Renovation & Capital Improvement Management

Renovations managed end to end

A renovation is where property management gets real. Budgets drift, contractors disappear, permits stall, and in a rent-stabilized building a single missing receipt can undo the rent adjustment you spent tens of thousands of dollars to earn. Yak Management manages the whole arc — scope, bids, vendors, budget, timeline, and the compliance paperwork — so improvements actually improve your returns instead of eating them.

We're a boutique, principal-led company serving Brooklyn and the wider NYC market, with a founding team carrying 40-plus years of combined New York real estate experience. Because we specialize in rent-stabilized and subsidized housing, we treat renovation not as a construction project alone but as a regulatory one — because in New York, it's both.

What we handle

When you hand us a renovation or capital project, you get one accountable team across every stage:

• Scoping & budgeting — we define the work, get competitive bids, and build a realistic budget with a contingency instead of an optimistic guess.
• Vendor management — trusted, insured contractors; verified licenses; and oversight so the crew that starts is the crew that finishes.
• Project coordination — scheduling, site check-ins, and change-order control, with tenants kept informed on occupied-unit work.
• Documentation — itemized invoices, paid receipts, before-and-after records, and the paper trail that DHCR and your accountant will both want.
• Filings — IAI records and MCI applications prepared and submitted correctly, the first time.
• Turnover to leasing — the moment a vacant unit is finished, our leasing engine takes over so the apartment isn't sitting empty while you wait.

IAIs, MCIs, and getting the paperwork right

This is where generic property managers get owners in trouble. In a rent-stabilized building, improvements can support a rent adjustment — but only if they're done and documented within the rules that New York rewrote under the 2019 Housing Stability and Tenant Protection Act (HSTPA).

Individual Apartment Improvements (IAIs) cover work inside one apartment — kitchens, baths, flooring, fixtures. Post-2019, the amount you can recover is capped, the frequency is limited, and you must retain detailed records and proof of payment. Sloppy documentation is the number-one reason a legitimate improvement gets challenged years later.

Major Capital Improvements (MCIs) cover building-wide upgrades that benefit every tenant — a new boiler, roof, elevator, or facade work. These are filed with DHCR (New York State Homes and Community Renewal), which reviews the application and, if approved, permits a rent adjustment allocated across units and subject to statutory caps.

We prepare both to survive scrutiny: clean scopes, itemized costs, competitive documentation, and filings that match the work. When the math doesn't justify the improvement under current rules, we'll tell you before you spend the money — not after.

Note: This page is educational, not legal advice. Rent-stabilization rules and adjustment caps change; always confirm your building's specifics with a qualified attorney or your accountant.

Renovations that respect the regulations

New York renovation work touches more than DHCR. We coordinate projects so they stay aligned with your other obligations:

• HPD compliance — we keep improvement work from creating new violations and help resolve any that surface. See our guide to HPD violations and the HPD registration requirements.
• Habitability — for occupied units, heat, hot water, and safe access are never optional. We schedule work to protect them.
• Local Law 97 — for larger buildings, capital projects like boiler and envelope upgrades intersect with emissions requirements. We help you plan improvements that count twice.
• Permits & licensed trades — the right permits and properly licensed contractors, so the work is legal and insurable.

Vacant-unit turnovers, done fast

Not every project is a capital improvement. Most owners' most frequent renovation is the turnover — getting a vacated apartment cleaned, repaired, updated, and back on the market. This is where our brokerage roots pay off. We manage the turnaround work through our vetted vendors, keep it tight on budget, and hand the finished unit straight to leasing. With a track record of filling Brooklyn vacancies in under seven days, every day we save on the renovation is a day of rent you don't lose.

Why owners trust us with capital projects

• Principals stay involved. The people managing your renovation are the people who run the company — not a call center dispatching a work order.
• We know the regulations cold. Rent stabilization, DHCR, HPD, and Local Law 97 aren't afterthoughts; they shape the plan from day one.
• Transparent reporting. Every invoice, bid, and change order lives in your secure AppFolio owner portal, so you always know where the budget stands.
• We answer. Owners hear from us the same day whenever possible — no wondering whether the project is on track.

Plan your next improvement

Whether you're weighing a full building capital project or just want faster, better-documented turnovers, we can help you decide what's worth doing and manage it start to finish. Start with a property consultation to see what improvements could do for your income, or get in touch and talk through your building with a principal directly.