Ready, Set, G-OZ! The first Treasury guidance regulations are out and they addressed questions regarding, among others: The type of gain permitted, The taxpayers that are eligible, How to deal with partnership gains, Permitted structures of a Qualified Opportunity...
Industry Updates
Opportunity Zone UPDATE 10.12.18
Just like any new government program, there is a need for additional guidance and regulation to answer questions that taxpayers and experienced professionals have unique to their own purposes and/or their clients' purposes. As a result, the United States Treasury...
Opportunity Zones UPDATE 9.21.18
We are sure that many of our clients have been reading the recent articles on the Opportunity Zone Program. Rosenberg & Estis is very excited about this program and is committed to maintaining a comprehensive legal understanding about its benefits. The treasury...
No Smoking Policy – Local Law 147 of 2017
The New York City Council has passed Local Law 147 of 2017 ( click here) requiring the "owner" of all multiple dwellings in the City of New York to adopt a smoking policy for the public and private areas of each building on or before August 28, 2018. The law defines...
Opportunity Zones Bring Opportunities With Less Regulation
Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide with less regulation than found in other similar programs,...
Rosenberg & Estis, P.C. Secures Victory In ‘Altman’ Case Before Court Of Appeals
Rosenberg & Estis, P.C. is proud to announce that it has secured a major victory in the "Altman" case, Altman v. 285 West Fourth LLC, before the Court of Appeals of the State of New York. The landmark decision, issued on April 26, 2018, prevents the...
Luxury Deregulation for 2018
Now that the new year is upon us, there are certain changes to luxury deregulation that must be kept in mind. Pursuant to the Rent Act of 2015, the luxury deregulation threshold is adjusted January 1st of each year by the then effective one year renewal guideline....
2017 NYC Property Year In Review
This past year saw several major legal and regulatory changes and proposals that are already impacting NYC property ownership and development. March 2017 - The New York City Department of Finance issued final rules for the Industrial and Commercial Abatement Program...
Annual Audits Coming To the 421-a Program
The NYC Council recently passed, and Mayor Bill de Blasio signed into law, two bills (the "New 421-a Local Laws") which for the first time require that the NYC Department of Housing Preservation and Development ("HPD") annually audit at least twenty percent (20%) of...
HPD Says New 421-a Exemption is Too Generous, Plans To Restrict 421-a Units “Double Dipping” Under Inclusionary Housing Program
Residential Developers Should Look To Alternative Zoning Programs: Rosenberg & Estis is leading the way in Alternative Zoning Programs. The New 421-a property tax exemption under Real Property Tax Law Section 421-a(16) was signed into law on April 10, 2017 (the...