What is so iconic about New York City? You may think of many tourist attractions, and there will be some historic buildings, too. Some of these edifices have stood the test of time, sharing the skyline with modern skyscrapers. While these buildings look amazing, the owners are responsible for maintaining them and carrying out periodic repairs, too.
Property owners must adhere to Local Law 126 and get an NYC parapet inspection annually for damages to exterior facades and elements, including the parapets. If the parapets are damaged, they must be repaired. The law is deemed a significant step towards public safety. Failing to comply with it may have serious repercussions for you as a property owner. These include steep penalties and complicated lawsuits.
The basics of Local Law 126
Local Law 126 mandates inspections of exterior building elements such as coping stones, parapets, and façades and fathom potential hazards. As a NYC property owner, your obligations include:
Getting the building parapets checked annually by a licensed entity.
Submitting the inspection reports to the DOB.
Resolving the issues pointed out by the inspection report.
If your building is below six stories, you may be exempt from this law. However, six-story or taller commercial and residential properties must undergo a checkup every year.
Financial penalties for non-compliance
If your property falls under Local Law 126 and you fail to comply with the requirements, there will be financial consequences. The DOB will impose hefty fines. For failures to submit inspection reports and unsafe conditions, a monetary fine per month will be implemented. Depending on the situation, additional fines can also be imposed.
The risk of lawsuits
The consequence of not adhering to Local Law 126 is not limited to monetary fines alone. In some cases, you may face a lawsuit, too. If structural damages to the parapet and facade of your building lead to debris falling and a pedestrian injury, it can happen. The settlements may prove to be quite heavy on you.
If the DOB issues a formal violation record, your property’s value can be negatively impacted, and the legal fees will add to the financial burden.
What about the hidden costs of non-compliance?
Not complying with Local Law 126 can have other outcomes and hidden costs that you will figure out gradually. These are:
Delaying inspections may lead to increased property damage and steep repair bills.
If you have a commercial property, repair mandates for non-compliance may thwart operations.
Non-compliance may lead to a hike in property insurance premiums and even claim denials.
A building with DOB violations is tough to rent and sell, as you will realize.
Taking necessary measures to avoid non-compliance
As you can see, not complying with Local Law 126 can negatively affect your property in Bronx, Manhattan, Queens, Brooklyn, and Staten Island, NY. So, you should prepare and contact a reputed and credible entity offering such inspection services.
Choosing an entity like nycparapetsinspection.com that provides inspection and necessary structural repair services is better. Do not take any chances in this matter and you should not compromise as well.
