Page 11 - NY Cooperator December 2019

COOPERATOR.COM
THE COOPERATOR —
DECEMBER 2019
11
250 Park Avenue South
New York, New York 10003
212-557-3600
www.TudorRealty.com
To learn more about our property
management services, please contact
Andrew S. Lazarus, Senior Vice President
212-813-3054 or ALazarus@TudorRealty.com
Since 1990, Tudor Realty Services Corp. has been providing hands-
on, proactive property management services to cooperative and
condominium buildings throughout New York City.
Life was simpler in 1990. New rules and regulations as well as
changing echnology have certainly made managing your building
t
more challenging.
Let us tell you how our extensive experience, team approach, strong
financial reporting, and advanced use of technology will help you
meet the challenge.
37966_Cooperator_5x6.25.indd 1
12/8/17 11:24 AM
in your unit without your presence.
Also, with random people who aren’t
privy or beholden to the house rules of a ance ramifi cations for the co-op or condo
building or association roaming around association as well. According to Ross,
the property, “Th e potential for downside “[W]e have run into situations where a
is considerable,” says Roberts. Airbnb-type carrier has not renewed a co-op/condo’s
‘guests’ not only bypass the normal vetting policy, or has declined to give them a quote
procedures to which all other residents because the building has open violations or
submit; they are also less informed (if not suits against it due to allegations that the
totally ignorant) about emergency proce-
dures, important contacts, neighborhood et cetera.”
or building idiosyncracies, or even where to
put their garbage. Th is poses any number must then turn to non-state-admitted in-
of risks, not only to the short-term renters surance carriers, who may off er quotes with
themselves, but also to the legal residents, specifi c exclusions or very high deductibles
their proper guests, staff , and visitors, as so that any fi nes or claims associated with
well as the building’s own staff and contrac-
tors.
Additionally, consider the disparities insurance costs are paid through common
in behavior and ‘street smarts’ between a charges, that burden falls on all the other
vacation traveler and a full-time resident: shareholders or unit owners—whether they
travelers tend to come and go at irregular were involved in the activity or not.
hours, carry cash and valuables, have fewer
local connections, drink or party through-
out the day, and don’t have the lay of the tential income from short-term renting
land—all making them more likely targets may outweigh all these risks—particularly
(or even perpetrators) of criminal activity.
Although the probability of something jeopardy if they are not even staying in the
really awful happening to, or as a result of unit or building with their ‘guests.’ Th e fi nes
short-term renters is relatively low, Roberts imposed by co-ops, condos, and munici-
warns that “when it goes bad, the potential palities usually do not come close to what
is for it to go very bad.” And when it does, someone can earn in the share-osphere.
lack of industry regulation, added to home-
share platforms’ vulnerability to abuse and fi ning structures that escalate or accrue
fraud (and worse, in some cases) makes it based on the number and duration of viola-
diffi cult for the aggrieved to fi nd recourse tions.
or solutions. Homeowners’ and renters’ in-
surance providers typically deny any cover-
age for commercial activity in the home—
including short-term renting—and sites short-term listing or platform. Miami has
like Airbnb have opaque policies that can strict licensing parameters, and has steeply
make fi ling claims or determining liability escalating fi nes of $100 for the fi rst viola-
more diffi cult, even if they off er supple-
mentary coverage. So when things do go
bad (or very bad), liability falls squarely on
the owner.
Th at’s not to say that there aren’t insur-
building [is renting] units out on Airbnb,
In some cases, these co-ops and condos
the activity are not covered. And who pays
then? Since the building or association’s
Fine, Fine Me
Of course, to the average ‘host,’ the po-
when their own safety is not so much in
Th at is why cities and towns are installing
Chicago, for example, can impose fi nes
of $1,000 to $3,000 per day, and requires
specifi c licensing and registration for any
tion, $1,000 for the second, and $2,500
Are you violating short-term rental restrictions and in jeopardy of receiving a ne
or legal action from your landlord? Read the following restrictions, outlined in the NYS
Multiple Dwelling Law, the NYC Administrative Code, and the New York City Zoning
Resolution to nd out.
• You cannot rent out an entire apartment or home to visitors for less than 30 days, even if
you own or live in the building.
• You must be present during your guests’ stay if it is for less than 30 days.
• You may have up to two paying guests staying in your household for fewer than 30 days,
only if every guest has free and unobstructed access to every room, and each exit within the
apartment.
• Internal doors cannot have key locks that allow guests to leave and lock their room
behind them. All occupants need to maintain a common household, which means, among
other things, that every member of the family and all guests have access to all parts of the
dwelling unit. Internal doors with such key locks create barriers to escaping in an emergency,
and may result in the issuance of a temporary vacate order.
• Under the NYC Administrative Code, property owners are responsible for ensuring their
properties are maintained in a safe and code-compliant manner at all times. Property owners
can and will be issued the violation for any illegal short-term rentals at their property—even
if it is conducted by tenants.
• New York State law also prohibits the advertising of an apartment in a Class A multiple
dwelling, generally a building with three or more permanent residential units, for rent for any
period less than 30 days. Fines for doing so range from $1,000 to $7,500, and will be issued to
the person who is responsible for the advertisement.
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