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Best Industrial Pressure Washers
Agricultural and Industrial equipment take extensive abuse by being covered in dirt, grime, detergents, and more. Not to mention our everyday world of brick buildings, stadiums, stairs, concrete, etc. being exposed to dirt, food, grime, graffiti, and the like. Each of these are expensive investments and so if we care for our investments they will last longer. Keeping our equipment and buildings clean is the best way to extend the life of our investments.
Mi-T-M Products has what you need and more. After reviewing their line of equipment, I was blown away. They have every type of pressure washing unit imaginable and every option to fit every need. The best part of Mi-T-M … read more
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LandlordsNY Briefing for April 20th
The ALTA LIC, a new residential building in Long Island City, contains 13 floors of shared apartments that will allow for dormitory-style living with hotel-style amenities. Some people believe this type of co-living situation—where a company, in this case Ollie, will effectively rent out 13 floors and then sublet bedrooms within apartments to tenants—will be the answer to the housing crisis. They contend that it will provide middle class residents of high-rent cities like New York will an affordable housing option.
Detractors are skeptical that this type of living will do anything to address the housing needs of families or provide … read more
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LandlordsNY Briefing for April 19th
Because LandlordsNY will be covering today's Rent Guidelines Board hearing, the briefing will be abridged.
Nine companies and 13 suspects accused of donating to the de Blasio in a quid pro quo scheme have been apprehended by the Manhattan DA. [Crain's New York]
A new study has discovered that mice in New York City carry dozens of rare and potential dangerous disease. [Wall Street Journal]
Residents of the South Bronx don't seem to want a $700 million soccer stadium in their backyard. [Welcome2theBronx]
Puerto Rico is experiencing island-wide blackouts. [New York Times]
The yield curve of the benchmark 10-year bond has been flat … read more
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Energy Efficiency Is the Cure for Rising Heating Fuel Costs
If you feel as though your fuel costs are significantly higher than they were last year, you’re not alone. A report released by the New York City Rent Guidelines Board last week revealed that the average fuel costs for stabilized buildings in New York City increased by 16.4% from last year.
While the longer than average winter certainly contributed to the rise in costs, this was a relatively minor factor. The real culprit behind the steep rise in heating costs was due to fluctuations within energy markets, which caused the price of fuel to rise dramatically. Though buildings with boilers that run on fuel oil felt the sting of this jump in price … read more
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LandlordsNY Briefing for April 18th
PropertyShark recently released its quarterly report on New York City’s priciest neighborhoods. No surprise, Tribeca and Soho occupied the #1 and #2 spots, respectively. It’s also no surprise that DUMBO, which ranked #5 on the list, retained its title as the most expensive neighborhood in Brooklyn.
What is a surprise is that DUMBO is the only neighborhood outside of Manhattan to break the top 10. While the borough was better represented overall—with Queens’ priciest area, Belle Harbor, finally making an appearance at #27, and the Bronx and Staten Island absent from the list—the new rankings reveal that Manhattan continues to be the … read more
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LandlordsNY Welcomes New Resident Portal Expert, Carson!
LandlordsNY members asked, we listened! Many of our owners of non-doorman & walk-up buildings have been asking for a resident portal solution that is created specifically for them. We are pleased to welcome @Carson Living, Inc to LandlordsNY as Resident Portal Expert AND the solution you have been asking for!
Carson is the new resident platform for non-doorman multifamily properties.
Carson’s founders bring 15 years of accumulated expertise and market leadership from industry leaders BuildingLink and ActiveBuilding to build the next generation application, specifically designed for non-doorman properties. Carson allows instant communication … read moreLast reply -
LandlordsNY Briefing for April 17th
Housing starts increased by 1.9% in March to a seasonally adjusted rate of 1.319 million, with multifamily construction leading the way. Starts for buildings containing more than four units saw a massive 16.1% jump from February. Conversely, single-family starts declined by 3.7%.While some contend that these numbers are volatile and will be corrected once additional information is made available in the future, they do agree with other data indicating that these two trends are occurring. Single-family permits were down 5.5% in March, while residential permits overall were up 2.5%.
It’s a bit of a paradox. Demand for single-family … read more
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LandlordsNY MemberCase of the Week: Houston Street Management Co. v Suzanne La Croix
Nonprimary residence cases are, at their heart, cut and dry. If the landlord can prove that the tenant did not use the subject apartment as their primary residence, then the judge will rule in the landlord’s favor. If the landlord fails to prove that the tenant was not using the subject apartment as their primary residence, then the judge will dismiss the proceeding.
Typically, these types of cases involve installing surveillance equipment, a subject we've dealt with regularly (see here, here, and here). They also involve copious amounts of documentary evidence as landlords try to prove that the tenant was living elsewhere during the time … read more
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LandlordsNY Briefing for April 16th
Commercial sales in New York City have come roaring back to life in the first quarter. Cushman & Wakefield reports that there was an increase of $12.42 billion in year-over-year sales, which constitutes a jump of approximately 70%. Manhattan sales alone were up to $8.9 billion, double what they were a year ago. The sudden surge is largely due to a dozen megadeals of more than $250 million. Chief among them were the $2.4 billion purchase of the Chelsea Market building by Google and the $700 million acquisition of the St. John’s Terminal site by Oxford Properties Group and Canada Pension Plan Investment Board. Multifamily sales are also on the rise. There were $2.9 … read more
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LandlordsNY Briefing for April 13th
Rents are dropping throughout the city. In Manhattan, average rents in March saw a year-over-year decline of 3.8% (to $3,168). This is the most significant drop since 2011. The decline is even more dramatic in some of the other boroughs. Rents in northwest Queens (Long Island City, Astoria, Sunnyside, and Woodside) fell 6.4% (to $2,559), while rents in Brooklyn dropped 6.3% (to $2,629). To make things worse for landlords, concession rates continue to be high, with Manhattan, Brooklyn, and northwest Queens all seeing near-record rates of 42%, 48%, and 63%, respectively.
Unfortunately, this shows that concessions alone aren’t going … read more
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LandlordsNY Member
What Landlords Need to Know About the 2018 Price Index of Operating Costs
The report on the 2018 Price Index of Operating Costs (PIOC) was presented at the public meeting of the Rent Guidelines Board earlier this morning. The PIOC provides insights into the changes in the costs of operating and maintaining a stabilized building in New York City. It examines seven components that include: taxes, labor, fuel, utilities, maintenance, administrative costs, and insurance. The study's focus was from March 2017 until March 2018. It also provides a weight to each of these factors to determine the annual fluctuation in costs for stabilized landlords.
It was found that PIOC increased by 4.5% from last year. The … read more
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LandlordsNY Briefing for April 12th
Because LandlordsNY will be covering today's Rent Guidelines Board hearing, the briefing will be abridged.
The State Commission on Judicial Conduct has recommended that Hon. Terrence C. O'Connor, a judge in Queens Housing Court, be removed from his post. [New York Times]
Though sale volume has declined, Brooklyn homes continued to sell at record prices in the first quarter. The median sale price was $795,000. [Crain's New York]
Bronx residents earn less than residents of the other boroughs and face the highest rent-to-income ratio in the city. [Welcome 2 the Bronx]
The New York City Council released a report on how it plans to reduce … read more
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LandlordsNY Briefing for April 11th
The New York City Council’s response to Mayor Bill de Blasio’s proposed budget plan hopes to address inequities facing New York City homeowners. To start, all homeowners (whether it’s a house, co-op, or condo) would receive a $400 rebate, provided combined household income does not exceed $150,000. The counterproposal would also require the mayor and the council to appoint a property tax commission to address the numerous inequities within New York City’s property tax system, and to, according to Crain’s New York, “find ways to tinker with the excises without causing ‘a big hit to the city’s finances.’”
One particular sore spot is … read more
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LandlordsNY Member
Property Owner Clinic - May 2
The New York City Department of Housing Preservation and Development is putting on free monthly clinics to inform owners from across the city of programs designed to help them. These programs include no-cost financing and tax benefits that will allow owners to upgrade building systems and reduce operating costs. Representatives from HPD, as well as the Department of Finance, the Department of Environmental Protection, and the Department of Buildings, will be available to meet with all owners who attend.
The next event will be held on May 2 at 100 Gold Street in Manhattan. It goes from 6:00 PM to 7:30 PM. If you are interested, you can register here.
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LandlordsNY Briefing for April 10th
Mayor Bill de Blasio insists that the Brooklyn-Queens Connector is a possibility, but those around him seem to be less than optimistic. Neither is a surprise. The mayor has made the BQX, which is a 16-mile trolley system that would connect western Queens with much of the Brooklyn waterfront along the East River (going from Astoria into Greenpoint, and then down to the Navy Yard, through Downtown Brooklyn, into Red Hook, and ending in Sunset Park’s Industry City), one of his primary transit initiatives. Its unpopularity is a blow to his ego. His more pragmatic staff, however, recognize that it may be best to scrap the project. Even … read more
