Under Local Law 97 (“LL97”) most owners of buildings over 25,000 square feet including condominiums and cooperatives are required to limit carbon emissions and self-report on such emissions or face significant penalties. As we previously reported, for the 2025...
We wanted to provide you with an update on the Fairness in Apartment Rental Expenses Act (FARE Act) that was introduced and passed by the City Council. The plaintiffs’ efforts to half the enforcement of the FARE Act in the case of REBNY et al v. City of New York, U.S....
We are writing to let you know that DHCR has issued a new Good Cause Eviction Law (“GCE”) Notice (the “Updated Notice”), linked here. The Updated Notice includes a list of municipalities in New York State that have opted into GCE and, critically, includes updated...
The New York State Senate has passed bill S119/A1506, which amends the rent registration statutes codified in Section 517 of the Rent Stabilization Law and Section 12-a of the Emergency Tenant Protection Act of 1974. It now heads to the Assembly and, if signed, to the...
Part GG of the New York State Budget, known as the Affordable Housing Retention Act (“AHRA”), enables condominium conversions in NYC for certain affordable housing developments. Condo conversions create opportunities for owners of rental buildings to both sell units...
We wanted to take this opportunity to provide you with an update on the Corporate Transparency Act (CTA). CTA Update The U.S. Financial Crimes Enforcement Network (FinCEN) has adopted an interim final rule (IFR) relating to the CTA and the requirements to report...
We are writing to inform you of significant developments regarding the newly updated "J-51 Reform" (J-51 R) real property tax abatement program. The New York City Department of Housing Preservation and Development (HPD) recently released Proposed Rules, along with the...
Owners of and lenders to NYC multifamily properties, please be advised that NYC Department of Housing Preservation & Development (HPD) and NYC Department of Social Services (DSS) on March 7, 2025 announced the following imminent changes to the CityFHEPS rent...
Dear Clients, We are writing to let you know that DHCR has issued a new Good Cause Eviction Law (“GCE”) Notice (the “Updated Notice”). The Updated Notice, which is dated “as of February 19, 2025”, includes a list of municipalities in New York State that have opted...
Please join Rosenberg & Estis PC’s NYC Development Group for a webinar on the NEW Midtown South Mixed-Use Plan (MSMX), currently in public review. MSMX will allow for significant residential development opportunities and trigger permanent Mandatory Inclusionary...