On Friday, April 9, Albany County Supreme Court Justice Shannon Kushner issued a decision holding that the newly enacted RPL 238-a, contained in the Housing Stability and Tenant Protection Act of 2019 (“HSTPA”) does not extend to the collection of brokerage fees from...
Industry Updates
Court Reviews 421-a Net Effective Rent Issues
As you may be aware, various tenants throughout New York City have commenced declaratory judgment actions relating to “Old” 421-a buildings. The tenants have alleged that where owners granted tenants a temporary construction rent concession, the “net effective rent,”...
Recent Amendments to the New York State Human Rights Law (Update)
Dear Clients, Supplementing our update (sent March 17, 2021) regarding the recent amendments to the Statue Human Rights Law (the “SHRL”), on March 25, 2021, Governor Cuomo signed a bill repealing the previously enacted Exec Law §§ 296-[2-b] and [18-a], that required...
COVID-19 Emergency Protect Our Small Businesses Act of 2021
On March 9, 2021, Governor Cuomo signed into law the COVID-19 Emergency Protect Our Small Businesses Act of 2021 (the “Act”). In broad terms, the Act’s intent is to avoid the displacement by eviction or foreclosure of small businesses experiencing financial hardship...
Recent Amendments To The New York State Human Rights Law
Recent amendments to the New York State Human Rights Law (“SHRL”, found at NY Exec. Law §§ 290 - 301) require housing providers and to “disclose to all tenants and prospective tenants [] their right to request reasonable modifications and accommodations if they have a...
Recent Amendments to the 421-a Program (“Affordable New York Housing Program”)
In light of NYC's amendment of its rules for the 421-a ("Affordable New York Housing Program") property tax exemption program, effective February 6, 2021 (the "Amendments") developers, lenders and purchasers will want to be aware of some major features of the...
NYC Property Tax Update – January 2021
Dear Clients, The NYC Department of Finance released the 2021/22 tentative roll on January 15. The Tax Commission application filing deadline to protest your assessment is March 1. The assessment roll shows the largest declines in 25 years. The impact of COVID-19 on...
R&E Victory at Appellate Division, First Department in Kuzmich et al v 50 Murray Street Acquisition LLC
Dear Clients, Rosenberg & Estis, P.C. recently secured a big victory for its client at the Appellate Division, First Department in Kuzmich et al v 50 Murray Street Acquisition LLC. The landmark decision represents an important part of the post-Roberts and...
NYS Real Property Tax Law Section 421-a(16) aka Affordable NY Housing Program (“421-a”) — Commencement Deadline is June 15, 2022
June 15, 2022 is the deadline for residential NYC new construction projects to commence construction in order to qualify for the 421-a property tax exemption. 421-a can provide a thirty-five (35) year partial exemption from property taxes in exchange for making at...
Guaranty Law Ruled Constitutional by Federal Court
Dear Clients, As you may know, Local Law 2020/55 affecting personal liability provisions in commercial leases, now commonly referred to as the "Guaranty Law", was among a package of laws enacted by the New York City Council in response to the COVID-19 pandemic. The...