After an extended period of anticipation and concern about the May 1, 2024 effective date of Local Law 97, the rules and guidelines (Local Law 97 Rules and Guidelines) have been released by the New York City Department of Buildings (“DOB”). Since the announcement of...
The Federal Deposit Insurance Corporation (“FDIC”) has publicly disclosed that it plans to sell $33 billion of mortgage facilities generally in two tranches. A total of 14 loan pools are being offered in 12 Joint Venture (“JV”) transactions open to all bidders and 2...
Major Drugstore Chain Rite Aid Reportedly Prepares for Bankruptcy Filing Rite Aid Corporation is a nationwide drugstore chain that ranked No. 148 in the Fortune 500 list of the largest United States corporations by total revenue. Now the company reportedly prepares to...
R&E’s Daniel M. Bernstein and Nicholas DiLorenzo represented Carmel Partners in its development of a major new multifamily project at 54 Crown Street, Brooklyn. The Project will contain 569 apartments including 143 permanently affordable units and has just closed...
On Thursday August 17, Mayor Eric Adams, with City Planning Director Dan Garodnick, announced the Mayor’s proposed “City of Yes for Housing Opportunity,” a major new initiative to facilitate the production of new housing. The proposal, which is part of the Mayor’s...
WeWork Warns of Bankruptcy Risk, and Analysts Claim It Will Have a Ripple Effect on the Commercial Real Estate Industry WeWork recently declared that “substantial doubt exists" about its ability to continue as a “going concern” and is at risk of bankruptcy. Analysts...
On August 3, the New York City Council approved Intro 31-C, the third iteration of its legislation to make permanent the 2020 Mayoral Emergency Order permitting City bars and restaurants to expand onto the adjoining sidewalks and streets. Intro 31-C was only...
New York City Local Law 107 of 2023 prohibits commercial landlords from knowingly leasing retail space to smoke shops that sell unlicensed marijuana, cigarette or tobacco products. While, to date, enforcement efforts have been aimed at the thousands of unlicensed...
On July 18, 2023 NYS Governor Hochul signed an Executive Order to allow residential projects currently under construction and located in the Gowanus rezoning area to apply to participate in an equivalent program to be run by the NYS Empire State Development (“ESD”)...
The New York City Council agreed on the new $107 billion budget yesterday and is voting on it today. The fiscal year 2024 (7/1/2023 – 6/30/2024) property tax rates will be as follows: The tax class 4 (commercial) tax rate had its biggest percent decrease in 16 years...