Asbestos is a naturally occurring mineral that was once widely used in the construction industry. It had dozens of applications because of its durability and heat-resistant qualities, and there was once a time when virtually any building contained some amount of asbestos. In fact, many buildings still contain asbestos.
The reason why it is no longer in use in new construction, but remains common in older buildings, is because it is only dangerous when it is broken apart and becomes “friable” (easily crumbled). To repeat: Asbestos-containing products like ceiling tiles or shingles that have not been damaged do not present health risks to people. It is only when … read more
Downsizing has been a trend among baby boomers for several years. However, with condo and co-op prices skyrocketing in cities around the country, many are now considering doing something that was once considered anathema to sound financial reasoning: moving back into the city and renting. It eliminates the responsibility of looking after a property and allows those who have already retired the ability to travel without worrying about maintenance issues. This could be a demographic that landlords may want to consider catering to.
Due to Local Law 33 of 2018, commercial and residential buildings larger than 25,000 square feet will soon be graded on their federal Energy Star energy efficiency scores by using the benchmarking tool as dictated by Local Law 84. They will also have to post the A to F grade at the entrance to their building. Landlords will not be required to have a certain score to pass inspections, nor will not receive any kind of citation even if their building receives a failing score. They just have to conspicuously post this grade.
Governor Andrew Cuomo released his proposed $168 billion executive budget yesterday. One of the most striking aspects of the document was the lack of funding for the Metropolitan Transportation Authority, which has been in near-crisis mode for the past year. “This seems to be asking the city to vastly increase the amount of its general fund and capital budget dedicated to the transit authority,” said the Director of Infrastructure Studies at Citizens Budget Commission, Jamison Dague.
The budget, if implemented without amendment, would force the city to pay for half of the short-term plan to make emergency repairs to the subway system. That would amount to … read more
Can someone recomend a good Cooling Tower Chemical company to maintain my sites (5)
The Union Dry Dock on the Hoboken waterfront was purchased by New York Waterway last year for $11.5 million. The ferry company hoped to move their base of operations there because a developer plans to turn their former home in Weehawken into residential buildings. Unfortunately, the Hoboken site sits in the middle of a portion of the waterfront that is being transformed by a sprawling park system, and now the site is the last remaining industrial property in the area. Consequently, many residents would like to see it become part a part of the greenspace rather than a facility for New York Waterway’s ferry fleet.
There is hope that the city of Hoboken or the state of … read more
An audit by the Tenant Protection Unit can be frustrating. Dealing with any government agency demanding access to your financial records is difficult, but it is particularly galling when they have the power to recommend that you be fined hundreds of thousands of dollars for failing to comply with stabilization law. You have two options: complain about it and self-righteously proclaim that the system is unfair or comply with the law. The former may make you feel as if you’ve stood up to an overreach by the state. The latter will save you hundreds of thousands of dollars.
Which one are you going to choose?
Let’s … read more
Apartment hunters in Manhattan’s condo and coop markets appear to be pumping their breaks. The number of contracts signed in December declined 12 percent from December 2016. The reason, market analysts believe, was uncertainty surrounding the Republican tax overhaul. Until it was signed by President Donald Trump on December 22, the specifics of the plan were unclear, particularly with regards to the elimination of deductions for state and local taxes and interest on new mortgages, which caused many buyers to be more cautious than they would have been otherwise.
However, now that the specifics are known analysts believe that we may still see a depression in the … read more
While e-commerce may be disrupting the way that traditional retail giants do business and harming some brick and mortar stores, its rise in popularity has also proven to be instrumental in supercharging demand for warehouses. To sate this hunger, a warehouse construction boom is churning out more and more warehouses. However, there’s not just more warehouses being built. At 185,000 square feet, the average square footage of these future fulfillment centers is also noticeably bigger. In fact, the average warehouse built between 2012 and 2017 was 143 percent larger than the average warehouse built ten years earlier (between 2002 and 2007). Furthermore, these … read more
Governor Andrew Cuomo signed a new piece of legislation into law this past December to curb illegal conversions in buildings with three or fewer dwelling units. Rather than sending out yet another task force of inspectors armed with blank citations and pens around southern Brooklyn, the new law requires landlords to provide tenants with “conspicuous notice” in “bold face type” (not italics) that affirms that there is a valid certificate of occupancy for the building and that the dwelling unit covered by the lease is legal. Providing the tenant with a copy of the building’s certificate of occupancy is considered fully complying … read more
Median Manhattan rents dipped in December to $3,295, a 2.7 decline from the year before. This represents the largest year-over-year decrease in almost four years for Manhattan rentals. Meanwhile, Brooklyn’s median rent was unchanged at $2,700, but slipped 1.8 percent when concessions were included. Northwest Queens, meanwhile, slid 3.5 percent (5.6 when including concessions) to $2,750.
A report released by Douglas Elliman claims that the primary culprit behind the drop in rent prices is new construction, which is depressing prices. These new units are also driving concession rates up. 48.8 percent of new Manhattan leases in December contained some form of … read more
Mayor Bill de Blasio signed two bills into law that will allow the city to keep better track of vacant plots of land that could potentially be ripe for development. Both bills were passed during the City Council’s last session of 2017 a few weeks ago. One requires the city to amass useful data on all vacant land outside of flood zones, while the other requires the Department of Housing Preservation and Development to write an annual report detailing potential development plans for each site. Though the mayor initially expressed his ambivalence about the bills (at least in the form in which they were introduced in 2015) because of the time and effort that would be … read more
Between December 27 and January 3, there were 21,984 heat and hot water complaints received by the City of New York. The number of complaints in the five days that followed will likely be even higher. The storm that came along with the bomb cyclone hit the city on January 4, while the lowest temperatures to affect the city so far this winter came on Saturday night when the region experienced single-digit lows.
While the majority of these complaints seem to have come from residents of NYCHA housing, the impact of the cold was felt by a cross-section of New Yorkers. The most common cause for the complaint, at least in public housing, was due to broker boilers. To avoid … read more
Being a landlord means dealing with a lot of paperwork. If you have rent stabilized apartments, you have to deal with even more. More than being difficult and a bit of nuisance, forgetting to send out a notice or attach a rider to a document can lead to penalties. (I’ll take this opportunity to remind everyone with more than three units that you have to send out your notices—lead paint, window guards, and fire safety—to all tenants by next Monday, January 15.) One thing that landlords shouldn’t do is try to cut corners to save costs because, inevitably, one of those cut corners may come back to haunt you. Should this happen, … read more
Governor Andrew Cuomo is expected to propose an overhaul to the way in which New Yorkers are taxed to reduce the burden that many homeowners will face due to the passage of the tax plan signed into law by President Donald Trump in December. Though the governor has not made any formal proposals as of this time, some believe that he may push for the following changes to the New York tax code.
New York could swap out some of the income tax on individual workers with a payroll tax on employers. While this sounds like it would place a greater burden on employers, this is actually not entirely the case. Under current tax law, businesses can still deduct payroll taxes from … 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.