Expert insights on managing New York’s most complex residential properties

Whether you’re a board member in Astoria, a shareholder in the Upper East Side, or a rental building owner in Brooklyn, rising utility costs, compliance mandates, and annual tax abatements can complicate what’s needed to run your property.

We sat down with Marc Kotler, President of FirstService Residential New York, to discuss the unique challenges of managing condos, co-ops, and rental buildings across the five boroughs, Long Island, and Westchester County, where his team is simplifying operations for boards and owners.
 

Simplifying the complexities of New York property management: Expert insights by Marc Kotler

Local law compliance is a balancing act.

One of the greatest pressures for New York boards and owners is navigating the patchwork of local laws.

"From facade inspection cycles to energy-audit requirements, local laws are no longer an optional part of operations. They’re central to risk management. We’ve always believed that you need deep neighborhood experience and enterprise-scale resources to help boards and owners stay ahead."

— Marc Kotler, President of FirstService Residential New York
  

FirstService Residential’s New York team includes a dedicated in-house compliance division that handles inspection scheduling, violation resolution, and filing which removes the burden from boards and building owners.

One example is New York City’s upcoming inspection cycle and retro-commissioning requirements under Local Law 87.

"If you don’t know these laws inside and out, you risk surprise violations, increased insurance premiums, or expensive remediation down the line."

Rising insurance, diminishing coverage. FirstService helps close the gap.

When it comes to property insurance, Kotler emphasizes that the market isn’t forgiving right now. Premiums continue to climb, umbrella policy limits are harder to secure, and boards must understand how their risk profile ties into their monthly charges.

"We offer an affiliated insurance brokerage based right here in New York. This team of experts leverages the size of our management portfolio to negotiate policies with lower annual premiums, better terms, and expanded coverage. That means clients save on costs without sacrificing coverage."

Learn more about FS Insurance Brokers.
 

How to lower utility costs and improve energy efficiency – at the same time.

Energy is both a cost center and an area of opportunity. FirstService Energy, our in-house advisory and procurement affiliate, helps boards and owners lower costs and stay ahead of clean energy mandates. Their broad portfolio of projects includes EV charging installs, HVAC replacements, LED upgrades, electrification, and whole-building retrofits that help clients reduce consumption and annual utility costs.
 

"One of the biggest mistakes is treating energy purely as expense control. When approached strategically, boards and owners can strengthen asset value and meet sustainability targets at the same time. With Local Law 97 compliance deadlines quickly approaching, foresight is essential."

Making the most of condominium and cooperative tax abatements.

New York City condo owners and co-op shareholders who meet the eligibility requirements for the city’s Property Tax Abatement Program can have their annual property taxes significantly reduced. The amount of the abatement is based on the average assessed value of the residential units in the development.

Despite these clear benefits, tax abatements and tax certiorari (tax protest) filings are still underused.
 

"Boards often focus on maintenance or common-charge levels, but there’s bigger opportunity. The most effective boards embed their tax structure in their long-term capital plan."

At the end of each year, the compliance team shifts a majority of its focus to tax abatement filings.
 

"The process is laborious, but the potential gains are quantified in the tens of thousands of dollars. We know the work is worth it for our boards."

Looking for new management. Surviving the transition.

Property management transitions are one of the most vulnerable periods in a building’s lifecycle. The handoff between outgoing and incoming management teams can expose gaps in financial records, vendor contracts, compliance filings, and even staff morale. A well-executed transition builds confidence and sets the foundation for a productive relationship between the board and the new management team. A disorganized or poorly communicated transition can lead to confusion, delays, and early frustration that’s difficult to recover from.

"The first 90 days are crucial. How information is transferred, how staff are supported, and how quickly we establish trust, these tasks determine whether the partnership will succeed long-term."

FirstService maintains a dedicated team that facilitates document transfer, communication between management and the incoming client, and compliance. This is a major differentiator, since most other management companies assign someone with administrative experience to handle transitions.

When considering a new management company, ask tough questions:

1. How do you track compliance and respond to new local laws?
    
2. What strategies do you use to manage insurance renewals and control premium costs?
    
3. Can you show measurable results from energy-saving or sustainability programs?
    
4. How do you integrate financial planning with tax-abatement opportunities?
    
5. What in-house expertise do you provide versus outsourcing?
    
6. What technology do you use to improve your operations?
    
7. What technologies have you used to improve the resident experience?
    
8. How do you approach capital-project planning and vendor procurement?
    
9. How can you help us comply with Local Law 97 emissions targets?
    
10. How can you help us reduce annual costs? Do you have specific examples of what you achieved for buildings like ours?

Large company, local presence. How FirstService can make a difference.

There’s value in knowing your management company understands the nuances – the subtle differences that make your neighborhood and your building unique. It’s a myth that this is not attainable with a large management company.

Costs continue to rise, and small unconsolidated firms lack the depth of resources to help their boards and owners protect their budgets.

"We’re part of a national family of companies, but that’s only half the story. Our New York team is what makes it all click. They live here, they know the area, and they make sure our programs and resources really work for the buildings they manage."

Interested in property management in New York? Contact FirstService Residential today to learn how we can support your property.