Compliance Update: What is the Corporate Transparency Act? What Does the Injunction Mean for Condos and Co-ops?

Though inflation and economic uncertainty continue to impact property investments and transactions, multifamily stakeholders and institutional owners remain optimistic.

Local Law 88 requires most mixed-use residential buildings larger than 25,000 square feet to upgrade lighting in common areas to current NYC energy code, install sub-meters for each non-residential tenant space and provide monthly energy-use statements to sub-metered tenants.

New York City boards and owners are experiencing great difficulty renewing general liability and umbrella insurance policies. FirstService Residential can help.

The multifamily residential sector in New York City made significant strides in 2021 as borough economics continued to recover and transition into a post-pandemic paradigm.

Beginning July 1, 2022, condominium and cooperative buildings in New York City must begin to pay building workers a prevailing wage or forfeit their eligibility for the Cooperative and Condominium Property Tax Abatement.

As of December 27, 2021, New York City’s Department of Health requires building workers who perform in-person work to show proof of vaccination to their employer.

As of November 2021, the New York City Council has extended Local Law 152 gas pipeline inspection deadlines for boards and building owners through June 30, 2022.

The rising cost of flood insurance and forthcoming changes to FEMA flood maps is a topic of discussion for condos and co-ops in the New York City area.

As different sectors of New York City’s economy recover from the COVID-19 pandemic, strong signs of life are emerging in multifamily rental property investment.

With an effective reserve-fund strategy, boards can properly plan for unplanned equipment replacements and repairs to building systems and facilities.