Richard L. Sussman
The Opportunity Zones Program
Early on in 2018, one of the major new items included in the Tax Cuts and Jobs Act of 2017 was The Opportunity Zones Program. After the initial pomp and circumstance died down, the Opportunity Zones program became a success for low-income urban and rural communities nationwide. According to the Novogradac & Company LLP’s Opportunity Zone Resource…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
FinCEN Clarifies Beneficial Ownership Reporting After Supreme Court Ruling
CTA: FinCEN Clarifies Beneficial Ownership Reporting Requirements Following U.S. Supreme Court Decision. The U.S. Financial Crimes Enforcement Network (FinCEN) has issued a statement clarifying that, due to a separate nationwide order from an unrelated litigation challenging the Corporate Transparency Act (CTA) remaining in effect, reporting companies are not currently required to file their beneficial ownership…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
Nationwide Injunction Halts Enforcement of Corporate Transparency Act
Following Monday’s reminder email about the approaching deadlines for the Corporate Transparency Act (CTA), news broke late yesterday that the U.S. District Court for the Eastern District of Texas issued a nationwide injunction halting the enforcement of CTA. The lengthy opinion from the court concludes, among other things, that the CTA is likely unconstitutional and…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
Reminder: ICAP Deadlines Extended to 2029 – Dates you need to know
New York City’s Industrial and Commercial Property Tax Abatement Program (ICAP) has just been extended four years. 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 owners must adhere to the following deadlines: …
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
Have you filed your Letter of Intent (LOI) to qualify for Completion Date extension (until June 15, 2031)?
Developers of and lenders to vested 421-a projects have until September 12, 2024 to file a LOI with NYC’s Department of Housing Preservation & Development (HPD) to qualify their projects for an extension of time (until June 15, 2031) to achieve a Completion Date. Without timely filing an LOI with HPD, projects will have to meet…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
Reminder: Corporate Transparency Act (“CTA”)
At the half-way point of 2024, we wanted to remind everyone of the reporting requirements of the Corporate Transparency Act (“CTA”), which took effect on January 1, 2024. While all non-exempt entities created in 2024 are required to comply with the CTA reporting requirements within 90 days of when they were created, all non-exempt entities created…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
July 1 was the official start of the NYC Fiscal New Year! On June 30, 2024, the New York City Council passed the $112 billion budget for fiscal year 2025 (July 1, 2024 to June 30, 2025). The city increased the property tax revenue budget +$1 billion to $33.7 billion, which is up +3.1% from…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
NYC Rent Guidelines Board Reaches Final Vote On Annual Rent Increases For Rent Stabilized Apartments And Loft Leases
Last night, the New York City Rent Guidelines Board (“RGB”) held a final vote on annual rent increases for rent stabilized apartments and loft leases commencing between October 1, 2024 through September 30, 2025. The final adopted Guideline increases are as follows: While the RGB has not yet released a final written order, the language…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
Industry Update: Cannabis Law Amendments
As a follow-up to the firm’s May 1, 2024 announcement regarding recent changes to the New York State Cannabis Law and related amendments to curb unlicensed cannabis sales in New York State, Rosenberg & Estis, P.C. has been advised from industry trade groups that the Office of Cannabis Management (OCM) is gearing up to enforce…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
Good Cause Eviction Update Based on DHCR Guidance
In response to the passage of Good Cause Eviction (“GCE”) on April 20, 2024, earlier today, DHCR released guidance clarifying some of the questions with respect to owners’ obligations under the new law. A copy of the guidance issued by DHCR can be found here. We are writing to update you as to that guidance:…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
NY CRE Lenders Need Clarity On Foreclosure Standing
By Christopher Gorman and John Muldoon (January 17, 2024) In the current climate in the commercial real estate world, one frequently hears about owners and borrowers, faced with distress, handing back the keys to the lender or loan servicer. Undoubtedly, there are situations where this may be the best strategy available to the borrower. For…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.
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 establishes a public database that requires the disclosure of…
- Real Estate in New York
Richard L. Sussman
silver Richard L. is a silver memberMember at Rosenberg & Estis, P.C.