LandlordsNY Briefing for June 6th

After Legionnaires’ Disease sickened hundred and killed 12 in the city just three years ago, the New York City Council passed legislation to prevent future outbreaks. Albany soon followed suit.

Of particular interest to landlords is the legislation, which exists at both the state- and the city-level, that concerns cooling tower inspections. These inspections are vital to the prevention of Legionnaires’ because cooling towers are often the source of the Legionella bacteria that ultimately makes people sick. Because of the danger that contaminated cooling towers pose to occupants, owners are required to get them inspected every 90 days when they are in use and to get them cleaned should they contain a certain amount of the Legionella bacteria.

However, according to WNYC, as many as 20 percent of buildings with cooling towers are not currently in compliance with the law at the state level, while as many as 50 percent are not in compliance at the city level. If you have a cooling tower, get it inspected now. Failure to comply can cause serious illnesses among your tenants.

WNYC has more.


April real estate investment sales in Manhattan declined by 50 percent from March to just $1.7 billion (14 percent below the 12-month average). Brooklyn investment sales, however, saw $1 billion in investment, which is 68 percent above the 12-month average. Sales volume in Queens, meanwhile, had yet another decline for the fifth month in a row, with sales amounting to just $304 million (approximately 12 percent below the 12-month average). Finally, investment sales in the Bronx totaled $255 million for the month, which was 16 percent higher than the 12-month average.

The Real Deal has more.


In a Landlords New York Minute – A (Very) Brief Look Around the World

Russian President Vladimir Putin hopes to improve relations and trade ties between Russia and the European Union in the wake of the United States’ decision to initiate what could become a trade war with America's closest allies, Ethiopia and Eritrea have agreed to a peace deal, Jordanian Prime Minister Hani Mulki stepped down earlier this week due to massive protests over tax hikes and other unpopular policies, President John Magufuli of Tanzania is becoming increasingly authoritarian, Nicaragua is descending deeper into chaos, the Fuego volcano in Guatemala experienced another eruption yesterday that disrupted rescue efforts that began after the volcano’s initial eruption on Sunday, and Facebook gave users’ personal data to a Chinese firm named Huawei that has close ties to the Chinese government. President Donald Trump will sign a bill today that will overhaul the health-care system offered to veterans through the Department of Veterans Affairs, though the passage of the bill does not answer how the new policy will be implemented because the head of the department was fired more than a month ago and the president has yet to formally nominate a replacement. The Trump administration continues to languish behind the previous six administrations in nominating people to hold key positions (such as ambassadorships) that require Senate confirmation, Environmental Protection Agency chief and noted Swamp Thing impersonator Scott Pruitt sought to use his influence and clout to get his wife a job at a fried chicken restaurant, Education Secretary Betsy DeVos’ Federal Commission on School Safety won’t consider gun-control measures, the Miss America pageant will no longer include a swimsuit competition, and you can now gamble on sports in the state of Delaware. In economic news, there are currently more job openings than there are unemployed for the first time since such records began being kept, the opioid crisis seems to be dragging down the number of U.S. prime-age workers, investors do not seem to think that 2018 will bring a major surge in growth, foreign investors are becoming leery of U.S. institutions, not many investors made a killing on oil during this year’s rebound, steel tariffs are raising the costs of domestic steel, and the U.S. trade gap shrank by 2.1% in April. The New York City Department of Health will begin assigning letter grades to food carts, the city is seeing its highest foreclosure rates since 2009, Lord & Taylor at 5th Avenue and West 38th Street will close, several retailers and restaurants have left Brooklyn’s 5th Avenue while other retailers and restaurants have taken their place (how is this a story?), and a temporary outdoor concert and arts venue will come to a site in Hallets Point before it eventually become a major residential development.

Firefighters in California used a vacuum to rescue several ducklings, firefighters rescued a dog from a three-story roof in Pennsylvania, a heat wave in Mexico is causing traffic lights to melt, a man assumed to be a U.S. soldier was arrested in Virginia for stealing an armored personnel carrier from a military base and going on a joyride through Richmond, an Oregon man high on LSD thought he was playing Grand Theft Auto when police arrested him for grand theft auto, burger assault is real, you can milk a cockroach, crazy snake worms are invading the North Country, Paul Gilman does not have the power to speak to whales, and Snap has the power.

Designer Kate Spade died of an assumed suicide in her Manhattan apartment yesterday. She was 55.

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