Governor Signs Rent Stabilization Chapter Amendment As we previously advised, on December 22, 2023, Governor Hochul signed S2980C, related to a series of housing issues, and subject to a negotiated chapter amendment to be passed by the Legislature during the...
Industry Updates
M-CORE UPDATE: Second Round of Applications Due April 15, 2024 for New Financial Incentive For NYC Commercial Office Improvements
The NYC Economic Development Corporation (EDC) has announced the opening of the second submission round for the NYCIDA Manhattan Commercial Revitalization Program or “M-CORE” which offers substantial financial incentives for improvements to commercial office...
Governor Issues Proposals to Increase Housing Supply, Incentivize Conversions and Development
Governor Kathy Hochul has released five key legislative proposals to increase housing supply, incentivize conversions, and develop new multifamily housing with affordability requirements. Create an “Affordable Housing from Commercial Conversions” or “AHCC” property...
NYC Property Tax Assessed Values Increase for 2024
The NYC Department of Finance (DOF) released the tax year 2024/25 tentative assessment roll on January 16, 2024. The Tax Commission application filing deadline to protest assessed values is March 1, 2024. DOF will use these values to compute taxes due July 1, 2024. To...
NYS Assembly Introduces Chapter Amendment to Recent Rent Stabilized Housing Legislation
As we previously advised, on December 22, 2023, Governor Hochul signed S2980C, related to a series of housing issues, and subject to a negotiated chapter amendment to be passed by the Legislature during the legislative session, which began on January 3, 2024. On...
ICAP Deadlines Coming in Early 2025: Plan Your Commercial Project Now
The Industrial and Commercial Abatement Program (ICAP) provides a New York City property tax abatement for the construction or renovation of commercial, industrial, and certain mixed-use properties. In order to be eligible for these property tax benefits, property...
Carbon Neutrality Zoning Amendments: New Opportunities for Developers and Property Owners
On December 16, the City Council approved City of Yes for Carbon Neutrality, a series of zoning amendments designed to further the city’s target to achieve carbon neutrality by 2050. The proposal is the first of three major zoning changes put forth by the Adams...
NY’s LLC Transparency Act Signed by Governor; Chapter Amendment Pending State Legislature Approval
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...
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...