Image credit: New York City Office of the Comptroller

On April 2018, New York City Comptroller Scott M. Stringer issued a report on the impact of Airbnb on City rents. The report looked at how the home-sharing company impacted rent in the City over the period of 2009 to 2016. The report found that rental rates increases during this time period can be attributed to Airbnb. (read more…)

Broken Spiral Slide. Image credit: City of New York Office of the Comptroller.

549 NYCHA-owned playgrounds have hazardous conditions and lack of repair and maintenance records. On April 4, 2018, Comptroller Scott M. Stringer released an audit of New York City Housing Authority playgrounds’ conditions and maintenance. NYCHA is responsible for the maintenance of each development’s playgrounds. Results from playground inspections are required to be entered into NYCHA’s electronic system for tracking maintenance and physical repair work. However, the Comptroller’s audit shows that NYCHA failed to consistently maintain playgrounds. (read more…)

EDC faulted: Comptroller found waterfront restaurant violated lease’s revenue- reporting and site-improvement requirements. An audit by City Comptroller John C. Liu concluded that MDO Development Corporation violated its lease agreement for a City-owned site occupied by the Water Club restaurant along the East River between East 30th and 32nd Streets in Manhattan. The audit found, among other things, that MDO did not accurately report revenue from the restaurant and failed to make required site improvements. The City’s Economic Development Corporation administers the lease agreement on behalf of the Department of Small Business Services.

MDO in 1979 entered into a 25-year lease with the City to build and operate the restaurant. The City in 2001 amended the lease and extended its term to 2030. For 2009, the agreement entitled the City to an annual fixed rent of $495,000, but if gross receipts exceeded $8,250,000 MDO would pay six percent of its sales, plus seven percent of receipts exceeding $10,500,000. MDO was also obligated to expend $450,000 on tenant improvements within two years of the amended lease’s commencement date. (read more…)