Fire Safety and Compliance for Boards and Building Owners in NYC

To help owners and shareholders navigate requirements for the 2023-2024 tax abatement cycle, our experts answered the most frequently asked questions.

FirstService Residential’s financial experts answered the most frequently asked questions about the current economic environment, potential impacts on building budget planning, reserve funds, and the role a property manager plays in the budget process.

Increasingly complex building regulations, rising costs, and inflation have shifted the needs of boards and building owners in New York City. The most successful property managers employ teams of experts who can triage the most sensitive issues.

In New York City, record-breaking median rent rates observed in summer 2022 are showing signs of relief, but remain elevated above historic averages.

FirstService Residential and FirstService Energy are prepared to help boards and owners identify capital improvements or retrofits that improve a building's energy efficiency score and letter grade.

New York City recently passed a series of new lead paint inspection laws that dictate how multifamily rental property owners must perform testing and maintenance moving forward.

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.