Expert MRI Bookkeeping Services For Scaling Property Investors & Managers In Albany
Albany property managers on MRI typically run two portfolios at once: commercial leases tied to state agencies and downtown offices, and residential units, some rent-stabilized, serving SUNY Albany students and state employees. MRI's modular design fits that split, keeping lease administration and CAM reconciliation apart from the residential ledger. The tradeoff is the handoff between modules. A commercial lease abstracted in one module and billed from another can disagree, and a rent-stabilized unit's deposit history can sit disconnected from the CAM schedule next door. We reconcile both sides ourselves.
We work with accountant access inside your own MRI instance, exactly as you would grant an internal hire.
New York rules that apply here
- Deposit return deadline
- 14 days
- Statute
- GOL 7-103
Why MRI Operators in Albany Come to REA
Enterprise and modular, strong on commercial
CAM reconciliation on state-agency leases
Albany's commercial stock includes state-agency and downtown office leases where CAM recoveries run through MRI's commercial module while base billing sits elsewhere. We reconcile the CAM schedule against the lease abstract line by line, not just against the invoice total, so escalations, expense stops, and reconciliation true-ups match what the lease actually says.
Module handoffs, checked every cycle
MRI's lease abstraction and billing can live in separate modules, and Albany's mixed commercial-residential portfolios make that gap more likely to show up: a downtown office renewal or a student-housing lease term gets updated in one place and not the other. We check both sides against each other every cycle, not just at year-end true-up.
Rent-stabilized ledgers, tracked separately
Some of Albany's older multifamily stock carries New York rent stabilization history that has to live somewhere specific in MRI's residential ledger, separate from the commercial module handling the property's ground-floor retail or nearby office leases. We keep that unit-level history current so stabilized rent rolls do not get lost inside a commercial-weighted setup.
MRI and New York Deposit Rules
GOL 7-103
New York General Obligations Law 7-103 gives landlords 14 days to return a security deposit or send an itemized statement of deductions. MRI tracks that deposit on the residential side, but in a commercial-weighted Albany engagement (state-agency and downtown office leases usually get configured first) the residential deposit ledger can end up an afterthought during setup. We treat the 14-day clock as its own checklist item, independent of which module holds the deposit or how the instance was originally built out.
New York General Obligations Law section 7-103 requires the deposit, and an itemized statement of any deductions, within 14 days of the tenant vacating. Deposits must sit in a separate interest-bearing account located in New York State, used exclusively for tenant deposits. Missing the deadline forfeits the right to withhold any part of the deposit.
All New York requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in MRI, so a 14 days deadline is answerable from the ledger
- Trust accounts reconciled three ways every month
- Deduction documentation recorded against the correct ledger
- Aging deposits flagged before the statutory window closes
MRI Accounting & Bookkeeping Services
For Albany Portfolios
- Process Review & Set Up
- Bank Reconciliations
- AP / AR
- Accurate NOI, Balance Sheets
- Recording HUD's & Accruals
- Owner Distributions
- Monthly Statements & Reports
- Management Fees
- Corporate Bookkeeping
- Tenant Chargebacks
Take the Whole Close, or One Function
Albany operators use REA for the full monthly close or for the single function that has become a bottleneck. Each one is performed inside your MRI instance.
Trust Accounting
Compliant, audit-ready trust funds
Learn moreBank Reconciliation Services
Three-way reconciliation, every account
Learn moreAccounts Payable & Receivable
Bills paid, rent collected, owners paid
Learn moreBookkeeping Cleanup & Catch-Up
Back books fixed and current
Learn moreCAM Reconciliation
Annual commercial true-ups
Learn moreOn a Different Platform in Albany?
We Work Inside All of Them
Experts In All Property Types
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community Associations
- Commercial
Experts In All Property Types
Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community AssociationsSee the page
- CommercialSee the page
Check Out What Our Clients Have To Say About Us
Property Managers, Investors & Owner Operators
Following a series of erroneous financials from my previous bookkeeper, who lacked expertise in real estate, it's been truly remarkable to receive not only accurate financials on a consistent basis but also proactive advice without prompting. The REA team is a game-changer in real estate accounting!
As REA exclusively specializes in Real Estate, I rest easy knowing my financials are precise every month while saving money at the same time, an invaluable benefit.
I highly recommend Real Estate Accounting (REA) services from this group. They truly are great and have helped us tremendously at a time we needed it the most. I felt very comfortable giving up all my accounting responsibilities to this team and I'm still glad I made the decision to work with this group. Nothing less than an amazing experience!
Frequently Asked Questions
What happens if we miss the deposit return deadline in New York?
New York General Obligations Law 7-103 requires landlords to return a tenant's security deposit or send an itemized statement of deductions within 14 days of move-out. Missing that window can expose an owner to a claim for the full deposit regardless of the actual damages. We track the deadline against the move-out date in MRI's residential ledger and flag it before the 14 days runs out, not after.
Why does CAM reconciliation take longer on MRI than other platforms?
MRI's strength is commercial lease administration, but it is built from separate modules for abstraction, billing, and recovery, and no two MRI instances are configured the same way. Reconciling CAM means checking the lease abstract, the billing module, and the recovery schedule against each other, not just pulling one report. On an Albany portfolio with several commercial leases, that cross-check is where most of the real work sits.
Can you handle both our downtown commercial leases and our student housing units?
Yes. Albany portfolios on MRI often mix state-agency or downtown commercial leases with residential units serving SUNY Albany students and state employees, some under rent stabilization. We work across both the commercial and residential modules in the same engagement, so a CAM reconciliation on the office side and a rent-stabilized ledger on the residential side get reviewed by the same team, not handed off separately.
More in New York
Other New York markets, the platforms we work in, and the functions available on their own.
MRI Bookkeeping for Albany
Schedule a call and we will review your MRI setup, your New York deposit handling, and what it takes to close clean every month.