Frequently Asked Questions

Property management is the professional oversight of residential or commercial real estate on behalf of an owner or board of directors. A property manager handles day-to-day operations including maintenance coordination, financial reporting, vendor management, tenant relations, and regulatory compliance. In New York City, property management also encompasses navigating a uniquely complex set of local laws, building codes, and agency requirements that vary by building type.

A New York City property manager serves as the operational hub for a building, coordinating repairs and maintenance, collecting rent or common charges, preparing budgets and financial statements, managing vendor contracts, and ensuring compliance with NYC Department of Buildings (DOB), HPD, and other city agencies. They act as a liaison between ownership, boards, tenants, and residents—handling everything from emergency repairs at 2 a.m. to annual filings with the city. The scope is significantly broader than in most other U.S. markets due to the density and regulatory complexity of New York real estate.

Property management fees in New York City typically range from 4% to 10% of gross collected rent for rental buildings, or a percentage of monthly maintenance collected for co-ops and condos—typically 5–7%—depending on building size and scope of services. The investment generally pays for itself through reduced vacancies, better vendor pricing, avoided violations, and consistent financial oversight. Camelot Realty Group provides transparent, competitive pricing tailored to each building’s specific needs and operational complexity.

To hire a property manager in NYC, start by defining your building’s needs—whether it’s a co-op, condo, or rental portfolio—then request proposals from licensed firms with proven NYC experience. Look for a firm that understands local laws such as Local Law 97, FISP facade inspections, and HPD regulations, and one that provides clear financial reporting. Camelot Realty Group offers a complimentary consultation; contact us at (212) 206-9939 or info@camelot.nyc to schedule a meeting and receive a customized proposal.

Property managers in NYC work across a wide range of building types including co-operative apartments (co-ops), condominium buildings, rental apartment buildings, mixed-use properties, and townhouses. Each building type has distinct legal structures, financial requirements, and governance frameworks. Camelot Realty Group manages co-ops, condos, and rental properties across Manhattan, Brooklyn, Queens, and Westchester County, with a portfolio of 41 buildings totaling approximately $240 million in assets under management.

Yes. In New York State, property managers who collect rents, negotiate leases, or manage real property on behalf of others are generally required to hold a real estate broker’s license issued by the New York Department of State. When evaluating property management firms, ask to confirm their licensing status. Camelot Realty Group operates as a fully licensed real estate brokerage under New York State law and maintains all required credentials for the services we provide.

In a co-op (cooperative), residents own shares in a corporation that owns the building rather than owning their unit outright; a Board of Directors governs the corporation and must approve all transfers and sublets. In a condo (condominium), residents own their individual unit as real property and pay common charges to a condominium association; the board has more limited authority over sales. These structural differences affect financing options, subletting flexibility, alteration approvals, and overall building governance in meaningful ways.

A co-op or condo board oversees the governance, finances, and physical upkeep of the building on behalf of all shareholders or unit owners. Responsibilities include hiring and supervising the managing agent, approving budgets and capital expenditures, enforcing house rules and proprietary lease provisions, reviewing sublet and alteration applications, and ensuring legal compliance. Working with an experienced managing agent like Camelot Realty Group allows boards to fulfill these duties efficiently without being consumed by day-to-day operational details.

Camelot Realty Group provides boards with detailed monthly financial reports including an income statement, balance sheet, accounts payable aging, accounts receivable aging, and a cash position summary. We also prepare the annual operating budget for board review and approval, and coordinate with the building’s independent CPA for annual audits or reviews as required. Transparent, timely financials are a cornerstone of our management approach—we believe boards should never be surprised by their building’s financial position.

A reserve fund is a dedicated savings account maintained by a co-op or condo association to cover major capital expenditures such as roof replacements, elevator overhauls, facade repairs, or lobby renovations. Adequate reserves prevent the need for special assessments—one-time charges levied against unit owners for unexpected costs. Lenders scrutinize reserve fund levels when approving purchase financing in a building, so a well-funded reserve directly protects property values and owner equity.

Camelot’s property managers prepare comprehensive board meeting packages that include financial summaries, open work orders, compliance status reports, vendor bids, and pending applications from shareholders or unit owners. We attend meetings to present operational updates, answer questions, and ensure board decisions are implemented promptly. Between meetings, our team remains available to provide guidance on policy questions, vendor selection, and emerging building issues before they escalate.

Capital projects—such as facade repairs, roof replacement, boiler upgrades, or lobby renovations—require careful planning, competitive bidding, and construction oversight. Camelot Realty Group assists boards in defining project scope, soliciting and evaluating contractor proposals, reviewing contracts, and supervising work through completion. We also help boards assess financing options including building loans and Local Law-related incentive programs to fund large projects without overburdening residents.

Local Law 97, enacted as part of New York City’s Climate Mobilization Act, sets greenhouse gas emission limits for most buildings over 25,000 square feet, with significant financial penalties for buildings that exceed their caps beginning in 2024. Building owners and boards must monitor their emissions annually and may need to invest in energy efficiency upgrades, heating system electrification, or carbon offsets to achieve compliance. Camelot Realty Group helps building owners assess their LL97 exposure, interpret benchmarking data, and develop cost-effective compliance strategies tailored to each building’s systems and budget.

Local Law 11, now administered under the Facade Inspection Safety Program (FISP), requires owners of buildings taller than six stories to have their exterior walls and appurtenances professionally inspected every five years by a Qualified Exterior Wall Inspector (QEWI). Reports must be filed with the NYC Department of Buildings, and any unsafe conditions must be remediated promptly to avoid scaffolding and fines. Camelot Realty Group coordinates the full FISP cycle—from hiring the inspector to overseeing any required facade repairs and filing the final report.

The NYC Department of Buildings requires that all elevators in residential buildings undergo annual inspections (Category 1 no-load safety test) and periodic comprehensive tests (Category 5 full-load test, every five years). Owners must maintain valid certificates of operation for each elevator device and ensure all required tests are performed by licensed contractors and reported to the DOB on time. Camelot Realty Group tracks inspection schedules for every elevator in our portfolio and coordinates with licensed contractors to ensure compliance before deadlines.

When a NYC Department of Buildings violation is issued, Camelot’s team assesses the violation type and urgency, engages qualified contractors or specialists to remedy the condition, and files the required certification of correction to formally close out the violation. Timely response is critical—outstanding violations accrue daily fines and can complicate building sales or refinancing. We actively monitor violation status through the DOB’s BIS system and communicate with boards and building owners at each step of the resolution process.

The NYC Department of Housing Preservation and Development (HPD) enforces the Housing Maintenance Code for residential properties, covering heat and hot water obligations, pest extermination, lead paint disclosure and testing, smoke and carbon monoxide detector compliance, and annual building registration. Buildings with rental units must file an annual Multiple Dwelling Registration with HPD, and owners are required to correct HPD-issued violations within specified timeframes—immediately for Class C emergency violations. Camelot Realty Group manages all HPD filings and coordinates violation correction on behalf of building owners and boards.

Beyond LL97 and FISP, NYC building owners must comply with Local Law 84 (annual energy and water benchmarking), Local Law 87 (energy audits and retro-commissioning on a ten-year cycle), annual boiler inspections through the DOB, backflow preventer testing, fire alarm and sprinkler testing, and window guard regulations for buildings with children under age 10. This also includes DHCR annual rent registration filings for rent-stabilized buildings, mandatory annual bed bug disclosure filings, and boiler and elevator inspection certificates (Category 1 annually, Category 5 every five years). The regulatory landscape evolves frequently, and staying current requires a dedicated management partner with robust compliance tracking systems. Camelot tracks and files all of these on behalf of every building we manage—ensuring no deadline or filing is ever missed.

Residents in Camelot-managed buildings can submit maintenance requests through our dedicated resident portal, by email, or by calling our office directly at (212) 206-9939. All requests are logged, assigned to the appropriate vendor or building staff, and tracked through to completion. Residents receive status updates on their requests, and emergency conditions—water leaks, heat outages, security issues—are escalated immediately to our on-call support team regardless of the hour.

Camelot Realty Group offers residents and shareholders multiple payment options including ACH/electronic funds transfer, online payment through the resident portal, and traditional check. All payments are posted promptly and reflected in real-time financial reporting provided to boards and building owners. Our accounts receivable process includes proactive follow-up on late payments to protect building cash flow and operating fund stability.

In Camelot-managed rental buildings, lease renewal notices are sent proactively in advance of each expiration, in full compliance with NYC Rent Stabilization notice requirements where applicable. Renewal terms are prepared, executed, and filed per legal requirements, and rent rolls are updated accordingly. For market-rate units, our team analyzes comparable rents to ensure renewal pricing reflects current market conditions and maximizes building income.

Yes. Camelot-managed buildings utilize a resident-facing portal where shareholders, unit owners, and tenants can submit maintenance requests, view payment history, access building documents such as house rules and annual notices, and communicate directly with management. Board members receive additional portal access to financial reports, meeting materials, and compliance documents. The portal creates a transparent, well-documented record of all routine building interactions.

Camelot Realty Group provides 24/7 after-hours emergency support for all managed buildings. Our on-call team is reachable around the clock for urgent situations including water intrusion, loss of heat or hot water, elevator entrapments, and security concerns. We maintain established relationships with trusted emergency contractors across our Manhattan, Brooklyn, Queens, and Westchester service area who can mobilize quickly when needed. Every emergency incident is documented and followed up with a full report to the board or building owner.

Camelot charges a one-time application review fee of $20 per applicant—the maximum permitted under New York City law. This fee covers the cost of processing and reviewing rental applications, including credit and background screening. We do not charge above the legal cap.

The process begins with a complimentary consultation where we learn about your building’s structure, current challenges, and management goals. We then prepare a customized proposal outlining services, fees, and a transition timeline. Our onboarding process is designed to be seamless—we manage the transfer of records, vendor relationships, and resident communications to minimize disruption to building operations. Contact us at (212) 206-9939 or info@camelot.nyc to schedule your consultation.

Camelot Realty Group manages properties across Manhattan, Brooklyn, Queens, and Westchester County. Our portfolio includes buildings throughout Midtown, the Upper East Side, the Upper West Side, Downtown Manhattan, and neighborhoods across the outer boroughs. Deep familiarity with each submarket’s local conditions, vendors, and regulatory environment allows us to deliver locally nuanced service to every building we manage.

Camelot Realty Group currently manages 41 buildings with approximately $240 million in assets under management. Founded in 2006, the firm has grown through referrals and long-term client relationships—a reflection of consistent performance and client satisfaction. Our scale provides the infrastructure and vendor relationships of a larger firm while preserving the responsiveness and personal accountability that larger competitors often cannot match.

Camelot Realty Group combines over 20 years of NYC real estate experience with a hands-on, relationship-driven approach to management. Led by President David Goldoff, our team is recognized for deep compliance expertise, transparent financial reporting, and a level of responsiveness that volume-driven firms cannot consistently deliver. Our receipt of the RED Award 2025 and the REBNY Community Service Award 2025 reflects both our professional standing and our commitment to the communities where our buildings are located.

Yes. Camelot Realty Group has extensive experience managing co-operative apartments, condominium associations, and rental apartment buildings. Each property type requires a distinct approach—co-ops and condos demand close board partnership and governance support, while rental buildings require strong leasing, tenant relations, and rent collection systems. Our team is experienced across all building types and delivers consistent, expert service regardless of ownership structure.