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...
Industry Updates
New York City Council Approves Permanent Outdoor Dining (Intro 31-C)
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...
NYC Local Law 107: What Commercial Landlords Need to Know When Leasing to Smoke Shops
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...
Governor Hochul Announces New Executive Action to Replace 421-a(16) Program for Gowanus Residential Projects
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”)...
NYC Property Tax Rates for 2023-2024
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...
DHCR Issues New Renewal Lease Form to Reflect RGB Order #55
Dear Clients, As many of you are aware, last week the NYC Rent Guidelines Board issued Order #55 authorizing rent increases for rent stabilized apartments and loft leases commencing between October 1, 2023 through September 30, 2024. The guideline increases are as...
Rent Legislation Update: Assembly Passes Punitive Anti-Landlord Bills
We write to follow up on our June 9, 2023 email blast, wherein we advised you that the New York State Senate passed two bills which significantly impact rent stabilized properties and reverse the property rights and protections provided by the Court of Appeals...
Substantially Rehabilitated Properties: Significant Impact of Pending NYS Legislation
As many of you are aware, on June 9, 2023, the New York State Senate passed two bills which seek to significantly impact rent stabilized properties and to reverse the protections provided by the Court of Appeals in the Regina decision: S2943B and S2980C (“the Bills”)....
Housing Legislation Stalls: NYS Unable to Move Housing Legislation (421-a Extension, Good Cause Eviction, other proposals) this Session
In a Joint Statement from Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie (excerpted below), Leader Stewart-Cousins and Speaker Heastie announced they were unable to come to agreement with Governor Kathy Hochul on a range of housing...
Deep Dive into Intro 31-B: NYC’s Proposal for Permanent Outdoor Dining
In November 2020, the City Council passed Local Law 114, directing that, by September 30, 2021, the Department of Transportation make the Covid emergency outdoor dining program permanent. While a bill to do that (Intro 31-A) was introduced in the Council in February...