Hello, can anyone recommend a garage operator/ manager to set up and manage a small garage in a new mixed-use building in Queens.
It may seem odd that civil rights advocates are teaming up with representatives from the real estate industry. However, it should also be indicative of a just how severe the problem they seek to address is. The unified group, Tax Equity Now New York, is arguing in New York Supreme Court that the city’s current property-tax system is structurally racist and, consequently, a form of discrimination.
Their claim is based on actions taken by the city in the 1970s and 1980s. To either lure people back to the city or to keep them from leaving, individuals who purchased class one homes, condos, and shares were given numerous incentives, the most important of which … read more
One of the most frustrating things for landlords is that laws often go into effect without a lot of publicity. The city isn’t in the business of sending out notices to every property owner when they pass a law. Furthermore, because most these laws concern some esoteric issue of compliance, most news agencies don’t bother covering their passage. Most landlords find out about them when an inspector asks for a certificate of some sort and you tell them that you don’t have one because you were never told that you had to obtain one. On top of learning that you now have yet another responsibility, you also find out that you owe the city for a failure to … read more
A report by the Regional Plan Association has found that enough homes to accommodate 662,000 people could be created by replacing the parking lots of commuter rail stations in the tri-state area with walkable neighborhoods that include housing, offices, and retail. Such a transformative approach has already been implemented in some cities to varying degrees of success. However, there are multiple obstacles preventing it from being expanded.
For one, 85 of the 349 regional commuter stations surveyed do not have the capacity to handle the additional sewage that would come with a new development. Zoning restrictions present another problem. Approximately 50 percent of … read more
The Staten Island Advance recently asked Dave Reali of Dave's Kleen-Outs how to dispose of bulk and specialty garbage without getting a fine. It's a fairly quick read and very informative. If you're not sure how you and your tenants should dispose of mattresses, carpeting, appliances, yard waste, or debris from a renovation project, this is a must-read.
Read it here.
Queens is booming. A report published by StreetEasy studied the median sales prices of homes throughout the five boroughs, and discovered that four of the five New York City neighborhoods with the largest year-over-year increases in home prices in the third quarter were located in Queens. Jamaica led the pack with a 186 percent increase, to $435,440; Clearview saw a 132 percent increase, to $650,000; Little Neck jumped 117 percent, to $607,500; and Elmhurst, which came in at fifth place, saw a more moderate increase of 69.7 percent, to $692,500. The neighborhood that came in fourth place was Midtown South, which saw a 107 percent increase. The median sales price … read more
When the market begins to soften, landlords have three options to pull in potential tenants. They can offer concessions, cut rents, or amenities. The third choice is typically the wisest. This is because it adds value to your building. Consider it an investment.
Unfortunately, they usually aren't cheap. Adding amenities to a building tends to require significant amounts of capital, and many landlords are weary of sinking a lot of resources into a project. This is one of the reasons why so many owners throughout the city are instead deciding to either offer concessions or cut rents. These options may reduce revenue, but they don’t increase operating expenses or … read more
New development sales are expected to begin climbing again next year after a significant decline in 2017. Due to a softening of the luxury market, new development sales this year will only reach $8.3 billion, down from $9.4 billion in 2016. This trend will change because several major projects will be completed within coming years, such as Extell Development’s One Manhattan Square, 220 Central Park South, and 111 West 57th Street. They are expected to drive sales to $11.9 billion by 2020, but demand is expanded to remain strong. CityRealty projects that these condos will be absorbed into the market without depressing the average average price per square foot.
6sqft … read more
The law is exacting, especially when it comes to minor issues of procedure. Just because something seems arbitrary and capricious doesn’t mean you can treat it as such. If the law requires you follow a rule and you don’t, even if it is a minor and pedestrian matter, it can jeopardize your chances in court.
A prime example of this can be seen in a recent DHCR decision on a Petition for Administrative Review that was filed on August 29, 2017. The petitioner was appealing a previous decision filed on October 28, 2016, that granted a landlord’s petition to have an apartment deregulated. The landlord had a pretty airtight case. The … read more
Internet of Things technology is a hot topic right now, especially in the field of property management. Security cameras, intercoms, HVAC monitors—virtually any building system will soon need to be connected to the internet.
Furthermore, tenants are hungry for virtually any amenity that offers them the convenience of doing something with nothing more than their phone, whether it’s buzzing in a visitor or controlling their thermostat. With regards to commercial real estate, that hunger is even stronger. In fact, Forbes noted earlier this year that smart buildings are becoming the standard for both offices and retailers. It is estimated that the number of devices … read more
The national tax overhaul being considered in Congress will have a major impact on landlords in New York. There are two bills. One was written by the House, one by the Senate. Though they are being characterized as tax cuts by Republicans, both have the potential to hurt landlords, but for different reasons.
The House bill will permit up to $10,000 in property-tax deductions, but will limit the amount that can be deducted from interest paid on a mortgage. Currently, interest can be deducted on a mortgage up to $1 million. The bill would drop that amount to $500,000. The Senate bill would not alter the mortgage interest deduction, but would end the state and local … read more
A new study reveals that the number of baby-boomers renting apartments jumped by 28 percent between 2009 and 2015. They were the fastest-growing segment of the country’s rental population. In New York City alone, the number of apartments being rented by boomers over that time increased by 125,000.
Analysts believe that there are several factors at play, and that there is no single reason behind the phenomena. On the one hand, some older residents have become empty-nesters and see no reason to continue to live in a large home with underutilized space. Furthermore, moving into a rental means less maintenance, more convenience, lower energy bills, and, in many … read more
While attending the Cooperator Expo last Thursday, we were lucky enough to see a panel discussion on problem tenants. The panel consisted of three members of the law firm Smith Buss & Jacobs: Emanuela Lupu, Domenick Tammaro, and Ken Jacobs. Though the discussion revolved around how co-op boards and condo owners can deal with difficult people who live in their building, much of what they said applies to landlords who have to try to resolve disputes between tenants. One of the most difficult issues to settle, they seemed to agree, was noise complaints.
Believe it or not, there is an objective volume within an apartment that is considered too loud … read more
Landlords in Manhattan are cutting rents on retail spaces in 16 of the city’s most heavily-trafficked corridors. This is happening on top of offering months of free rent and generous allowances for construction and remodeling.
The decline is significant. Rents dropped by more than 13 percent in the third quarter, and are down 30 percent from their peak of $1,020 per square foot in the fourth quarter of 2014. The average asking rent along these corridors is now $711 per square foot. Even worse for landlords, the actual rent in the third quarter is on average 82 percent of the asking price. That brings the final rental price down to just over $583 a square foot.
The … read more
The solar power industry is thriving. New solar capacity grew by 50% globally last year, largely because solar panels require no maintenance and they can significantly reduce energy bills. Another important factor is that the solar industry creates a lot of jobs. At the end of last year, 146,000 New Yorkers had jobs in the clean energy industry—and 22,000 were tied directly to renewable electric power generation.
Given these reasons, it’s no surprise why solar energy has become so popular. What is surprising is that local, state, and federal lawmakers are still willing to champion private solar projects with tax credits and generous incentives. However, the … 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.