The Queens Chamber of Commerce hosted New York State Comptroller Thomas P. DiNapoli to speak about the economic forecast for Queens this morning at Queens Borough Hall. Queens, the largest of the five boroughs in area, is the most diverse county in the U.S. and continues to attract new businesses and jobs. Queens’ commercial growth has largely been driven by its rapid increase in population, which has increased by 25% since 1980 to reach the record of nearly 2.4 million in 2017.
Immigration is the primary source of new residents to Queens, and immigrants represent 47% of the borough's population. They also represent more than half of the workforce and make up 69% of … read more
OSHA completed 75,000 inspections in 2016. Out of the top 10 most common citation: #1 is Fall Protection, #2 is Hazardous Communication Standard and #4 is Respiratory Protection. In the janitorial industry these three stand out. So how can you make sure you are not in violation? Education and action. Ensure you are knowledgeable on changes to OSHA Standards and Expectations. Take action to purchase necessary items, ensuring the safety of your staff and compliance with OSHA Regulations. OSHA standards require the employer to purchase and provide protection for the employee when hazardous materials are being used. The new labeling clearly shows the user what should be worn … read more
Mortgage rates reached their highest level since 2011 this week, which could curve the steep climb in home prices. For 30-year fixed-rate mortgages, the average rate climbed to 4.61%, up from 4.55% last week. The cause for the increase is due to the growth in the economy, as well as the steep climb in commodities such as lumber and oil. The rise in costs for the former have been exacerbated by the Trump administration's tariff on Canadian softwood lumber; the rise in costs for the latter have been linked to turmoil in Venezuela and increasing instability in the Middle East.
Some economists worry that additional increases in rates could lead many homeowners to stay in … read more
Eliminating pests is one of the many extremely unglamorous jobs that property managers have to deal with. If the infestation is severe, you can call an exterminator to fix the problem. After all, this is what they do. Furthermore, we would advise landlords to have a comprehensive pest management plan in place so that pests are eliminated before they can form colonies.
However, sometimes someone who owns a nearby property may not be as diligent as they could be when it comes to cleanliness. Sometimes a vacant building will become home to a massive nest, and from there the rats will go out in search of food each night. Sometimes straphangers … read more
Westchester County officials are reconsidering the plan to privatize the county airport. Though a deal is already on the table, County Executive George Latimer would like to have an open debate to hear how residents feel about plan.
The current plan had been crafted by the previous administration, led by County Executive Rob Astorino, and would have allowed Macquarie Infrastructure Corp to assume operations of the airport under a 40-year lease. In exchange, the company would have paid the county $595 million and would have had to have invested $550 million in upgrades to the airport. The county legislature never voted on the deal.
Those who support the deal believe that … read more
The New York City Council is drafting new legislation with the hope of cracking down on illegal short term rentals. The bill will require all hosts of short-term rental sites to register with the Mayor’s Office of Special Enforcement, a process that will evidently make it easier to determine which hosts are in compliance with the law and which hosts are not.
Airbnb is opposed to the bill because it could reveal that many of the people who use their service do so in violation of the law. Predictably, the home-sharing company is attempting to portray those who break the law and increase the rents of New Yorkers as sympathetic characters. They have even referred to … read more
Single sign-on: All residents payments (rent or maintenance/common charges) can be done directly from the Carson app, no need to login anywhere else.
Carson is the single app for residents in non-doorman buildings, for all their communication, access control, visitor & delivery management, and payment needs.
Why does this benefit owners and property managers?
The 15-month L train shutdown will affect 225,000 commuters who ride the L each day, which is leading many to call the disrupted service L-Mageddon. In some cases, these commuters will be able to find alternative routes that are relatively painless. Others, however, may see significantly longer commutes, particularly those in Brownsville, Canarsie, and the northern parts of East Williamsburg.
For those who rent in the affected areas, there is one upside: rent reductions. Rents in Williamsburg, Greenpoint, and Bushwick decreased by 0.6% from last year. Meanwhile, the average citywide rent for an apartment has increased 10.04% from … read more
OSHA Rules and Regulations can get annoying at times, comply with this, do that, oh and by the way here is another action you must take. In the grand scheme of things, following OSHA’s rules is extremely important to keeping your staff and visitors safe and healthy. Since the US has joined on the GHS (Global Harmonization System) train, OSHA has now put in place a new GHS Enforcement Directive. This means they are employing their inspectors with new criteria to evaluate each site. These inspectors will arrive with a check list and they will definitely be interviewing your staff to make sure everyone has been trained properly.
If you want some bathroom reading … read more
The news of TOWN Residential closing its doors came as a shock & was the focus of a very candid discussion at an event today hosted by the Real Deal. LandlordsNY attended this afternoon's event as Amir Korangy, CEO of the Real Deal, sat down for a one-on-one with TOWN’s Founder & CEO Andrew Heiberger …along with and a standing room only crowd of brokers & real estate professionals. The first question: WHY?
Mr Heiberger responded quite candidly that “the business model is not sustainable”. He went even further to state that “owners of traditional brokerage firms cannot make sustained profits” with the current structure of commissions, … read more
Though provisions about late fees are a necessary part of any of lease, there is some ambiguity surrounding them. For non-stabilized units, some landlords charge $100 after the 10th of the month. Some charge $50. Some landlords even charge as little as $25 if the rent is not received by the 15th.
The point here is that landlords have a lot of discretion when it comes to how much they may chose to charge for late payments, as case law only prohibits landlords from charging fees that are “unconscionable” or “disproportionate to reasonable damages.”
The language that defines how much landlords may charge stabilized tenants, however, is a bit more straightforward … read more
Having a dependable internet provider is an absolute necessity for most New Yorkers—especially millennials. For this generation, the internet has become a fourth utility. As mobile devices become the primary means of connecting to the internet, the need for a solid Wi-Fi signal will become essential for any commercial or residential tenant.
One major problem that both commercial and residential tenants face with Wi-Fi service, however, is dead zones. A dead zone is exactly what it sounds like: It’s an area within the range of the router where devices can’t receive a Wi-Fi signal. Though more common in older buildings that were built using techniques that can … read more
The Bank of New York Mellon and the Empire State Development Corporation will provide Delta Airlines with $1.4 billion to help finance the renovation of Terminals C and D at LaGuardia Airport. The total cost of the renovations are expected to be $4 billion. The deal became necessary after the Goldman Sachs-managed fund that was initially financing the project, West Street Infrastructure Partners III, pulled out of the deal, leaving Delta on the hook for the $3.4 billion they had initially pledged to see the project through.
The Commercial Observer has more.
Supporters of the Merchant’s House Museum won a victory last week when the Land Use … read more
Do you have carpeted areas and high foot traffic in your building? High Rise Buildings with long hallways on multiple floors, banquet halls, hotels, hospitals, casinos, retail stores and more could all benefit from having a Tennant ReadySpace Machine.
ReadySpace technology uses soil transfer rollers rather than soaking the carpet itself. Using this new rapid drying technology allows you to clean your carpets more frequently and have them ready to use in minutes. Improve facility appearance, have your carpets last longer, and save on water consumption while using ReadySpace.
Not only can you clean during business hours, but since you are not soaking the carpet, no need to … read more
The first quarter of 2018 saw the highest dollar volume in sales since 2016. More than $12.4 billion was traded, significantly better than the 2017 quarterly average of $9 billion. $8.9 billion of those sales occurred in Manhattan.
Approximately $5 billion, or 56%, of Manhattan’s sales volume came from deals made in the office sector, the largest of which was Google’s $2.4 billion purchase of Chelsea Market. Meanwhile, multifamily and retail sales showed signs of improvement from the average from 2017.
Though this is all good news, there is no evidence to suggest that it will become a trend. The number of properties traded last … 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.