Dear BOMA New York Members,
On behalf of the entire commercial real estate industry in New York and the many tenants that propel the economy of the greatest city in the world, BOMA New York continues to push the ball forward. Our dedicated staff and Board of Directors are regularly behind the scenes advocating for the commercial built environment and are on the frontlines collaborating for a better future. The following summary recaps our recent efforts.
BOMA New York collaborated with business leaders, as well as with state and federal agencies to issue guidelines for reentering commercial office buildings and we continue to champion that cause. From operational changes to logistical efficiencies, BOMA New York is committed to producing a large cross-section of digital content to educate owners and managers on how to ready and maintain their buildings, as well as how to communicate with their tenants.
In doing so, we have assembled thought leaders from throughout New York City to address improved ventilation and indoor air quality. Topics covered include HVAC changes, MERV levels, ultraviolet light disinfection, bipolar ionization, and photocatalytic oxidation (PCO). We are focused on assisting our members maximize their building’s occupancy levels and thus improve productivity throughout the city.
These are unprecedented times and our actions, as a result, are atypical. To prevent the spread of COVID-19, building owners adhere to state-instituted ventilation guidelines to make their spaces safe. These adjustments make building systems work harder, with a net effect that results in the consumption of more energy – the opposite result set forth by Local Law 97 – the Green New Deal legislation to reduce the carbon footprint in the city.
Although the strict carbon emissions cap will not begin until 2024, building systems and budget planning for 2024 and beyond is happening now for many properties, while others are focused on cash conservation.
On behalf of the 400 million square feet of commercial real estate, BOMA New York is actively working with elected officials on a solution that embraces both safety and sustainability. We asked the City to remain diligent on its objectives to reduce our collective carbon footprint, but to refine its initial Local Law 97 implementation timeline for both short- and long-term success of New York City.
We will continue to program informative webinars, as well as keep you up to date on ongoing efforts. In the interim, I encourage each of you to connect with one another. Reach out and check in. Those that are active today will be positioned to lead by example tomorrow.
Hani J. Salama, PE, LEED-AP
Chair & Chief Executive Officer
BOMA New York
We sat down with BOMA New York Board Member – Joseph Ferdinando – Owner and CEO of Building Security Services (BSS).
With so many COVID-related issues and a myriad of other matters happening at the Federal level, it is worth looking at some of BOMA International’s priority legislative issues. It’s important to recognize that while BOMA International advocates on behalf of all BOMA members, they primarily focus on tax policy, code legislation, and other industry specific issues in our Capital. For now, let’s focus on several tax-related issues.
For starters, one of BOMA International’s long-standing priorities — and one that BOMA New York members who have participated in our recent biennial advocacy days in Washington, DC will know — was recently enacted. The Quality Improvement Property (QIP) error was fixed as part of the recently enacted CARES Act, a huge COVID stimulus spending bill. This QIP allows BOMA members and others to fully expense tenant improvements. Previously, due to the drafting error, the QIP depreciation period was 39 years, but this fix reinstates a 15-year depreciation period. It is good through 2022, and retroactive to 2018.
Other tax-related priorities include support for policies that will keep flood insurance for commercial properties affordable and available. In recent times, due to a number of costly storms, the National Flood Insurance Program (NFIP), which oversees various aspects of flood insurance-related matters, has run at a large deficit. Congresses efforts to reform NFIP have created cost and other problems for some properties. The NFIP expired on September 30, 2020, and BOMA supports reenactment and revisions to reduce costs and make sure all properties can purchase flood insurance. Revisions could include some expansion of private insurers into the flood insurance realm.
Another BOMA International tax priority relates to qualified transit fringe (QTF) benefits. Previously, certain parking, transit passes, commuter highway vehicle transportation, and bicycle commuting benefits were not subject to taxes. This tax-free status changed due to Federal legislation passed in 2017. Subsequently, the IRS unilaterally developed guidance related to itemizing certain parking expenses that only made matters more complicated. For building managers, it is not the taxes that hit them, but administrative and other costs related to helping tenants navigate the difficult process of figuring out these parking taxes. As a remedy, BOMA is calling for the IRS to revisit their guidance. They should work closely with stakeholders, including building owners and managers, to devise an approach that is more reasonable, cost-effective, and user-friendly.
These are just a few of the issues BOMA International is currently focused on as it advocates for everyone in the commercial real estate sector.
Presented by Donnelley Mechanical & ECS Energy Control Service
Tom Krol and Joseph Bronzo delivered an informative presentation on photocatalytic oxidation (PCO). Read all about it in New York Real Estate Journal.
Become a BOMA New York member for 2021 and receive the balance of 2020 at no additional cost. To apply, please CLICK HERE.
BOMA New York emailed all members their 2021 Membership Dues renewal invoices. If you have not received yours, please be sure to reach out to Ami Shah at email@example.com. Payment for Membership Dues Invoices are to be received no later than Monday March 1, 2021.
One of the most valuable and exciting aspects of your BOMA New York membership is the opportunity to affect change via one of our numerous committees. Collaborate with top industry executives and lead by example. Jump start your career and JOIN A COMMITTEE TODAY.
Nominate an organization that makes NYC great for all. The Civic Betterment Award honors organizations that make New York a better place to live, work and play. Previous winners include Women in Need, The Kids for Kids Foundation and Liberty Park at WTC. NOMINATIONS are due by October 30, 2020.
The 2020 BOMI Calendar has transitioned to online courses. We have a diverse set of classes, organized in multiple formats. Please contact Becky Perez at firstname.lastname@example.org for more information.
Presented by TRANE and BR+A Consulting Engineers
October 30th at 12:00 PM
Presented by KASTLE SYSTEMS
November 19th at 12:00 PM
SAVE THE DATE
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