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02 May Kaito Newsletter – Spring 2022

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Dear Residents,

We hope you are enjoying the warmer weather. Welcome to Kaito’s inaugural quarterly newsletter for resident owners of Kaito managed properties and Kaito clients. We hope to make this newsletter informative and enjoyable and included in each issue will be guest professionals to help provide useful tips and and trends for real estate owners. If at anytime you do not wish to receive, please unsubscribe on bottom of this email.

With spring time here and summer up next, this is the perfect opportunity to check your AC’s. Keeping your AC clean is a great way to keep your unit running efficiently and extend its life (and therefore save you money).We all need to fight the summer heat somehow. Many of us use PTACs, Mini Splits or window AC units to keep cool. These units have filters which are meant to be periodically replaced or rinsed off and re-inserted. If you are unsure which category your unit falls into, please refer to your user manual (if you dont have one you can google the serial number of the unit for a digital version of the manual).

Some of these units have cooling coils that tend to get dirty over time. There are some over the counter cleaning solutions you can find on Amazon, but if you are not very handy, I would recommend contacting your installer or a local HVAC company for service.The cost of this maintenance can be costly (cleaning of a PTAC can cost over $400 if not maintained regularly. But this cost is nominal compared to the cost of operating or even replacing a poorly maintained unit, not to mention the hassle of replacing right before July 4th weekend—FYI, they always break July 4th Weekend.

Steven Baker
Chief Executive Officer
Office: 718.788.6500
Fax: 718.521.4816
steven@kaito.nyc
kaitoservices.com

Featured Expert Post
Kaito’s Preferred Insurance Expert

It is another year of the hard market in the insurance world. Insurance carriers are stricter than ever and adjusting their guidelines to what is more profitable for them. Understandable as that is, this makes it difficult for our insureds to get a more competitive option. Well, what will help?

Keep your claim reporting to a minimum. This especially applies if the claim is below your deductible as it won’t be covered anyway. Carriers want a clean loss/claims history, so by eliminating any claim lower than your deductible there will be less on your record.
Increasing your deductible will provide savings and also limit the number of losses being reported under the deductible amount.
Carriers look for repeat issues, meaning if you’ve had three water damage claims in the past two years, something must not be right. If you can repair and mediate any further issues, that will help a lot.
Update your electric from fuses to circuit breakers. There are several types of fuses that are no longer acceptable to insurance carriers. Having circuit breakers and relatively up-to-date electric will open up the amount of carriers that can be approached.
Take care of your loss recommendations in a timely manner. Loss recommendations used to be more of a suggestion from the carrier to limit your exposure and avoid liability. These recommendations are now mandatory and if not completed within the time frame provided, most carriers will non renew coverage or issue a cancellation midterm due to noncompliance. The new carriers we approach will want to know why coverage is being non-renewed and will not love hearing it was due to non-compliance from the prior insurance carrier.
If you live in a Community Association and/or own a building or business that leases to others, it is imperative every unit owner or lessee have their own insurance policy. This takes some of the risk off of the Association or owner as the party responsible has their own insurance.

Let me know if you have any questions. I’d love to talk more about insurance with you!

Samantha Tucci, ACSR
MACKOUL RISK SOLUTIONS
https://mackoul.com/#stucci
stucci@mackoul.com
DIRECT: (516) 279-1236
NY: O: (516) 431-9100 F: (516) 871-1355
NJ: O: (732) 316-8390 F: (732) 862-1168OFFICE LOCATIONS:
25 Nassau Lane, Island Park, NY 11558
55 Madison Ave, Suite 400 Morristown, NJ 07960

Featured Expert Post
Kaito’s Preferred Real Estate Broker & Consultant

Hi – I’m so pleased to be included in Kaito’s inaugural newsletter. Below, I have included some important Q1 2022 Manhattan and Brooklyn report highlights for your review. Please reach out if we can help you with your real estate needs – the team’s wide range of services include pre-development planning, New Development sales and marketing, Manhattan and Brooklyn condo, co-op, and townhouse resales and purchases, and rentals in all ranges. We are committed to making the experience a valuable and educational one for you and can offer a Kaito preferred rate for our services.

Tinnie Chan Sassano
Compass

Licensed Associate Real Estate Broker
m: 917.602.0198
e: tinnie@compass.com
Tinnie Sassano Team profile

MANHATTAN MARKET REPORT Q1 2022 HIGHLIGHTS

RECORDED SALES

Sales climbed 35.8% year-over-year, reaching a new Q1 record, but as usual slowed down from Q4 2021
The median and average price increased 14.6% and 24.6% year-over-year
Average PPSF climbed 16.1% indicating the price increases were not due to variation in properties sold
Condo sales were up over 47% compared to 27% for co-op

CONTRACTS SIGNED

Contract activity was down slightly, declining 3.5% year-over-year from the record-setting Q1 2021
Average and median prices fell for contracts compared to last quarter, declining 6.3% and 12.8%, respectively, but were both up nearly 10% year-over-year

INVENTORY

Inventory was down 17.2% year-over-year, but climbed 10.5% from last quarter, signaling slight improvement in availability for buyers

BROOKLYN MARKET REPORT Q1 2022 HIGHLIGHTS

RECORDED SALES

Brooklyn saw an 8.8% in the number of sales year-over-year, and 2.2% quarter-over-quarter, reaching its highest since Q1 2018
Sales volume increased 16.3% year-over-year and 6.8% quarter-over-quarter, the highest of any Q1, and the 3rd highest on record
The average price climbed 6.9% to $1.18M, the highest for any Q1 and the second highest on record after Q3 2021

CONTRACTS SIGNED

Change in contract activity this quarter was limited, up just 2.3% year-over-year and down 4.1% from last quarter, suggesting a strong, but steady spring performance
Condos accounted for the most contracts signed this quarter, with 48.6% of the market

INVENTORY

Inventory declined 6.0% year-over-year and 3.0% quarter- over-quarter
New listings were up quarter-over-quarter, and similar to last year
The average price of condo inventory was 17.0% higher than it was last year, and 5.3% higher than last quarter

THINGS TO DO OUTSIDE THE CITY

Looking for a day trip and respite out of the city? Saunderskill Farm in Accord NY, one of the Hudson Valley’s most historically rich places of interest, officially opened its doors in April. Read more about it here.

Looking for a memorable and unique Mother’s Day Brunch idea? Enjoy a delicious brunch at the Long Island Aquarium Sea Star Ballroom, with a complimentary Aquarium admission. Read more about it here.

Featured Expert Post
Kaito’s Preferred Building Energy Consultant

Local Law 97 And The Upcoming Carbon Use Penalties:

The Climate Mobilization Act (LL 97) requires all buildings in NYC over 25,000 sq feet to hit minimum efficiency standards by 2024, followed by more stringent standards by 2030. The fines for noncompliance are significant, and this affects both the free market and buildings with rent stabilized units.

Knowing where you stand:
In order to know what your potential liabilities are for 2024 it is important that your building is properly benchmarked. The benchmarking data is what the city will be using to determine fines. Landlords and managers should insist that a company with a Certified Energy Manager (CEM) is completing the benchmarking. From the benchmarking metrics, you or your consultants should be able to do an analysis of where you stand. Below is an example of an analysis Carleton Energy Consulting (CEC) provides to its clients:
1. Current carbon emissions from the building
2. What the building’s allocated carbon cap will be
3. Percentage above or below the carbon cap
4. Fines that would be issued if the law were to be enacted today

Once this analysis is completed, ownership/management will have an idea of how much energy-saving work will need to be completed in order to be compliant for 2024. Fortunately, when completed properly, the energy savings measures that will be implemented will also cut down on the building’s energy expenses.

2024 and 2030 may seem like a long time away but it’s important to know your building’s expected energy consumption limit to meet this requirement and identify potential required measures.

Please email us at compliance@carletonec.com to set up a consultation if you have any questions about LL97 or any current Energy Local Laws

Thank you to our contributors and we hope you enjoyed.

As always, please let us know if we can help in any way by contacting us through your building portal or email. We are excited to share some great news about upcoming Kaito products & collaborations in our next issue.

Steven Baker
Chief Executive Officer
Office: 718.788.6500
Fax: 718.521.4816
steven@kaito.nyc
kaitoservices.com

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424 3rd Street, Unit 1 (office & parcels)
291 5th Avenue (mailing)
Brooklyn, NY 11215
718-788-6500
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