New Law Requires Bed Bug Reporting

NYC’s new Local law 69/2017, effective on November 6, requires multiple dwelling
property owners to obtain the bedbug infestation history from all tenants and unit
owners, including whether eradication measures were employed for a bedbug
infestation. Starting in December 2018, owners will be required to report information
for each unit to HPD for the previous year (from November 2017 through November
2018). Such reporting will be required every December for the previous year. Your property manager will be working to ensure that your building is in compliance by next year’s deadline.
For more information, visit: http://www1.nyc.gov/site/hpd/owners/Pests-owners.page

Screen shot 2017-12-13 at 12.01.38 PM

Individual Unit Management: Additional Service Now Offered for Unit Owners

We are pleased to announce that DEPM has recently launched a new division, the “Individual Unit Management” program, offered exclusively to apartment owners in DEPM-managed buldings.
The “Individual Unit Management” program is a full-service apartment concierge designed for investor-owners. Our highly trained staff specializes in managing
properties for foreign or absentee owners, as well as local investors in the NYC
real estate market.
Our customized management services for investor-owners provide comprehensive
oversight to ensure the security of each unit, as well as the building community as a
whole. Our investment property managers oversee all operational aspects of the
investment, from applications and tenant screening to rent collections and procuring
insurance. Our staff will oversee leasing, provide cleaning, painting, and
repair services, and ensure that applicants submit the proper forms and meet building requirements. We coordinate any work performed inside the unit, and approve and
pay invoices for work done, and interface with building management if necessary. We
pay all bills related to the apartments, including common charges, mortgage payments, insurance premiums, and real estate taxes. Our financial package provides
monthly statements that include all income and expenses, and provide owner’s with
professional financial accountability. We also provide a year-end report that can be used for tax purposes. Our management fee is five percent of the annual gross rent of the
managed unit, billed monthly. For more information, contact Sara Morvay, Investor
Relations Manager, at sara.morvay@ellimanpm.com.

Doing their own thing...together

DEPM’s “Individual Unit Management” program is
offered exclusively to apartment owners in DEPM-managed buildings.

Budget Preparation Time: 2018 Drafts Are on the Way

As budget time approaches, DEPM property managers are consulting with resident managers, superintendents, and our financial analysts to prepare the 2018 Operating Budget drafts for our client boards to review. Preliminary and general observations reflect that real estate taxes continue to outpace normal indexes of inflation. Utility costs have increased at a pace second only to taxes while, interestingly, labor and related costs are trending just above inflation indexes. Supplies and services have generally marked lower than inflation. DEPM unfailingly works its portfolio clout wherever possible for our clients’ financial benefit. We do our best to reduce the financial impact of our managed buildings’ supply purchasing, fuel and other utility charges, and contractor competitive bidding processes. Please reach out to your building’s Financial Analyst if you have any 2018 budget-related questions.

iStock_000065589405_Medium

As budget time approaches, DEPM property managers are preparing the 2018 Operating Budget drafts for our client boards to review.

Business Credentialing Services Ensures Vendor Insurance Compliance

How many contracting jobs are underway each day in your building? There may be an
exterior maintenance company working on the façade, a unit owner renovating a kitchen, repairs being made on the boiler, an installation going in on a rooftop deck, and
potentially a host of others at any given time. Verifying that every vendor, contractor, sub-contractor, supplier and service provider working on your property has proper insurance certificates in place can be a non-stop task. Obtaining, filing and tracking these important documents is a time-consuming prospect, yet one that is essential in order to protect the property and all its residents from risk.

DEPM has begun working with Business Credentialing Service (BCS), a risk management company that screens vendors to ensure that they are in compliance with all of DEPM’s requirements BEFORE they begin any work. Requirements may include a
Certificate of Insurance detailing the compliant policies and limits, a Hold Harmless Agreement between the contractor and DEPM, a copy of the contractor’s W-9, a Contractor’s License if they are required to carry one in New York State, the company’s
Federal Employer Identification Number, and Office of Foreign Assets Control watch list
screening.
We are continuing to expand our database of vetted suppliers, contractors and vendors—all of whom pay an annual fee to BCS, so this service does not add to your
building’s expenses—and intend to require all businesses working in DEPM buildings to
be certified by BCS. Your property manager is working with our executive management
team as we continue to implement and expand this important new service.

Screen shot 2017-09-08 at 2.17.17 PM

Nick Zoppi of Building Credentialing Services addressed DEPM’s managers at our June in-house Seminar to explain how BCS can help protect client buildings when hiring contractors.

New BoardPackager Program Helps Streamline Apartment Transfers

In our latest effort to make life easier for our boards, DEPM has teamed up with BoardPackager to provide you with a secure online system for processing apartment applications. BoardPackager uses encrypted file-sharing technology that allows
board members to review and vote on applications from purchases or renters. The system also facilitates communication between brokers, boards and property managers to streamline and expedite the process. Documents can be archived for future reference, reducing both paperwork and the need for storage space. All files are backed up daily and stored off site for additional security and peace of mind.

We are currently testing the system in several DEPM buildings, with plans to expand availability of the service to all our buildings over the coming year. If you are interested in learning more about this service or including your building in the initial implementation phase, please contact your Account Executive. For more information visit boardpackager.com.

Always sticking to their budget

The new BoardPackager program offers a secure online system for processing apartment applications.

Come See Us at the Co-op & Condo Expo!

Stop by and say hi at Booth 200 at The Cooperator’s Co-op & Condo Expo Wednesday, April 26th at the New York Hilton Hotel in Midtown Manhattan. Whether it’s a first-time introduction or a chance to reconnect, we’d love to see you. DEPM President Jim O’Connor will be stopping by, as well as CFO Harris Bornstein, Vice President + Architect Peter Lampen, and VP’s of Management John Janangelo, Jim Miller and Tom Usztoke, along with numerous other property managers and associates. It’s a great chance to talk about your property management needs and ask us questions about how we can help.

The Expo features a variety of co-op and condo service providers who are there to answer your questions, as well as a series of seminars addressing the important issues that Boards must face. It’s a great opportunity to learn more about how to run your building as efficiently and effectively as possible. Registration is free at coopexpo.com.

We look forward to seeing you at the New York Hilton, Sixth Avenue at 53rd Street, on Wednesday, April 26th.

DSC_0296

DEPM President Jim O’Connor (second from left), along with many other DEPM managers, will be at the Co-op & Condo Expo on April 26th at the NY Hilton. Come by and say hi!

Co-op/Condo Tax Abatement Deadline Approaching Fast

DEPM has submitted to the NYC Dept. of Finance information on all new unit purchases that occurred in 2016 through January 5, 2017 for our co-ops and qualifying (ie: non-421a) condos. Now is the opportunity for any unit owner whose resident status has changed to primary and currently meets the requirements for the tax abatement program to update their status.
If you feel that your unit should have received the abatement in 2016 but did not, please contact your Account Executive in writing, phone or email as soon as possible and we can submit the corrected information on your behalf. The deadline for making changes to your apartment status for the 2016/17 benefits is February 15, 2017 and for 2017/18 benefits the deadline is March 31, 2017. Please visit the City’s website at nyc.gov/ccabatements for more comprehensive details on this program.
In addition, there have been some changes in the STAR abatement program. New applicants who qualify for Basic or Enhanced STAR should now register with New York State instead of applying with the NYC Dept. of Finance and will receive their STAR credit in the form of a check rather than a property tax abatement.The STAR hotline number is 518-457-2036. Or visit the City’s STAR info page at on.nyc.gov/2k9MmJZ