Building Surveys
A building survey, sometimes called a building condition assessment, Physical Condition Survey, forensic survey, or engineering survey, is an effective way to diagnose the overall condition of a property. In addition, RAND’s Physical Condition Surveys and building evaluations include those for cooperatives and condominiums planning capital improvement programs. They also cover building condition reports used in association with Condominium Offering Plans, due diligence and pre-purchase surveys, and Major Capital Improvements (MCI) reviews for landlords and tenants.
Capital Needs Assessments and Reserve Studies
RAND performs comprehensive surveys of properties to evaluate the condition of major building systems and components. Our Capital Needs Assessment reports include detailed descriptions, captioned photographs, and a prioritized list of recommended repair and replacement items. Moreover, they come with associated budget projections and timetables. The information presented in our reports provides building owners and agents with an invaluable blueprint for planning major capital improvements. It also helps them determine how to best allocate short- and long-term expenditures.
Condominium Offering Plan Reports and Reviews
As part of a new or converted Condominium’s Offering Plan in New York State, RAND produces Description of Property and Building Condition Reports for sponsors. Additionally, we prepare Condominium Offering Plan reviews for condominium boards and tenant associations. Our Offering Plan review reports, which compare existing conditions and systems to those described in the Offering Plan’s Building Condition Report, document building defects. They also include recommended repairs and replacement items as well as associated budgetary costs listed on a priority basis.
Many of our Condominium Offering Plan review reports have been submitted to the New York State Attorney General’s office and used as the basis for successful arbitration between building developers and condominium boards. In these cases, RAND has designed and administered the corrective repair programs. Throughout the industry, RAND Physical Condition Surveys are recognized as accurate and comprehensive. And because we have worked for all parties involved in Condominium Offering Plans, the Attorney General’s office regards our reports as fair and objective.
Due Diligence and Pre-Purchase Surveys
Before purchasing an apartment or a building, a due-diligence inspection is recommended so prospective buyers know critical information about the property’s condition. Even recently built condominiums can have their share of problems, from leaky roofs to bad ventilation to windows that don’t open and shut properly. RAND’s pre-purchase surveys are conducted by a licensed professional. These surveys evaluate a building’s interior, exterior, heating, cooling, electrical, and plumbing systems. They also assess conditions in the unit itself that could indicate larger building-wide defects. Our written survey reports, which include descriptions and photographs of our findings, help clients make an informed decision about buying.
Integrated Physical Needs Assessments (IPNA)
The Integrated Physical Needs Assessment (IPNA) is designed for owners of affordable multifamily housing seeking to plan capital improvements, improve building performance, or meet funding and regulatory requirements. As an approved IPNA provider, RAND combines evaluations of a building’s physical condition, energy efficiency, and health-related factors to provide actionable insights that address critical needs, reduce energy and water consumption, and create healthier living environments. Our reports include prioritized recommendations, budget projections, and timelines. With these, we provide a clear roadmap for strategic planning and compliance with regulations such as Local Laws 87 and 97.
MCI Reviews
RAND works with New York City landlords who have completed major capital improvements (MCI) on buildings and with tenant associations to verify that the repair work meets New York State Department of Housing and Community Renewal (DHCR) guidelines. After carefully reviewing all MCI application documentation, RAND performs a comprehensive evaluation of the repair items. We then provide a detailed report that includes an assessment of the fair market value of the work performed and the validity of the owner’s request to raise rents. Based on our report, DHCR can approve, reduce, or deny the owner’s request for a rent increase.
