A joint venture between Prudential Financial, Garrison Investment Group, Onyx Equities LLC, Taconic Capital Advisors, and Axonic Capital LLC has purchased three of the four Gateway Center buildings in Newark for $300 million. They hope to invest as much as $50 million into renovating the 1.8 million-square-foot brutalist complex, which was constructed in the 1970s and 1980s. On top of the three buildings, the acquisition includes the Gateway’s concourse, as well as two sites that offer 500,000 and 800,000 square feet of development.
The complex is an iconic part of Newark’s downtown area, which is currently undergoing $4.5 billion worth of development. If the … read more
Energy Purchasing can be a full time job for some businesses. LC Associates has been brokering energy contracts for almost 20 years now. Most of our Clients are larger firms that require customized pricing plans and flexibility in the market.
Our energy portfolio consists of a significant make-up of smaller businesses that consists of restaurants, laundry mats, walk-in medical clinics and other types of businesses. Most noteworthy, our firm has a fair amount of small business customers. These business owners are not only CEO’ … read more
The Department of Housing and Urban Development reached an agreement with New York City over the future of the New York City Housing Authority. The agreement avoids a complete federal takeover of the often maligned and perennially underfunded housing agency that oversees the homes of 400,000 New Yorkers, and instead grants the federal government the ability to monitor the city’s actions in exchange for $2.2 billion in funding over the next decade.
Independent analysis has shown that the agency needs $32 billion to bring its housing stock up to code.
The New York Times has more.
In a Landlords New York Minute – A … read more
Has anyone had any experience with TheGuarantors.com. I have a potential tenant that has a 700 credit score but only makes 25x the rent, they have approve from TheGuarantors.com but I have no experience with this service. Can you please explain to me the ins and outs?
No eviction is ever easy. This is not only because evictions are typically long, arduous court proceedings. It’s because the stakes are so high. While the apartment may be your property, it is also the tenant’s home and they have numerous legal protections in place to keep them from being arbitrarily kicked out.
However, there are some legal protections that seem a little strange, even to tenants. The most notorious of which concern squatters’ rights. Pursuant to New York State Real Property Actions and Proceedings Law §§ 713(3) and 713(10), squatters, or “surprise tenants,” can claim possession of commercial or residential premises, … read more
The Mayor’s Office released their rezoning plan for the Brooklyn neighborhood of Gowanus yesterday. The plan affects approximately 80 blocks that sit between two of the borough’s more upscale neighborhoods, Boerum Hill and Park Slope, and will allow for significantly more residential development in a neighborhood that has long been characterized by its low-rise and industrial aesthetic. Additionally, the plan would create a public shoreline on both sides of the Gowanus Canal—a longstanding posterchild for industrial pollution.
While some are hopeful that the plan will create more affordable and market-rate housing, there will … read more
The New York City Council is considering legislation that will give the city more information regarding vacant properties throughout the five boroughs. One such bill, Int 226-2018, whose prime sponsor is Councilmember Deborah Rose (D-Dist. 49), will require property owners who allow a parcel to sit vacant for more than one year register the property with unspecified agencies of the city. Failure to do so will result in a fine between $100 and $500 per week.
Overseeing a multifamily property requires a lot of coordination. It’s not just a two-way street connecting tenants and management. There are also contractors, subcontractors, and a host of other people who may come through your doors on any given day. At times it can seem like you’re overseeing a village rather than a building.
Because managing a building is so complicated, many owners are hesitant to adopt new technologies or to amend tried and true methods. The price and complexity of many new systems only adds to their reluctance. Consequently, many owners only become willing to change with the times once it becomes an absolute necessity. … read more
Several New Jersey politicians are hoping to get the federal government to chip in a little over $7 billion to cover half of the costs of the $14.5 billion Gateway Plan. This project would fix the existing rail tunnel between New Jersey and New York (known as the North River Tunnel), create a new one, and replace the Portal North Bridge, which is over a century old. The existing tunnel connecting the two states was built around the same time. As New Jersey Governor Phil Murphy and some congressmembers from New Jersey discovered while touring the 108-year-old piece of infrastructure, it is beginning to show its age.
“This is a … read more
Major Capital Improvements are a hot issue right now because proposed legislation in Albany could fundamentally alter how the program works by replacing rent increases with tax credits. (To read more about that, click here or get tickets to our Monthly Meet-Up with @STRATCO Property Group in February). While landlords will still be compensated, these kinds of improvements will cease to be as profitable as they traditionally have been.
However, this installment of the Case of the Week has nothing to do with the potential changes to the law; rather, it concerns the law as it presently exists. Specifically, it examines whether or … read more
The New York City Council passed a bill that would give thousands of owners of commercial and residential spaces a break should they appeal their property-tax assessments. Since 1973, owners of properties assessed at more than $1 million have been required to submit documentation of their income when appealing an assessment. This became even more burdensome in 2015, when legislation was passed requiring these owners to submit an audit of their income performed by a CPA—a process that can cost upwards of $10,000.
The new bill increases the threshold to $5 million, and indexes it to inflation. Mayor Bill de Blasio is reviewing the bill.
The White House will announce a plan next week that will disentangle Fannie Mae and Freddie Mae from federal government stewardship, as the Trump administration has evidently decided to stop waiting for Congress to create a plan to manumit Fannie and Freddie from government control. According to acting director of the Federal Housing Finance Agency, Joseph Otting, in “six to 18 months” will see significant progress on the overhaul.
This is contrary to statements made by Treasury Secretary Steven Mnuchin, who has repeatedly indicated that the administration would prefer Congress come to them with a plan to allow Fannie and Freddie to once again become independent … read more
Even though today felt like a tropical depression, we thought it'd be a good idea to revisit how Local Law 86 of 2017 made landlords responsible for keeping their buildings warmer than in the past. After all, another severe cold front is expected to settle over New York City next week.
Every year from October 1 through May 31 landlords are responsible for keeping apartment temperatures above 62 degrees Fahrenheit between 10 pm and 6 am. Prior to 2017, the base temperature was 55.
Today's briefing will be shorter than normal because we are covering City & State's P3 Conference in Lower Manhattan.
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 in 2017 and 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 than by … 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.