From Cracked Mortar to Loose Masonry: 9 Warning Signs Found During an NYC Parapet Inspection
A few deteriorated mortar joints on top of a commercial building may not look particularly serious. Neither may a cracked coping stone, several spalled bricks, or an old patch repair. But a parapet is different from most other masonry walls. It sits at the uppermost edge of the building, is exposed to weather from multiple […]
The Percentage Complete Problem: Why Lenders Need an Independent Construction Loan Draw Inspection
A contractor submits a draw request stating that the electrical work is 70% complete, HVAC is 65% complete, and interior finishes are 50% complete. But what exactly does 70% complete look like? More importantly, how does a lender know that the amount of money being requested reasonably corresponds with the work actually in place at […]
NYC Annual Parapet Inspection: What Building Owners Need to Know About the Observation & Condition Report
New York City building owners have another recurring safety obligation that belongs on every annual maintenance calendar: the NYC annual parapet inspection, formally the Annual Parapet Observation and Condition Report. Established under Local Law 126 of 2021 (NYC Administrative Code §28-301.1.1) and implemented through Department of Buildings rule 1 RCNY §103-15, the requirement took effect […]
Commercial Building Inspections in NJ, PA and NYC: A Guide for Buyers, Owners and Tenants
Commercial real estate decisions involve more than location, square footage and purchase price. The physical condition of a property can significantly affect operating expenses, lease obligations, financing, insurance and future capital expenditures. Commercial building inspections in New Jersey, Pennsylvania and New York City help buyers, investors, property owners and commercial tenants understand a building’s major […]
Philadelphia Facade Inspection Requirements: What Buildings Six Stories or Higher Must Know
Owning a mid-rise or high-rise building in Philadelphia comes with responsibilities that extend beyond routine maintenance. One of the most important—and sometimes overlooked—is the City’s requirement for periodic inspections of certain building façades. Under Philadelphia Property Maintenance Code Section PM-304.10 (“Periodic Inspection of Exterior Walls and Appurtenances”), qualifying buildings must undergo periodic inspection of their […]
What Happens During a Phase I Environmental Site Assessment?
When purchasing, refinancing, or financing commercial real estate in New Jersey, Pennsylvania, or the greater Philadelphia region, a Phase I Environmental Site Assessment (Phase I ESA) is often a critical part of the due diligence process. But for many buyers and property owners, the process itself remains unclear. Does someone test the soil? Are samples […]
Commercial Maintenance Inspections vs. Property Condition Assessments: Which Does Your Building Need?
Owning a commercial building is about more than keeping tenants happy and responding to repairs as they arise. The most successful property owners, investors, and asset managers take a proactive approach to building maintenance by understanding not only what needs attention today, but what will require capital investment in the years ahead. At Core Building […]
PCA Requirements for SBA Loans: What Borrowers Need to Know
Understanding Property Condition Assessments for SBA-Financed Commercial Real Estate in NJ and PA If you are purchasing or refinancing commercial real estate using a Small Business Administration loan, there is a reasonable chance your lender will require a Property Condition Assessment before the transaction closes. Many borrowers encounter this requirement for the first time mid-transaction […]
What Is a Phase 1 Environmental Site Assessment?
A Guide for Commercial Real Estate Buyers, Lenders, and Investors in NJ and PA When purchasing, refinancing, or evaluating commercial real estate, understanding potential environmental liabilities is just as important as evaluating the physical condition of the building. A property can appear to be in excellent shape while still carrying environmental risks that affect its […]
“Recently Repaired” Doesn’t Mean Good Condition — And Here’s What That Costs CRE Buyers
One of the most common statements heard during commercial real estate due diligence is some version of: “That was just repaired.” Sellers say it. Brokers repeat it. And buyers, lenders, and investors often accept it as reassurance that a potential problem has been resolved. It hasn’t — at least not necessarily. In commercial real estate, […]
