New York State Real Estate Deadlines

Glad to see Kathryn Brenzel of The Real Deal writing about major upcoming and recent NYS real estate deadlines including:

• December 14, 2024: Deadline for 485-x projects with a Commencement Date between June 16, 2022 and April 19, 2024 to register with HPD.  485-x projects with a Commencement Date of April 20, 2024 – June 15, 2034 must register with HPD within six months of their Commencement Date. Other 485-x deadlines and eligibility criteria also apply including: (a) registration with NYC Comptroller prior to Commencement Date and (b) using reasonable efforts to award at least 25% of applicable costs with minority and women owned businesses.  For more information about the 485-x program, please see our client e-mail blast here.
• September 12, 2024: Deadline for vested 421-a(16) projects (with a Commencement Date on or before June 15, 2022) to file a “Letter of Intent” (LOI) with HPD to qualify for the five-year extension of time to complete construction (until June 15, 2031 instead of June 1, 2026). For more information about the 421-a(16) LOI deadline, please see our client e-mail blast here.
• August 18, 2024: Deadline for owners to start providing tenants with notices pursuant to NY’s new “Good Cause Eviction” law.  For more information about GCE, please see our client e-mail blast here.
• July 31, 2024: Deadline for owners to register rent regulated apartments to avoid a penalty of $500 per month.  For more information about this deadline and other implications of the December 2023 Chapter Amendment that enacted it, please see our client e-mail blast here.

Please keep these deadlines in mind and let us know if we can assist with these or other NYC real estate matters.

Source: The Real Deal