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...
Industry Updates
R&E Closes on a Mandatory Inclusionary Housing Restrictive Declaration for Carmel Partners’ Development of 569 Residential Units in Brooklyn
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...
Mayor Adams’ Proposed “City of Yes for Housing Opportunity”
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...
Rosenberg & Estis, P.C. Bankruptcy Newsletter: WeWork Warns of Bankruptcy Risk, and Analysts Claim It Will Have a Ripple Effect on the Commercial Real Estate Industry, EU Bankruptcies Highest Since 2015
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...
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...