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 find your […]
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 January 4, 2024, the NYS Assembly introduced the proposed chapter amendment, which […]
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 Appeals in the Regina decision with respect to rent calculations and record retention. […]
Decoding Local Law 97: Owners and OperatorsNavigating NYC’s Green Future In this episode of Inside R&E, Michael T. Carr, R&E Litigation Member, re-examines the current state of Local Law 97 with Jac Zadrima and MacKenzie Forsberg, Co-Founders of Genesis Realty Group LLC, as the New York City Department of Buildings continues to unveil details surrounding […]
The Residential Brokerage Process in NYC:Adapting from the Pandemic, Purchasing Trends and More In this episode of Inside R&E, Adam R. Sanders, Member in R&E’s Transactional Department, invites Nicole Hay, Co-Founder and Leader of Compass’s Hay and Holt Team, for a discussion on the residential brokerage process across prominent and emerging Manhattan neighborhoods including Hudson […]
Estate Planning for Real Estate Owners:Opportunities for Proactive Planning In this episode of Inside R&E, Theodore (Ted) Metzger, Member & Head of the firm’s Trusts & Estates Department, provides a comprehensive overview of the many ways in which trust & estate planning goes hand-in-hand with real estate representation. With 30-plus years of experience guiding clients […]
INSIDE R&E PODCAST State of the New York City Residential Market & Forecast:Mixed-Use Developments Enticing Buyers Despite Interest Rates In this episode of Inside R&E, Adam R. Sanders, Member in R&E’s Transactional Department, discusses the state of the residential real estate market in New York City with Stephen Lascher, Sales Manager at Wells Fargo. Together […]
The New York City Council passed Local Law 18 in January 2022 regarding registration of short term rentals, which Local Law became effective on January 9, 2023. Pursuant to Local Law 18, booking service platforms such as Airbnb, VRBO, Booking.com and others that collect a fee for short term rental listings will be prohibited from […]
On August 2, 2022, R&E Members Gary M. Rosenberg and Alexander Lycoyannis wrote in their New York Law Journal column: “By reason of the dispositive motion currently pending in Melendez, owners should prepare for the possibility that any COVID-related commercial rent arrears claims they may have written off as uncollectible due to the combination of […]
As part of her 2024 budget proposal, Governor Hochul has proposed the addition of §467-m to the Real Property Tax Law. Dubbed “Affordable Housing from Commercial Conversions” or “AHCC,” the proposal would incentivize the conversion of non-residential buildings in New York City to mixed-income rental apartments. Specifically, as will be detailed below, owners converting their non-residential buildings […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce that Eric Orenstein has progressed on from his Rising Star position to become our exclusive Real Estate Member in New York. Eric S. Orenstein joined Rosenberg & Estis, P.C. in 2005 and is a member of the firm’s Transactional Department. Mr. […]
How to understand the magnitude of property taxes in New York State.
There are two types of taxes imposed by New York State, as well as by certain counties and municipalities, that directly affect transactions for both residential and commercial real property. The “real property transfer tax” is a tax on conveyances of real property and on the transfer of controlling interests in entities that own real […]
