In the heart of New York City, our team at Partner Engineering and Science doesn’t just conduct property assessments—we redefine them. Following the meticulous standards laid out in ASTM E2018, our dedicated professionals embark on a comprehensive journey through every aspect of your property, ensuring a thorough and detailed evaluation.
Our New York team is a blend of accredited engineers, experienced architects, and skilled commercial building inspectors. Partnering with us for a Property Condition Assessment ensures an in-depth inspection of your building’s systems and components. From the site’s visual inspection to the scrutiny of structures, mechanical elements (including HVAC, conveyance systems, and plumbing), electrical setups, structural integrity, exterior facades, roofing, interior finishes, and overall site amenities, our assessment leaves no stone unturned.
But our assessment goes beyond the surface. We dive deep into evaluating site improvements, examining their current status, adherence to codes, life cycle costs, suitability for their intended use, and identification of any existing defects. Our assessments are rooted in the condition of these enhancements at the evaluation moment.
Our meticulous process involves reviewing on-site maintenance records, scrutinizing building blueprints, and analyzing proposed future capital improvements. We also comb through municipal building department records and conduct interviews with on-site engineering and management personnel. The information provided by our clients is crucial, enabling us to conduct a comprehensive analysis and offer precise recommendations.
The reports crafted by our New York team span between 15- to 30-pages and are incredibly detailed, including an exhaustive “Immediate Repairs Table.” This table encapsulates life safety concerns, failing building systems, and deferred maintenance that would require expenditures exceeding $2,000 for repair or replacement. Additionally, we create a “Replacement Capital Reserve Table” that estimates major capital outlays expected over the next 12 years. Every section of our report meticulously outlines the condition of each building system and suggests necessary improvements.
State & Local Resources
There are many resources available for learning more about CRE property condition assessments. These resources include:
Property Condition Assessments (PCAs) are an essential component of real estate due diligence in New York City, providing investors and lenders with a comprehensive evaluation of a property’s physical condition. PCAs in New York are particularly unique due to the city’s complex regulatory environment, diverse building types, and aging infrastructure.
New York City has a stringent set of building codes and regulations that govern the maintenance and repair of commercial properties. These regulations can be complex and ever-changing, making it challenging for property owners to stay compliant. PCAs help to ensure that properties are in compliance with all applicable regulations, reducing the risk of legal and financial liabilities for investors and lenders.
New York City is home to a wide variety of commercial buildings, from historic landmarks to modern skyscrapers. Each type of building has its own unique characteristics and challenges, which must be considered when conducting a PCA. PCAs in New York must be tailored to the specific property type in order to provide an accurate and reliable assessment of its condition.
Many commercial buildings in New York City are decades old, and their infrastructure may be nearing the end of its useful life. PCAs can identify potential problems with the building’s structural, mechanical, and electrical systems before they become major issues. This can help to prevent costly repairs and disruptions to business operations.
The high cost of real estate in New York City makes it especially important for investors and lenders to have a thorough understanding of a property’s condition before making a purchase or investment.
The scarcity of land in New York City means that properties are often redeveloped, requiring a comprehensive assessment of the existing structures.
The constant construction activity in New York City can create challenges for PCAs, as inspectors must consider the impact of ongoing construction projects on the property being assessed.
