Dear Clients: Owners, lenders and potential purchasers of NYC multifamily properties subject to regulatory agreements with public agencies should be aware of a positive development from the recently concluded NYS legislative session which was passed by the legislature...
Industry Updates
NYC Property Tax Rates for 2022/23
The New York City budget passed last night and the City Council set the fiscal year 2023 (7/1/2022 – 6/30/2023) property tax rates as follows: The tax class 4 (commercial) tax rate had its first decrease in five years. The tax class 2 (apartment buildings) tax rate...
421-a Update: NYS Legislature Does Not Renew/Replace 421-a; June 15, 2022 Vesting Deadline Approaching
Dear Clients: The NYS Legislature has adjourned without renewing or replacing the expiring 421-a property tax exemption program. Residential projects looking to vest for 421-a benefits must achieve a “Commencement Date” on or before June 15, 2022 to potentially...
Good Cause Eviction and 421a update
Dear Clients, given that the Albany legislative session has now ended without either Good Cause Eviction or the 421-a extension passing, we wanted to send you the following update: Good Cause Eviction (GCE): Thankfully for New York owners, the Legislature adjourned on...
Recent amendments to the New York State Human Rights Law
Dear Clients, As required by Exec. Law § 170-d, the State Division on Human Rights (the "Division") has adopted and promulgated regulations requiring every housing provider, as defined in the New York State Human Rights Law (the "SHRL"), to notify all tenants and...
NYC RPIE-2021 filings due June 1, 2022
Dear Clients, The Real Property Income & Expense form RPIE-2021 is due June 1, 2022. The NYC Dept. of Finance (DOF) will use this information to value properties for 2023. File the RPIE on DOF’s website at http://nyc.gov/rpie. Report 2021 income & expenses or...
DHCR Issues New Guidance Concerning Electronic Leases and Lease Offers
On March 25, 2022, DHCR issued Operational Bulletin 2022-1, titled “Electronic Lease Offering and Tenant’s Voluntary Consent.” The Operational Bulletin was issued as a result of the State’s passage of Chapter 74 of the Laws of 2022, which authorized and directed DHCR...
R&E Client Alert: Trust & Estate Planning in 2022
Dear clients, As we approach the end of the first quarter of 2022, it’s a good time to update and remind you of what has and has not changed in connection with estate and gift taxes in 2022. Federal Lifetime Exclusion and Portability None of the proposals to lower the...
RPAPL § 881 Decision Impacts Developers Seeking to Improve Their Properties
Dear clients, Last week, the First Department issued a decision in the Matter of Panasia Estate, Inc., v 29 West 19 Condominium, et al., 2022 NY Slip Op 00975 (1st Dept Feb. 15, 2022) (click here to read the decision), which confirmed that, although not expressly...
Loft Law Update: Court of Appeals Delivers Major Victory to Owners of Loft Law Buildings
Dear clients, This week the Court of Appeals, New York State’s highest court, delivered a major victory to owners of buildings subject to the Loft Law. In Matter of Aurora Assoc. LLC v Locatelli (click here to read the decision), the Court held that covered units...