Have you filed your Letter of Intent (LOI) to qualify for Completion Date extension (until June 15, 2031)? Developers of and lenders to vested 421-a projects have until September 12, 2024 to file a LOI with NYC’s Department of Housing Preservation & Development...
As we advised in our April 22, 2024 Summary of the 2024 Housing Laws on April 20, 2024, the Good Cause Eviction Law (“GCE”) was enacted. Pursuant to the new Real Property Law (“RPL”) §231-c, landlords are required to append or incorporate a “Good Cause Eviction Law...
As we advised in our recent client email blast, the NYC Rent Guidelines Board issued Order #56 authorizing rent increases for rent stabilized apartments and lofts commencing between October 1, 2024 through September 30, 2025. The guideline increases are as follows:...
July 1 was the official start of the NYC Fiscal New Year! On June 30, 2024, the New York City Council passed the $112 billion budget for fiscal year 2025 (July 1, 2024 to June 30, 2025). The city increased the property tax revenue budget +$1 billion to $33.7 billion,...
At the half-way point of 2024, we wanted to remind everyone of the reporting requirements of the Corporate Transparency Act (“CTA”), which took effect on January 1, 2024. While all non-exempt entities created in 2024 are required to comply with the CTA reporting...
On June 6, 2024, the City of Yes for Economic Opportunity (COYEO) zoning text amendments were approved and became effective. Among the many changes COYEO made to the Zoning Resolution was the complete reorganization of the zoning Use Groups. While this was a long...
Last night, the New York City Rent Guidelines Board (“RGB”) held a final vote on annual rent increases for rent stabilized apartments and loft leases commencing between October 1, 2024 through September 30, 2025. The final adopted Guideline increases are as follows:...
On June 14, 2024 HPD clarified how 421-a(16) projects can request and receive an extension of time to achieve a Completion Date (until June 15, 2031). The previous Completion Date deadline until now has been June 15, 2026. HPD’s website now explains: Qualifying rental...
The NYC Department of Finance published the fiscal year 2024/25 final property tax assessment roll on May 25, 2024. Tentative Roll: DOF published the 2024/25 tentative property tax assessment roll on January 15, 2024. From the May 25, 2023, final assessment roll for...
As a follow-up to the firm's May 1, 2024 announcement regarding recent changes to the New York State Cannabis Law and related amendments to curb unlicensed cannabis sales in New York State, Rosenberg & Estis, P.C. has been advised from industry trade groups that...