On Labor Day, Governor Kathy Hochul signed Senate bill S6350A that prohibits most individual unit owners or shareholders in condominiums (condos) or cooperatives (coops) from obtaining or maintaining tax abatements under...more
President Trump recently signed into law two sweeping pieces of legislation that multifamily real estate owners, including condominium and cooperative boards, need to be aware of and need to act upon to protect their...more
Effective February 20, 2020, the New York City Department of Buildings (DOB) expanded the requirements of its Façade Inspection and Safety Program (FISP), known previously as Local Law 11. Cooperative and Condominium Boards...more
3/5/2020
/ Architecture ,
Construction Defects ,
Construction Project ,
Department of Buildings (DOB) ,
Engineering ,
Environmental Control Board (ECB) ,
Local Ordinance ,
Penalties ,
Property Owners ,
Public Safety ,
Real Estate Development ,
Safety Inspections ,
Safety Standards ,
State and Local Government ,
Urban Planning & Development
Coops and condos will not need to pay their service employees prevailing wages to keep their units eligible for the Cooperative and Condominium Tax Abatement (the abatement). The abatement reduces property taxes between 17.5...more
2/12/2020
/ Condominium Associations ,
Condominiums ,
Governor Vetoes ,
Legislative Agendas ,
Prevailing Wages ,
Property Owners ,
Real Estate Market ,
Regulatory Agenda ,
Shareholders ,
State and Local Government ,
Tax Abatement ,
Tax Liability ,
Tax Planning ,
Wage and Hour
Yesterday, April 19, 2019, New York City Council signed into law a bill that will have a major impact on property owners throughout the city, including owners of condominiums and cooperatives. Prop 1253-C, better known as the...more
Under Local Law 11 (LL11), the New York City Department of Buildings requires owners of buildings that are six stories or greater to have exterior walls inspected once every five years. Commonly referred to as FISP (Façade...more