What is Prevailing Wages?
Prevailing wage is the wage and benefit rate set annually by the New York City Comptroller for each trade or occupation for employers performing public works projects and building service work on New York City government-funded work sites as well as service employees of properties benefitting from various tax abatements. programs.
If you have a property with 50+ units benefiting of the 421a (15) program or a property with 30+ units benefiting of the 421a (16) program, you may be required to pay your Building Service Employees prevailing wages. Our team can quickly determine your obligations under various programs. Contact us.
Well, the property may lose its certificate and you may need to repay all taxes saved throughout the years plus interest and fines. Moreover, the property will remain rent-stabilized for the duration of the original, though now no longer valid, certificate.
Yes! We can audit all your records. Reach out to us and one of our dedicated account managers will walk you through the options. We take a tailored approach to each client to ensure the best possible economic outcome for our clients.
Building Service Employee includes any person, the majority of whose employment consists of performing building service work including but not limited to a watch person, guard, doorperson, building a cleaner, porter, handyperson, janitor, gardener, groundskeeper, stationary fireman, elevator operator, and starter, or window cleaner.
That is a million dollar question! When an employee that is set to do one type of service and then performs another type of service occasionally, then the employee needs to get paid the higher rate. In example: an employee who works as a doorman and fixes a door hinge can now be called a handyman and needs to get paid the higher rate!
Holding on to your certificate
Developers and owners understand the importance of 421-a certificates and thus are ready to give it their best effort. And rightfully so. It has proven to be a successful program thrusting this great city toward a more affordable market allowing new talent to pour into NYC consistently.
Obtaining a 421a certificate takes skill, diligence, and an expert team to execute. Ensuring compliance with the program takes nothing less.
We all strive to live up to what the program was intended to and to comply with the program. Yet, it has become ever more challenging to ensure compliance on your own.
Moreover, it is increasingly important to ensure your property doesn’t lose its certificate in the current market conditions.
Losing a certificate can lead to hefty fines, repayment of all taxes not paid while the certificate was in place, and still leaving the property as a rent-stabilized property.
We use cutting-edge technology to efficiently monitor your compliance so you can have peace of mind knowing that your 421a certificate will stay in place for as long as it was intended to.