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Here’s where you’ll find recent articles about FirstService Residential, as well as our impact on the areas we serve.

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FirstService Residential Pilots Health Department's Cooling Tower Training

Posted on Tuesday January 16, 2018

President Dan Wurtzel discusses in detail the significance behind New York City's Local Law 77, which is the most comprehensive of its kind in the nation, and requires building onwers to inspect, clean, disinfect, test and certify all cooling towers. The following article is as published in Mann Report Management's January 2018 issue. 

Mandatory Disclosure of Conflicts of Interest Transactions

Posted on Thursday December 21, 2017

As the leading property management company in New York, FirstService Residential seeks to advise all board members on new laws that impact New York condo and coop communities -- the latest being a state law effective January 1, 2018 which requires boards of condos and coops to disclose to owners all transactions in which a member of the board has a conflict of interest. Our General Counsel Benjamin Kirschenbaum wrote a comprehensive memo on this topic which was sent to all FirstService Residential board members.

How One Mitchell-Lama Co-op Is Going Green

Posted on Wednesday December 20, 2017

General Manager Victor Berrios of FirstService Residential was interviewed by The Cooperator regarding his inspiration and his proactive efforts in "greening" a 620-unit Mitchell-Lama co-op, Jamie Towers.

POST-EVENT SUMMARY: Protecting your Assets: A Primer on Directors & Officers Liability Insurance

Posted on Tuesday December 12, 2017

Directors & Officers (D&O) liability claims can come with significant financial consequences. A D&O liability insurance policy is intended to protect directors and officers from damages resulting from allegations of wrongful conduct and lawsuits when acting in their capacity as a board member.   FirstService Residential hosted a symposium on November 16, 2017 during which a panel of legal and insurance experts helped attendees better understand how to protect their association and their personal assets in the event of a claim. Read on to learn all event details. 

Can the Landlord Do Anything to Help Prevent Package Theft?

Posted on Monday December 11, 2017

Dan Wurtzel, president of FirstService Residential New York, is quoted in this New York Times article discussing preventative measures concerning package theft in residential buildings. 

Ensuring Compliance with New FDNY Rules for Safety Signs on Doors

Posted on Tuesday December 05, 2017

The Fire Department of New York (FDNY) adopted new rules requiring multifamily dwellings to place reflective signs on all apartment and stairwell doors. The legislation, FDNY 3 RCNY §505-01 & 505-02, is intended to assist emergency responders in locating apartments and determining where they are headed in a building when responding to a fire or other emergency. Read more to learn details about these requirements. 

Property Tax Abatements: What Unit Owners And Shareholders Need To Know

Posted on Wednesday November 29, 2017

In preparation for the 2018/2019 Cooperative/Condominium Property Tax Abatement* filing, all unit owners and shareholders received a letter from FirstService Residential requiring confirmation of primary residency status. Read more to understand what you need to do now. 

City Gives Legionnaires Lessons at New Cooling Tower Academy

Posted on Tuesday November 28, 2017

President Dan Wurtzel is quoted in this Real Estate Weekly article discussing the importance of educating property managers and building operators to comply with New York City’s cooling tower regulations, ensuring resident safety. FirstService Residential is also credited with organizing initial training drawing over 400 guests. 

FirstService Residential to Pilot Direct to Resident Insurance Program

Posted on Tuesday November 21, 2017

In an effort to continuously enhance the value of every property and the lifestyle of every resident we serve, FirstService Residential is excited to announce a partnership with Lemonade Insurance Company to facilitate homeowners and renters insurance policies for resident within our managed properties.

FirstService Financial Helps Co-op Reduce Annual Debt Cost by 23 Percent

Posted on Monday November 13, 2017

Ardsley Tenants Corporation, a co-op proudly managed by FirstService Residential, had an existing first mortgage maturing January 1, 2018 with a principal balance of approximately $12 million. Understanding the board’s concerns and long-term debt preference, and factoring in the building’s financial needs, our affiliate FirstService Financial provided several options for consideration, including interest only loans, 30-40 year amortizing loans, and hybrid structures.
 
“FirstService Financial’s proactive suggestions and feedback over the last three years allowed us to accurately gauge the most appropriate time to move forward with refinancing our existing debt,” said Steve Martin, Ardsley treasurer. “Their professional guidance throughout the process, lending expertise, and extensive track record was a fantastic benefit offered through FirstService Residential as our management company.”
 

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