NYC Multifamily Buildings: Project Planning and Cost Savings Can Be Complicated…Get Help!!!
Being A NYC Multifamily Building Owner, Or Member Of A Condo Or Coop Board Has Become A Much More Complicated Job!
They Need To Manage Rising Expenses, Rent Limitations, Government Imposed Regulations, And Capital Projects…Board Members, And Even Some Building Owners, Likely Have Full-Time Jobs And Need Help Doing These Things Well!
Meet Tina Larsson, Co-Founder Of The Folson Group (https://www.thefolsongroup.com/)!
The various issues facing Board Members (and even some building owners) who may be volunteers with limited expertise in the role of building management, led us to seek out an expert in the field.
Do You Ever Wonder wanted to speak with someone who works with the various constituencies (owners, residents, Board members) in multifamily buildings to help facilitate solutions, streamline processes, manage complex projects, and achieve cost savings in all of the various aspects of a building’s operations.
Enter Tina Larsson, co-founder with Mark Foley, of The Folson Group (https://www.thefolsongroup.com/).
In essence, their expertise in multifamily building cost reduction, project management, and value enhancement has made them a go-to resource for many co-op and condo boards, along with building owners, in NYC.
Why engage with an outside consultant? Let’s count the ways…
Beyond the spike in building expenses, limitations on the recouping of renovation costs and restrictions on increasing revenue due to legislation such as the 2019 Housing Stability and Tenant Protection Act, buildings have to face unexpected and often extremely large expenditures brought on by regulations imposed by NYC such as Local Law 97 that mandates carbon neutrality by 2050.
Issues Facing Multifamily Buildings
Expenses: On the expense side, the cost of every building input like utilities, insurance, and taxes has risen dramatically.
So too have the number of capital projects, maintenance costs, and payroll expenses.
Add to the mix all of the NYS and NYC regulations that will bring higher costs to the building owner and residents.
A perfect example is Local Law 97 (LL97) which requires buildings larger than 25,000 square feet to be carbon-neutral by 2050, but that imposes immediate requirements.
Income: Limitations on rent increases in NYC are well-known, and now President Biden has proposed legislation which would ‘require large and midsize landlords to cap annual rent increases to no more than 5%. In addition, the recently implemented Good Cause Eviction will hinder a landlord from removing a tenant or deny a lease renewal without a court order.
The Folson Group
Once again The Folson Group’s expertise in cost reduction and value enhancement has made them a go-to resource for many co-op and condo boards in the New York City area.
If you are a multifamily building owner, landlord, or condo/coop Board member facing issues with out-of-control expenses or capital projects that are too large to handle, The Folson Group could be a good contact.
The firm is also a NYC Accelerator Service Provider and ConEd Participating Contractor.
You can reach Tina Larsson in the following ways…
Email: tina@thefolsongroup.com
Phone: (917) 648 – 8151
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