On December 22, 2023, Governor Hochul signed the New York LLC Transparency Act (NYLTA) into law, with one major change to be made through a chapter amendment which will need to be approved next year by the state legislature. While the initial draft of the NYLTA...
Industry Updates
Governor Signs New Rent Stabilized Housing Legislation
As we advised in previous email blasts, last summer, the New York State Legislature passed two bills that sought to significantly impact rent stabilized properties: NYS Senate bills S2943B and S2980C. S2943B sought to reverse the protections provided by the Court of...
Major NYC Development Opportunity from NYS
NYS Empire State Development has offered a fascinating opportunity to redevelop a major NYC site and produce rental and home ownership housing at scale. Rosenberg & Estis, P.C. Affordable Housing and Condominium practice groups are ready to work with developers on...
Retainage on Private Commercial Projects Capped at 5%
Recently, New York Governor Kathy Hochul signed into law an amendment to General Business Law Article 35-E Construction Contracts (GBL § 756-758), commonly referred to as New York’s Prompt Payment Act, mandating retainage not to exceed 5 percent on all general...
421-a Projects — NYC Housing At Risk Task Force (HART) Can Help Expedite NYC Approvals
In light of the looming 421-a(16) completion deadline of June 15, 2026, NYC has created a Housing At Risk Task Force (“HART”) to assist large housing projects. Qualifying projects include those with 100 or more dwelling units already vested for 421-a due to...
New Corporate Transparency Act Regulations to Take Effect January 1, 2024
The Corporate Transparency Act (“CTA”) takes effect as of January 1, 2024. This broad sweeping Federal Act is part of the Anti-Money Laundering Act of 2020 and will require many entities (“reporting companies”), not previously subject to reporting requirements, to now...
DHCR Issues Guidance re: 2023 RSC Amendments
As we advised in a prior client email blast, DHCR recently adopted amendments to the Rent Stabilization Code (“the Amendments”) which became effective on November 8, 2023. DHCR has now issued various documents as guidance to the Amendments, including fact sheets,...
NYC DOF Certification of Continuing Use Deadline January 5, 2024 for NFP Exemption, ICIP Exemption & ICAP Abatement
NFP, ICIP, & ICAP Renewals If you own or lease a NYC property that is currently receiving one of the following property tax benefits, please note that the NYC Department of Finance (DOF) renewal filing period has begun, and the online renewal portal is now open...
Fifth U.S. Bank Collapse & WeWork Files Bankruptcy Rejecting 40 New York City Leases and Seeking to Amend or Exit Substantially All Leases, Heightening Commercial Real Estate Challenges
WeWork Files Bankruptcy Rejecting 40 New York City Leases, Seeking to Amend or Exit Substantially All Leases, and Seeking to Reduce Debt by $3 Billion Between November 6th and 7th, the co-working office space giant, WeWork Inc. and over 500 of its affiliates, all...
New NY Housing Laws: New Housing Finance Laws & J-51 Property Tax Abatement Program
New NY Housing Laws: New Housing Finance Laws & J-51 Property Tax Abatement Program On October 23, 2023, New York State Governor Hochul signed legislation relating to affordable housing finance and a new property tax abatement for alterations and improvements to...