Regulatory Compliance
Navigating NYC Real Estate Compliance with Confidence.
New York City real estate compliance encompasses a set of regulations that govern properties and their components, and these regulations are increasing every year. Staying informed about these evolving requirements is key to managing a successful real estate portfolio.
In NYC, buildings must adhere to various regulatory agencies including the Department of Housing Preservation and Development (HPD), the Division of Housing and Community Renewal (DHCR), the Department of Buildings (DOB), and the Department of Finance (DOF), among others. Each agency has its own rules that must be followed to maintain compliance. Failure to comply can result in significant consequences such as preventing transactions, stalling refinances, losing tax exemptions and abatements benefits, or receiving violations that could complicate ownership further.
As these compliance requirements continue to grow more challenging each year, it is essential for property owners to navigate this complexity effectively. Our team is dedicated to helping clients understand these regulations and ensure their assets remain compliant in an ever-changing landscape. By staying informed and proactive about compliance issues, you can safeguard your investments against potential pitfalls in New York City's dynamic real estate market.
HELLO WORLD
We provide the following Regularty Complinace consulting services:
DHCR Initial Rent Registrations
Owners of rental proeprties must file initial rent registrations within 90 days after an apartment becomes subject to rent stabilization. Our office can help navigate proper filing to ensure complance with all applicable regulations, including proeprty tax exemption programs, regulatory agreements and etc.
DHCR Annual Rent Registrations
Owners of rent stabilzied rental units must file annual rent registrations with DHCR by July 31st of each year. In some cases the units can be taken out of rent stabilization in which case an annual "exit" registration must be filed with DHCR outlining the reason for exemption.
HPD Registrations
Owners of residential buildings are required to register their buildings annually with HPD if their property has over 3 residential units, or 1-2 residential units where neither the owner nor the owner's immediate family resides. We offer registration filing assistance to our client to compy with the regulations and avoid the fees.
HPD Asset Management Annual Submissions
Each year, Asset Management requires submission of certain financial and regulatory compliance materials in accordance with applicable regulatory agreement(s). Submission requirements differ depending on the type of benefit the property receives from HPD.
