New York Advisory Services, Inc.
NYAS Incroporated

newsletter

Newsletter Edition X:

Tuesday, October 29, 2013

The leaves are changing colors and scattered on the ground, temperatures are becoming cooler, and this coming weekend we fall back, gaining an hour on our clock. That means one thing: we have just completed another large-scale filing of petitions.

Each year, if the Tax Commission declines to offer a reduction on your property, we without hesitation recommend the filing of a petition to protect the owner’s rights with respect to the property in future years. That means your rights are preserved when it comes time for future hearings.

Despite having some issues with Time Warner Cable’s data connectivity, we were able to work with our attorney to ensure all the petitions were filed well within the City’s deadline. Assuming you returned one or more petitions to us in a timely manner, we thank you again for doing so. Some petitions came back somewhat late, but as usual, we were able to get everything filed before the Court closed the efiling site for the year.

Before long it will be time for us to start preparing applications for Tax Year 2014/15, and we will continue working on preparation of this documentation. Should we require any information from you we will be in touch. If you have questions, please touch base with us. In addition, should you be considering improving, purchasing or otherwise significantly altering property, please let us know well in advance so we can work with you and maximize any potential benefits available to you.

As always, we look forward to working with you.

Arnold Chernoff
President
New York Advisory Services, Inc.


Newsletter Edition IX:

Wednesday, April 3, 2013

Now that the deadline for filing 2013/14 Protests is past, we can all breathe a sigh of relief at the – albeit brief – respite before hearings for 2013/14 commence.

As we have advised our clients, it has become increasingly difficult to obtain reductions from the Tax Commission. Filing an application together with an Income and Expense form is typically no longer sufficient in order to obtain a reduction in assessed valuation. The City expects taxpayers to furnish explanations of significant increases or decreases in not only income received from one year to the next but also expenses incurred and to make the City aware of any significant changes that have occurred from one year to the next that might impact the assessed valuation.

As far as vacancies are concerned, claiming ‘we cannot rent the space’ is, similarly, no longer sufficient. We must convey the efforts you are making in trying to do so – listings with broker, advertising, price/square foot asking…

Now that we are headlong into preparation for hearings, please furnish us with whatever additional letter, documentation, backup and explanations that you can that you believe could assist us in obtaining a real estate tax reduction for your properties.

If there have been unusual circumstances in connection with your property - recurring problems with certain tenants; rent reductions/concessions you have had to make in order to keep tenants in place, physical alterations (fire, flooding destroying or major improvements made or contemplating being made in order to make premises rentable)… Let us know: how much and for how long? Structural problems with the property inhibiting your ability to rent to new tenants? Perhaps you could furnish photographs to back up your claim – to show dilapidation….

Please forward to us a brief description at your earliest convenience. Even if you do not think the information may be relevant, let us review and make that decision. The more information we supply the City with, the better.

Of course we understand that the 15th is a significant tax deadline – please ensure to address this once your tax obligations have been addressed so we can put our best foot forward and obtain excellent results on your behalf.

Please contact us if you have any questions, concerns or issues you’d like to discuss.

Arnold Chernoff
President
New York Advisory Services, Inc.


Newsletter Edition VIII:

Wednesday, December 5, 2012

Season’s Greetings!

As we await the forthcoming assessments on or around January 15th, we’d like to take a moment to wish you and your family a happy, healthy holiday season. The holidays culminate in the ending of the current year and the commencement of the new year, and there is no better time to take stock of where we are as we grow older than to say goodbye to one year and hello to a new one.

We are proud to say we’ve achieved much success for many of our clients and we continue to forge ahead in both fostering the relationships we’ve established with clients over past years as well as relatively new relationships. 2012 has been a solidly successful year for us and we hope it has been for you as well.

Incidentally, we know many people and properties were significantly affected by the devastation of Hurricane Sandy. For those of you who have had significant damage to commercial premises that needs to be repaired and/or requires improvements to be performed, please contact us ASAP prior to commencing any work. You may be entitled to City benefits in addition to emergency funds, but since many City benefits require applying prior to the commencement of work, advise us without delay if you’re contemplating improvements before starting and even obtaining permits, when/if necessary.

We again wish you and your family a happy, healthy holiday and new year and wish you continued success and prosperity for this coming holiday season. Thank you for working with us and continuing to work with us. We look forward to achieving much success in the coming year ahead!

Arnold Chernoff
President
New York Advisory Services, Inc.


Newsletter Edition VII:

Wednesday, August 8, 2012

If you own or manage property, you most likely are familiar with RPIE filings. Each year, the Department of Finance requires owners of every building in the City have an RPIE (Real Property Income and Expense) report filed by September 1. This year the RPIE is due by September 4th. Please arrange to file the RPIE by this date (whether by you or your accountant).

Failure to file RPIE’s by the due date can have an adverse effect on your building’s assessment. The City routinely raises assessments on properties for which no RPIE has been filed, so please ensure timely filing without delay.

If you are unfamiliar with this process, please contact us ASAP.

Arnold Chernoff
President
New York Advisory Services, Inc.


Newsletter Edition VI:

Monday, May 7, 2012

It’s been a busy couple of months since March 1, the filing deadline for Applications for the coming tax season. We managed to get everything filed in a relatively timely manner, and again we thank those of you who got us the necessary paperwork quickly. For those of you who put off completing and returning your papers to us, we hope next year you’ll give us more time to review the paperwork and not wait for the deadline to sneak up on you.

We are now being scheduled for hearings starting in June. The hearings generally go for several months and are scattered throughout the summer so even if you have several properties awaiting hearings one of the properties could be scheduled for early June and the other(s) for late August, so there’s no way for us to gauge when your property/properties will be scheduled. However, we are in prepare mode, so if we need something going forward we will let you know. Of course, if there is anything you think we should know that you believe we do not, give us a call or send us an email. The more we know, the better we can represent your interests and the more success we can achieve.

Please note that if we do require and subsequently request information – whether in advance of a hearing or as a result of one – please do your best to expedite obtaining and furnishing us with whatever it is we may need. Sometimes in the course of a hearing we are asked by a hearing officer to produce documentation that may sway his/her opinion and help you and are given a very short amount of time in which we will be permitted to provide that documentation. The sooner we receive this material and furnish same to the hearing officer, the better. Failure to submit the material in a timely manner means that whatever consideration we may have achieved from the hearing officer is forfeit, as is our best opportunity to maximize savings for you. So please make sure to prioritize requests from us if/when necessary.

We look forward to having successful hearings and sharing good news with you soon!

Arnold Chernoff
President
New York Advisory Services, Inc.


Newsletter Edition V:

Thursday, December 29, 2011

Happy new year from New York Advisory Services!

Being that it’s the end of the year and many of you are celebrating the season and the coming new year, we want to wish you and yours the very best – health, happiness and success and prosperity in the coming year.

2011 was a successful year for New York Advisory Services – we enjoyed continuing relationships with many of our long-standing clients, and forged relationships with new clients as well. We continued our success challenging and protesting assessments and we filed many successful applications for abatement and exemption for new construction as well as improvements to existing properties.

However, as the inevitable days of 2011 come to a close, 2012 and the new assessments are just around the corner. To that end, we want to remind you to keep us advised once you receive your new assessments and let us know about any work you have performed at your premises so we can keep notes and prepare as efficiently and thoroughly as possible.

And of course we want to thank you, our clients, for remaining with us through the past year and let you know how much we appreciate your patronage, support and friendship throughout the year.

We look forward to the coming year and wish you the very best of success, prosperity and happiness for 2012!

Arnold Chernoff
President
New York Advisory Services, Inc.


Newsletter Edition IV:

Monday, October 24, 2011

Now that the deadline for filing petitions reviewing the 2011/12 assessments has expired (October 24th), it’s time for us to prepare for the 2012/13 assessments – which will be published on January 15th, 2012. It is essential that we be informed of any changes in the circumstances surrounding your property so as to ensure the accuracy and completeness of the 2012/13 applications protesting the assessments. Have there been any sales? Has there been any construction, alteration, vacancies or new leases/tenants? These questions – and their answers – all factor into the proper preparation of your application, thus assisting us in preparing an accurate application, one which will be viewed favorably by the Tax Commission.

Please do not hesitate to contact us without delay if you have any questions or suggestions which relate to your property and the assessments. Doing so will help us help you and maximize your savings and what we can achieve on your behalf.

Arnold Chernoff
President
New York Advisory Services, Inc.


Newsletter Edition III:

Thursday, August 25, 2011

Over the first several months of 2011, we received calls from many of you advising us that you were contemplating one or more commercial/industrial projects that would benefit from the ICIP Program. We clarified that the ICIP Program was rescinded by the City and to replace it the City created the ICAP Program (Industrial/Commercial Abatement Program). The benefits, while implemented differently, were similar in that the ICAP benefits, like those from the ICIP Program, were designed to reward and provide incentive to commercial/industrial buildings maintained, improved or otherwise created.

The City, however, indicated the ICAP Program would expire on March 1, 2011, and we were able to file many ICAP Applications successfully prior to this date and the disappearance of the program.

Good news, however…the City has re-implemented the ICAP Program as of May 18th, 2011, which means that if you have an upcoming project or are considering an improvement/project which is industrial and/or commercial in nature, do not hesitate to contact us about it. In order to qualify for ICAP benefits, a Preliminary ICAP Application must be filed with the Department of Finance prior to the commencement of work – and prior to the issuance of any permits connected to the project. So if you expect to start this type of project, please contact us first to protect the project’s eligibility and secure benefits to which you may be entitled.

Richard Chernoff
Vice President
New York Advisory Services, Inc.


Newsletter Edition II:

Tuesday, December 28, 2010

While New York City’s Real Estate Tax Year commences on July 1st, being that we are in full swing of the holiday season, we would be remiss if we didn’t call attention to the ending of 2010 and its economic hardships and didn’t join with our friends, clients and the rest of the City in wish you a happy, healthy holiday season and expressing our best wishes for a successful, prosperous New Year to you and yours.

It has been a busy and successful year for New York Advisory Services, Inc. We recently relocated from 888 Seventh Avenue – an address at which we resided for over ten years – and are now located at The French Building at 45th and 5th Avenue. For those of you who have already visited our offices and wished us luck in our new location, thank you for the well-wishes and for your support. For those of you who have not yet visited our new offices, we look forward to seeing and meeting you at our new location.

As for our successes, we have continued to assist you with real estate tax-related issues, and despite the fact the City is increasing assessments and continuing to make it increasingly difficult to own property, we have been there with you, fighting to insure your costs are minimized and your savings, profits and benefits are maximized.

Being that it is the end of the year, and the release of the new assessments is just around the corner, we want to wish you the very best in the coming year, and reiterate our goal of assisting our friends and clients toward a prosperous, happy and healthy 2011. We look forward to working with and alongside you to make 2011 the best year yet for our friends and clients.

Thank you for providing us the opportunity to be of service to you. We look forward to further success in the coming year.

Richard Chernoff
Vice President
New York Advisory Services, Inc.


Newsletter Edition I:

Welcome to our inaugural newsletter. In contemplating the current economic climate, we all hope that these difficult, stressful times will not last forever. In preparing for the future, we believe it is essential – and advise all of our clients accordingly – to control their real estate taxes to the greatest extent possible. This means taking an aggressive posture in tracking one’s taxes; for people who own and/or operate property in the City of New York, that means scrupulously observing the rules as issued by The City of New York so as to avoid paying more tax than absolutely necessary.

That means filing an RPIE every year before September 1st or risk the imposition of significant penalties, including, but not limited to, being ineligible to get a hearing before the Tax Commission to review your assessment for the coming tax year.

Protest your assessment between January 15th and March 1st of every year, employing a competent representative who is completely familiar with the rules, regulations, protocols and traditions of the City’s taxing authorities.

We enjoy an enviable and well-earned reputation in the real estate community, in no small part due to the fact that, with respect to challenging assessments, we are up to date with the myriad changes in City rules and regulations from year to year and assist our clients in observing the above-described rules to ensure the best possible results and the lowest possible taxes.

If you are serious about minimizing your taxes, following our recommendations and retaining us to fight on your behalf will help reduce your tax burden. We work with each of our clients on a one-on-one, step-by-step basis and will make sure we walk you through the entire assessment-challenge process, which can be mystifying, difficult and laden with aggravation without the assistance, knowledge and experience of professionals. Your concerns will be addressed and your problems will be resolved.

If you have questions, we have answers. Contact us today.

Arnold Chernoff
President
New York Advisory Services, Inc.

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