-
A Big LandlordsNY Welcome to Finishing Solutions Network!
At LandlordsNY, we’re excited to announce our newest partner and specialty vendor, Finishing Solutions Network of New York! They will also be serving as our Finishing Trades Expert.
@Finishing Solutions Network of New York is finishing New York’s most important projects. FSN works directly with building owners, developers, general contractors, property managers, and more to connect them with specialty finishing trades contractors and meet their needs.
By asking the questions that others don’t, FSN can deliver results that others can’t. Your building speaks volumes and smooth walls, clean lines, and tight wall coverings all tell prospective tenants … read more
Last reply -
LandlordsNY Briefing for July 26th
The city has initiated a grant program for businesses in Downtown Jamaica that want to upgrade their storefront exteriors. The program’s budget has been set at $500,000, and the city will be accepting applications until September 19. Interested businesses can apply for grants by visiting this site.
The hope is that improvements to the façades of these buildings will generate more pride in the community and bring more activity to the neighborhood’s commercial district.
DNAInfo has more.
___________________
Brooklyn tech startup L03 Energy is helping residents of Park Slope and Gowanus who have already gone solar sell their excess energy to their neighbors. The company … read more
-
LandlordsNY Briefing for July 25th
Asking rents for ground-floor spaces in eleven of Manhattan’s top 16 shopping corridors fell when compared with the data from last year. On average, asking rents in the 16 markets fell by 8.6 percent over the same period of time, while the number of available spaces in these corridors rose by 34 percent. Experts believe that rents will decline further as brick and mortar retailers continue to grapple with increased competition from online retailers.
The Wall Street Journal has more.
___________________
In a report released yesterday, the Real Estate Board of New York revealed that the total value of second quarter home sales in New York City jumped 19 percent from the … read more
-
LandlordsNY MemberCase of the Week: 350-352 South Fourth Street Housing Development Fund Corporation v. Jose Torres et al
Building superintendents are as much a part of life in New York City as bodegas and subways. They are the people who are in charge of dealing with the most thankless jobs in property management—shoveling snow, taking out the garbage, and dealing with irate tenants at all hours of the day. They often live in the buildings they oversee, and this allows them to promptly handle any issues that arise.
In many cases, supers and landlords have more of an understanding than an employment contract: The super gets preferential rent and a small stipend in exchange for the work performed. Sometimes the situation is … read more
-
Increase Rents Without Increasing Operating Costs
Making your building more attractive to potential renters by adding amenities is a foolproof way to increase the amount you can ask for rent. While it’s difficult to quantify how much specific amenities can affect rent prices, one can look at data sets and determine that some amenities have a greater impact on rent prices than others, particularly in certain areas.
The website renthop conducted a study on the subject earlier this year, and they found that having a laundry room in a building correlated strongly with higher rents, especially in New York City. By adding a laundry facility, landlords have a better chance of being able to charge higher rents … read more
-
LandlordsNY Briefing for July 24th
Affordability has become a major issue in several housing markets throughout the U.S., particularly New York City. There are multiple factors that have contributed to the problem, but is difficult to understand how they all interact and how much of an influence they each have over the phenomenon. Over-regulation, NIMBYism, taxes, and stagnant wages have all been cited as causes.
Yet another theory places a large portion of the blame on wealthy foreign investors. As this theory goes, these individuals are buying up so many luxury properties in posh Manhattan neighborhoods that they lead to major distortions that trickle down the city's entire market. New research … read more
-
LandlordsNY Briefing for July 21st
Alternative lenders are becoming increasingly more important to the world of commercial real estate. Last year alone, the largest five—Blackstone Group, Mesa West Capital, Starwood Capital Group, TPG Capital, and Mack Real Estate Credit Strategies—funded approximately $20 billion in interim loans. Several other major players in the industry have capitalizations that range from $10 million to $100 million.
Although alternative lenders only made up 3.1 percent of the $3 trillion in outstanding mortgages last year, they are moving into niche gaps that banks are reluctant to fill. Many large banks, citing their concerns about the uncertainty of the commercial real estate … read more
-
LandlordsNY Member
What Landlords Need to Know About Int. No. 214-B
Int. No. 214-B is a bill that will provide legal services to tenants who are involved in eviction proceedings. The Committee on Courts and Legal Services for the Council of the City of New York voted unanimously, 7-0, to approve it yesterday. The bill passed with a majority of Council Members earlier today (42-3, with one abstaining). Mayor Bill de Blasio has stated his support for the legislation, as well.
This bill will become law.
The disparity between the number of cases where landlords have representation and where tenants have representation is startling. A report published by the New York City Office of Civil Justice less than a year ago found that … read more
-
LandlordsNY Briefing for July 20th
The Inwood rezoning proposal is as contentious as any rezoning proposal in recent memory. On the one hand, demand for apartments in New York City is so high that hundreds of thousands of apartments will need to be created within a few decades to keep the city affordable. On the other hand, many neighborhoods don’t want to lose their character. Furthermore, low-rise structures in wealthy neighborhoods often get preserved while their counterparts in poorer neighborhoods get razed and replaced with developments that are out of the price range of longtime residents. This has been a trend for years, and it is why residents of working class and poorer neighborhoods usually … read more
-
LandlordsNY Briefing for July 19th
Wealthy investors appear to be ditching hedge funds and investing in real estate, which suggests, first, that the stock market may be approaching a ceiling, and second, that the potential for a real estate bubble is now very real. According to a survey by Tiger 21, the group’s 520 members had an average of 33 percent of their portfolios dedicated to real estate, which is the highest level of investment in property since Tiger 21 started keeping track of the matter in 2007.
The flow of wealth out of the stock market and into real estate was caused, the report concludes, by an increase in geopolitical risk. This seems potentially dubious. The CBOE Volatility Index (VIX), … read more
-
LandlordsNY Member
What Landlords Need to Know About “No Children” Clauses
They’re illegal. Full stop. §8-107.5(a)(1) of the New York City Administrative Code states that it is unlawful to not rent to someone because “children are, may be or would be residing with such person or persons.”
-
LandlordsNY Briefing for July 18th
East New York was rezoned over a year ago at the behest of the de Blasio administration and the New York City Council. They argued in favor of rezoning largely because there was a belief that new developments would be entirely comprised of affordable units, that these projects would bring more jobs to the area, and that investment in infrastructure, both public and private, would follow. The belief was that none of this would lead to gentrification in the short-term. The market was considered simply too weak.
There is evidence to suggest that this was a misguided position, and that private investors are already moving into the neighborhood's commercial districts and … read more
-
Keeping Risk and Vacancy Rates Low with Insurent
New York has always attracted young and creative people. This is particularly true in the early summer as college students flood the city in search of internships, while recent graduates come here to begin careers.
To be young in New York City is thrilling, but it’s also difficult. This is especially so when you’re working your first job out of college and you have loads of student debt hanging over your head. The average salary for someone who graduated in 2016 was $50,556, which translates into an ability to pay $1,263.90 in rent (provided one follows the 40x rule). However, recent graduates should probably be paying significantly less than that because … read more
-
LandlordsNY Member
Case of the Week: In the Matter of the Administrative Appeal of Esther and Easton Richards
This installment of the LNY Case of the Week will get straight to the point. Here it is: As a landlord, you are not required to get the best possible deal when you make improvements or renovations. You are not required to use a bidding process or to seek the lowest cost estimate. You have the freedom to hire any contractor you want to perform any job that you want. You are even within your right to get ripped off.
This was the decision of Deputy Commissioner Woody Pascal. He came to this conclusion because two stabilized tenants, Esther and Easton Richards, felt as though they were being overcharged by the … read more
-
LandlordsNY Briefing for July 17th
There was an increase in investment in Manhattan commercial real estate between the first and second quarters of this year, but it was not as robust as last year. A report from real-estate services firm Avison Young reveals that sales rose to $5.6 billion in the second quarter of 2017, representing a 74 percent increase from the first quarter’s $3.2 billion. However, this number represents a major decline from the second quarter of last year, which saw $13.8 billion in deals.
It’s not merely that there has been a decrease in the amount being invested in Manhattan commercial property. The number of deals is down, as well. Between the third quarter of 2013 and the second … read more
