Ask the Experts: NYC Local Law 157 and Natural Gas Detector Compliance

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 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.

Local Law 97 impacts roughly 50,000 buildings across the city, a majority of which are multifamily residential properties.

FirstService Residential recommends that all boards and building owners consider the installation of EV charging stations and incentives available through NYSERDA and ConEd.

FirstService Residential helps condo and co-op boards navigate CMA compliance, avoid costly fines and identify incentive programs that reduce the cost of building upgrades.

Policy exclusions introduce increased risk to the board and often render a contractor’s policy meaningless. Properly vetting a contractor’s insurance is critical.