcome2theBronx]
An increasing number of small-scale retailers are purchasing property in the city and owning the space out of which they operate. [The Wall Street Journal]
The Department of City Planning plans to either relax or eliminate outdated rules, such as parking requirements, that have made it difficult to develop office buildings outside of core commercial areas like Midtown and Long Island City. [Crain's New … read more
There appears to be strong community support for a rezoning plan that will affect several parts of Inwood. This is because the plan is a compromise between the city’s Economic Development Corporation and community activists. Some of these compromises include caps on the height of new buildings (typically 11 or 14 stories), to modify the manner in which the city measures affordability so that it more accurately reflects what “affordable” means to the current residents of Inwood, to limit the size of retail spaces, and to modernize infrastructure in the neighborhood.There are also provisions to develop commercial and residential … read more
The Fire Code of New York City was amended by Local Law 148 of 2013, which was enacted on December 30, 2013. While most of the changes to the code did not have an impact on the day-to-day operations of landlords, one section that is going into effect for existing buildings at the end of the month will. Known also as 3 RCNY §505-01 and 3 RCNY §505-02, this law amends the New York City Fire Code to require owners to apply identification and directional markings and signs throughout all buildings classified as Group R-1 or Group R-2. According to the FDNY, failure to comply will result in fines similar in cost to other FDNY fines (whatever that … read more
With rental prices dropping in Manhattan, it’s no surprise that concession rates are rising. The two tend to be inversely related. However, what is new is that rental markets have been bearish for so long now that many landlords are getting rather creative with their concessions. It’s a way for them to stand out now that approximately half of all leases contain incentives for tenants.
Equity Residential, for example, has reduced security deposits to $1,000, while new residents of Stuyvesant Tower-Peter Cooper Village will receive a free year of Wi-Fi and cable.
With the thousands of new apartments coming to the market this year … read more
New York City’s tourism industry is getting a major boost from Albany. Championed by Sen. Jose Peralta (D-East Elmhurst), the New York state Senate recently passed a bill that will reallocate 4 percent of the revenue generated by the Hotel Occupancy Tax (or $300,000, whichever comes first) to each borough’s tourism development program. It is the senator's hope that the additional funding will encourage the millions of people who visit the city every year to spend more time exploring the outer boroughs.
The city welcomed 61.8 million visitors last year, which was both a record high and a 2 percent increase from the year before, when 60.5 million tourists visited the … read more
The New York City residential rental market has been fairly level for approximately a year. The average apartment in Manhattan experienced only a 0.24 increase in rental price between January and February, from $3,89434 to $3,903.80, and saw a year-over-year decline of 0.44 percent. Conditions in Brooklyn have been slightly better. The average rental in the borough jumped 1.36 percent from January to February ($2,718.82 to $2,755.82), while the year-over-year rental increase was a more modest 0.42 percent. Queens, meanwhile, saw a monthly rental increase of 0.40 percent and a year-over-year increase of just under 2.0 percent.
Perhaps the … read more
Mayor Bill de Blasio’s plan to turn Union Square into a Tech Hub has some detractors, particularly residents of the Village who want to keep the area predominately low-rise and residential. Having fought off New York University’s expansion into the East Village for decades, many of these individuals are seasoned veterans when it comes to battling development, and they know how to fight to get what they want.
And it seems they have. On February 28, Manhattan Community Board 3 unanimously approved zoning protections for the corridors along 3rd and 4th avenues between East 8th and East 14th streets. This is just one of the conditions the CB has imposed on the plan to … read more
This installation of the Case of the Week is about as straightforward as they come. There is no need for rambling introductions or allusions to obscure philosophical works. Here’s the moral of this story: Just because a tenant complains about being cold doesn’t mean that the landlord failed to adequately heat the apartment. There needs to be corroborating evidence.
Here’s the whole backstory.
In January 2017, Maria Gonzalez, a rent stabilized tenant in a Brooklyn apartment building, filed a complaint with the Division of Housing and Community Renewal. In this complaint, she alleged that the landlord, E & M Associates … read more
Partial interest sales are allowing the owners of some of the city’s priciest office buildings the opportunity to maintain control of their assets while profiting from skyrocketing property values. Instead of selling the entire building to another investor, they merely sell an interest in the building to a like-minded investor. It's like having your cake and eating it too.
Some major players have noticed this, and the trend is becoming very common. As many as 83 percent of all deals for office buildings valued over $1 billion last year were for partial shares. As going into debt becomes more expensive, these types of deals are likely to become even more common.
The … read more
Starting Monday March 19th, @Finishing Solutions Network will set up shop at Booth #290 in the River Pavilion at the Javits Center for New York Build 2018.
New York Build is an annual expo for the leading construction and design industry professionals in the New York City and Tri-State area. Learn about the latest developments in the industry and the best products and solutions for your property.
If your property has new construction, renovation or maintenance needs, come see us at NY Build!
Register for free here!
Hi, Michelle here. I am the LandlordsNY “Legal Expert”. I answer landlord and tenant questions. My goal is to post in the blog all of the questions I get from LandlordsNY members (keeping the member anonymous) and my answers thereto, when I think that such questions and answers would be of interest to other people. Let me know if this is helpful. These questions are excellent, keep them coming.
Question:“I accidentally registered a Rent Stabilized tenant's preferential rent at $1,300 with the DHCR, while the lease specifies the preferential rent at $1,500. Do I need to change the monthly rent in accordance with what … read more
The Rent Guidelines Board met for their first session of 2018 yesterday, which kicks off yet another contentious few months as landlord and tenant organizations toss statistics at one another in the hope of proving that stabilized rents should either be frozen or increased. Here are a few to consider: The average rent in the city’s stabilized buildings increased by 3.1 percent in 2016, which represents the lowest increase in six years. Furthermore, operating costs increased by 2.4 percent. However, the median rent for one of these units in 2016 was $1,182, but the operating costs only came to $847. Meanwhile, operating incomes for landlords grew by 4.4 percent in 2016 … read more
Brooklyn Borough President Eric Adams wants to confront 21st century problems with 21st century solutions. This message has been clear throughout Open Data Week, which began last Saturday March 3rd and will continue until the 10th. It is his hope that making data more accessible will increase transparency in government, improve communication between agencies, and eliminate redundancies.
President Adams has such faith in technology because of his experience with the New York Police Department during the 1990s. It was during this time that the CompStat system was first launched, and he saw firsthand how data analytics could be used as a tool to fight crime. … read more
This service gives members instant access to LNY in house DHCR, HPD, and Property Management Counselors for immediate help when you need it.
Just like a concierge at a hotel who knows how to guide guests and to remove some of the uncertainty of trying something new, our staff counselors goal is to provide information and guidance to landlords and to take much of the uncertainty out of owning and operating a property in New York.