NYC FISP Eighth Cycle

The filing dates for the 8th Cycle of FISP are here:

Fees

The DOB charges a filing fee of $265 per report, with an additional $100 for filing a corrected or updated report. Time extensions (FISP1 form) for repairs cost $135 per 90-day extension.

Penalties

Failure to file incurs a penalty of $1,000 per year. Filing late not only triggers this penalty, but adds $250 per month in late fees. Failure to correct unsafe conditions costs $1,000 per month in penalties— prorated daily—until the conditions are fixed.

Why Now?

The deadlines for completing repairs from the previous sub-cycles are coming up, so many owners, who were tempted to put off SWARMP work until later, will find themselves scrambling or face the consequences of their building being re-categorized as Unsafe. It makes sense, therefore, for building owners and property managers to begin work on these repairs sooner rather than later.

Here’s why:

Safety

Buildings in need of façade maintenance pose a hazard to passers-by, if left unresolved. Rather than risk injury or worse to an innocent victim, and/or expose ownership and/or management to avoidable liability, it makes far more sense to complete these repairs as soon as they are detected.

Prevention

Taking care of existing façade problems prevents the problem from getting worse in the intervening years, and thereby becoming more expensive to fix. Façade deterioration tends to be exponential. A repair can cost 10 times more just a few years later, because damage is so much greater.

Competitive Pricing

Putting repairs out to bid sooner is a particularly effective way to obtain competitive pricing for façade repairs. Building owners and property managers have a better chance at getting good rates from contractors under these conditions.

Contractor Availability

Acting early gives contractors a reasonable amount of time to perform the corrective work.