The New York City Council agreed on the new $107 billion budget yesterday and is voting on it today. The fiscal year 2024 (7/1/2023 – 6/30/2024) property tax rates will be as follows: The tax class 4 (commercial) tax rate had its biggest percent decrease in 16 years...
Industry Updates
DHCR Issues New Renewal Lease Form to Reflect RGB Order #55
Dear Clients, As many of you are aware, last week the NYC Rent Guidelines Board issued Order #55 authorizing rent increases for rent stabilized apartments and loft leases commencing between October 1, 2023 through September 30, 2024. The guideline increases are as...
Rent Legislation Update: Assembly Passes Punitive Anti-Landlord Bills
We write to follow up on our June 9, 2023 email blast, wherein we advised you that the New York State Senate passed two bills which significantly impact rent stabilized properties and reverse the property rights and protections provided by the Court of Appeals...
Substantially Rehabilitated Properties: Significant Impact of Pending NYS Legislation
As many of you are aware, on June 9, 2023, the New York State Senate passed two bills which seek to significantly impact rent stabilized properties and to reverse the protections provided by the Court of Appeals in the Regina decision: S2943B and S2980C (“the Bills”)....
Housing Legislation Stalls: NYS Unable to Move Housing Legislation (421-a Extension, Good Cause Eviction, other proposals) this Session
In a Joint Statement from Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie (excerpted below), Leader Stewart-Cousins and Speaker Heastie announced they were unable to come to agreement with Governor Kathy Hochul on a range of housing...
Deep Dive into Intro 31-B: NYC’s Proposal for Permanent Outdoor Dining
In November 2020, the City Council passed Local Law 114, directing that, by September 30, 2021, the Department of Transportation make the Covid emergency outdoor dining program permanent. While a bill to do that (Intro 31-A) was introduced in the Council in February...
Announcing M-CORE: New Financial Incentive For NYC Commercial Office Improvements
The NYC Economic Development Corporation (EDC) has announced the creation of the NYCIDA Manhattan Commercial Revitalization Program or “M-CORE” which offers substantial financial incentives for improvements to commercial office buildings: (1) located south of 59th...
First Republic Bank Collapsed and Acquired by JPMorgan Chase, May 9, 2023 Bankruptcy Auction for East Village Theatre 80, and Corporate Bankruptcies Rising in 2023
First Republic Bank Collapsed and Acquired by JPMorgan Chase in Second Largest U.S. Bank Failure On May 1, 2023, the Federal Deposit Insurance Corporation ("FDIC") announced that First Republic Bank has been seized and closed by regulator California Department of...
Rosenberg & Estis, P.C. Bankruptcy Newsletter: Bed Bath & Beyond Joins Growing List of Retailers Filing Bankruptcy
Bed Bath & Beyond Joins The Growing List of Retailers Filing Bankruptcy On Sunday, April 23, 2023, retail giant Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey stating its...
Discussing NYC Affordable Housing with Daniel M. Bernstein – Inside R&E Podcast
Rosenberg & Estis, P.C. proudly introduces Inside R&E, a podcast hosted by New York City’s leading real estate attorneys who discuss current issues facing developers, owners and operators in the industry. Our debut episode features Daniel M. Bernstein, Member...