Glad to see Kathryn Brenzel of The Real Deal writing about major upcoming and recent NYS real estate deadlines including:
- December 14, 2024: Deadline for 485-x projects with a Commencement Date between June 16, 2022 and April 19, 2024 to register with HPD. 485-x projects with a Commencement Date of April 20, 2024 – June 15, 2034 must register with HPD within six months of their Commencement Date. Other 485-x deadlines and eligibility criteria also apply including: (a) registration with NYC Comptroller prior to Commencement Date and (b) using reasonable efforts to award at least 25% of applicable costs with minority and women owned businesses. For more information about the 485-x program, please see our client email blast here.
- September 12, 2024: Deadline for vested 421-a(16) projects (with a Commencement Date on or before June 15, 2022) to file a “Letter of Intent” (LOI) with HPD to qualify for the five-year extension of time to complete construction (until June 15, 2031 instead of June 1, 2026). For more information about the 421-a(16) LOI deadline, please see our client email blast here.
- August 18, 2024: Deadline for owners to start providing tenants with notices pursuant to NY’s new “Good Cause Eviction” law. For more information about GCE, please see our client email blast here.
- July 31, 2024: Deadline for owners to register rent regulated apartments to avoid a penalty of $500 per month. For more information about this deadline and other implications of the December 2023 Chapter Amendment that enacted it, please see our client email blast here.
Please keep these deadlines in mind and let us know if we can assist with these or other NYC real estate matters.
Source: The Real Deal