Today we shine the LandlordsNY vendor spotlight on Danny Grossarth. Danny is the Marketing Director for TechDad. To see how @TechDad can help you manage your IT services, check out their website here!
1. How long have you been in the business and how did you get started?
I’ve been working in the technology field for about 15 years. My college major was recording and audio engineering and I attended that program at the cusp of serious consumer computing power. The first year or so in college it was all about the traditional analog approach like the big studios, but the last year it was all about ‘digital everything’ and the freelance / home studio approach. … read more
Due to our coverage of an event this morning, today's briefing will be shorter than normal.
The yield on 10-year United States Treasury bonds reached a seven-year high this week of 3.25 percent. [New York Times]
U.S. markets, which saw significant selloffs yesterday, are expected to have another difficult day. [Wall Street Journal]
Markets across Asia and Europe saw selloffs today. [Financial Times]
Home prices in Brooklyn and Queens have hit record highs. [Crain's New York]
The median sale price for a home in the Buffalo Niagara region has increased by 7 percent in the past year, to $160,000. [Buffalo News]
The Justice Department … read more
Midtown Manhattan has seen 13.9 million square feet in rental agreements through the third quarter of the year. According to a report by CBRE Group Inc, this is the best first three quarters for the area since 2006, when 15.6 million square feet of office space was leased.
Financial companies led the way, with 36 percent of the leasing. Law firms and legal services were second, with 14 percent. The largest deal was a 343,606-square-foot lease to renew and expand Evercore’s offices at 55 East 52nd Street. The average asking rent in the area for the third quarter was $78.41 per square foot—a 2 percent increase from the second … read more
If you have an elevator project on the horizon, don't wait to call us. It takes about 30 to 90 days to set up a funding application for your elevator project. Call today 212.579.4236
State Senator Brian Benjamin (D-Dist. 30) will be introducing a bill that will extend the base date in overcharge complaints from four years to six years. The bill will also, according to the Daily News, “return apartments that were deregulated as a result of the rent overcharges back into the rent-regulated system” and “allow for penalties…even in cases where there were overcharges but no illegality or fraud is proven.” This could have a major impact on landlords who deregulated while receiving J-51 benefits, though it is unclear what these penalties will be or if tenants will be able to seek treble damages.
One thing the bill will not change, however, is that it … read more
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Click on the link to learn more:
These unplanned / non-budgeted projects can be extremely costly.
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We are a fully licensed NY brokerage company specializing in modernization financing. Contact us today for a personalized evaluation.
The lesson to be taken away from this installment of the LNY Case of the Week is short and sweet: Ask for tenants’ tax returns during discovery. While most attorneys and owners do this to see if the household earned more than $200,000 a year for two consecutive years, which would thereby allow for high income deregulation, you should also look at another line on the tax return: The tenant’s address.
In a recent case in Kings Housing Court where the landlord sued to evict a stabilized tenant for nonprimary residence, the landlord was able prove that the tenant didn’t live in the stabilized unit full time because he includes a Long Island address on his … read more
New condominium sales are struggling this year and asking prices are finally beginning to tumble. Though the third quarter is typically the hottest period for apartment sales, the number of deals this year was 30 percent lower than the average third quarters of the past three years.
One of the biggest problems is that luxury developments’ initial asking prices are far too high. This leads potential buyers to either wait until those numbers come down or ask for steep discounts. As sales continue to slide, developers are now offering to cover closing costs or even increasing commissions for brokers who show their buildings.
The Wall Street Journal has more.
Governor Andrew Cuomo and other state official unveiled a plan yesterday to revitalize John F. Kennedy International Airport and to, in the words of the governor, transform the airport into a “21st century transportation hub.”
On top of the super useful amenities that everyone wants at airport, the governor's $13 billion project (which will include both public and private investment) will allow travelers easier access in and out of, as well as around, the airport terminals. However, it will do nothing to address the significant number of delays the airport faces (approximately 25 percent of arrivals are not on time). Rather, the governor seems to believe it’s more … read more
1. How long have you been in the business and how did you get started?
I started working in the construction field as a glazier when I was 14 years old. When college rolled around I went door to door after my classes in Stony Brook to find customers for the little painting company that I started. I ended up selling and producing over $108,000 in projects as a freshman and continued running my painting company all the way through my senior year. I used my painting company to pay my … read more
Opening the door to an apartment after a tenant moves out is usually a surprise. Very rarely is it a welcome one.
True, many landlords may have a definition of “swept clean” that your average person on the street would consider overly rigorous, but many tenants seem to favor a light touch—or no touch at all. Rather than leaving the apartment in the condition in which they found it upon move in, they leave without sweeping, dusting, or scrubbing.
When an apartment is left in this condition, getting it show ready can be overwhelming. While there are numerous services one can call to haul away any junk left behind by tenants, taking care of … read more
The New York City Economic Development Corporation wants to partner with a landlord or nonprofit and buy a building in the Garment District. They are willing to put down $20 million or 30 percent of the purchase price (whichever is less) in public funds to make the deal happen.
Because so many garment manufacturing firms have either left for Industry City or the Brooklyn Navy Yard, the city has decided to rezone the area. Many of the blocks in the district will be converted for residential or office usage. However, because at least a small garment center is vital to the nearby fashion industry, the EDC believes a garment … read more
The boom in solar energy projects continues across New York as more owners of large commercial and multifamily properties see the benefits of going solar. While there are many landlords and homeowners who have decided to go solar because of environmental concerns, the recent surge in the number of solar projects suggests that solar power’s popularity could have more to do with the financial benefits of installing a solar system.
“When you have smart business people, they recognize the success. They’ll follow suit,” Suffolk County Executive Steve Bellone told Long Island Business News. “You put the incentives together, but it takes time for people to … read more
Manhattan luxury apartment sales have been sputtering since at least the end of 2017, but the rest of the residential market has been far more resilient to the factors depressing sale prices. Unfortunately for sellers, the third quarter of 2018 reveals that this trend has ended and non-luxury sellers are having to make concessions. The median sales price for a Manhattan apartment fell 4.5 percent, to $1.1 million, during this past quarter, and sales volume dropped by 11 percent during the same period when the two were compared to data from the third quarter of 2017.
Analysts points to the fact that there has been a sharp increase … read more
Changing of the Guard
On September 13th, Democrats flocked the polls for the party's primaries and once all the votes were tallied by day's end it was clear that the results were going to differ greatly than those from years past. Across the board, races which typically saw the incumbent breeze to victory were suddenly toppled by candidates representing the 'progressive left.' Eight-term Brooklyn State Senator Martin Dilan was easily defeated by 27-year-old Julia Salazar while Alessandra Biaggi defeated incumbent Bronx Senator Jeff Klein who was elected to his first term in the Senate back in 2004. … read more
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