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November 2016 Archives

Tentative deal reached on renewing New York's 421-a program

Earlier this month, New York City construction unions and the Real Estate Board of New York reached a tentative agreement to renew a tax credit program aimed at incentivizing builders to provide affordable housing in the city. The 421-a program, which expired last year, gives developers tax credits for constructing affordable housing in certain neighborhoods. After the program expired, development throughout the boroughs fell significantly.

Accommodating residents with allergies in pet-friendly buildings

Here in New York City, many of us live in very close proximity to our neighbors -- and to their pets. Many co-ops in the city allow residents to have pets. This can present an issue for co-op boards if other residents have allergies to animals.

Are there risks to infusing your properties with aromas?

Most New Yorkers enjoy transitioning from the smells of the city as they enter office and residential buildings, hotels and restaurants. To make that experience even more pleasant, many upscale condominiums and apartment buildings have partnering with companies that provide fragrances to infuse lobbies, fitness centers and even hallways. They're often brought in through the building's ducts. They see it not only as a perk for residents, but as a way to stand out in Manhattan's competitive real estate market.

Breach of contract: 5 points to consider

As a business professional, you deal with contracts on a regular basis. While most agreements will never wind up in a dispute, it's important to remember that this could happen at some point. From delays to financial problems, you never know what could lead to a breach of contract.

Can co-op boards keep residents from hiring staff for odd jobs?

Many residents of New York City co-ops pay building maintenance workers and porters to do odd jobs in their individual apartments -- anything from changing a light bulb to putting together furniture. They know these individuals and often find it easier, less expensive and safer to ask them for help rather than call a handyman service or other professional. They may also feel like they're helping these folks out with a little extra money.

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