Fire Safety and Compliance for Boards and Building Owners in NYC

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.

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.