News & Analysis as of

Commercial Property Owners New York

Rivkin Radler LLP

July 2025 New York Insurance Coverage Law Update

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A pedestrian tripped and fell on a public sidewalk in front of a multi-unit premises owned by 1995-2003 Jerome Avenue. The injured claimant filed a bodily injury action against Jerome Avenue and Pawnit Jerome Corp., a lessee...more

Davidoff Hutcher & Citron LLP

Asset Protection 101 for New York Restaurant Owners with Real Estate Interests

Owning and operating a restaurant in New York comes with significant financial and legal responsibilities—especially when real estate is part of your investment portfolio. As a restaurant owner, you face unique risks that can...more

Akerman LLP - HR Defense

New York City's Commercial Real Estate Tax Industrial and Commercial Abatement Program Extended to 2030 With Modifications

The New York City Industrial and Commercial Abatement Program (ICAP) has been extended to remain in effect through 2030, with some modifications. The New York state budget bill for FY 2026, signed by Governor Kathy Hochul on...more

Farrell Fritz, P.C.

After the Grievance Deadline: What Commercial Property Owners Should Know About Settlement Season

Farrell Fritz, P.C. on

The third Tuesday in May marks the end of the Suffolk County, Nassau County and New York City annual grievance filing season and the beginning of administrative hearings and deliberations that could yield significant...more

Mintz

New York City's Climate-Focused Local Law 97 Upheld By New York Court of Appeals

Mintz on

On May 22, 2025, the New York Court of Appeals--the highest court in New York State--unanimously upheld New York City's Local Law 97 against a challenge brought by certain property owners. This law--Local Law 97--is “aimed...more

Cozen O'Connor

Deadline Extended for New York City Local Law 97

Cozen O'Connor on

May 1, 2025, was the first compliance report deadline under New York City’s Local Law 97 (LL97). LL97 requires most buildings over 25,000 square feet, including condominiums (condos) and cooperatives (coops), to limit carbon...more

Farrell Fritz, P.C.

Suffolk County Sees an Eight Percent Average Increase in Equalized Values for 2025

Farrell Fritz, P.C. on

For most Towns and Cities throughout the State of New York, May 1st ushers in new assessment rolls and equalized market values for commercial and residential properties. As detailed in an earlier tax tracker (see: Assessment...more

Farrell Fritz, P.C.

2024 ASIE Filing Deadline Approaches for Nassau Commercial Property Owners

Farrell Fritz, P.C. on

On Monday, February 3rd, 2025, the filing period will commence for Nassau County commercial property owners to submit their 2024 Annual Statement of Income & Expense (“ASIE”). The “ASIE” forms must be filed by owners of...more

Farrell Fritz, P.C.

New York City's FY26 Tentative Tax Roll: Insights, Trends, and What Property Owners Need to Know

Farrell Fritz, P.C. on

Every January, the City of New York releases its annual tentative tax roll based upon Department of Finance (“DOF”) valuations for each property in the five boroughs. Unless successfully challenged, these valuations are the...more

White and Williams LLP

New York City Faces Property Tax Appeal Deadline Amid Real Estate Challenges

Every spring, New York properties have an opportunity to review and consider the accuracy of their property assessments. This year, many commercial property owners are facing a cold reality – property assessments that do not...more

Harris Beach Murtha PLLC

Proposed Changes to New York’s C-PACE Legislation Expected to Jumpstart Lending

Harris Beach Murtha PLLC on

The New York State legislature is evaluating proposed changes to New York City’s Commercial Property Assessed Clean Energy (“C-PACE”) program that could lead to a surge in lending in this emerging market space. New York...more

K&L Gates LLP

Manhattan Commercial Revitalization Program (M-CORE) Launched to Transform Aging Office Buildings

K&L Gates LLP on

As many companies settle into hybrid work models, office occupancy rates in the United States have flatlined during the first half of 2023. In the Borough of Manhattan (the Borough) in New York City, upwards of 255 million...more

Morrison & Foerster LLP

NYC’s Local Law 97 Update: PACE Yourself

The first compliance period under New York City’s Local Law 97 (LL97) begins on January 1, 2024, and a January 2023 REBNY-commissioned study concluded that over 3,700 properties could be out of compliance and face over $200...more

A&O Shearman

How NYC DOB’s Recently Proposed Rules Could Impact Local Law 97 Compliance

A&O Shearman on

On October 6, 2022, NYC Department of Buildings (DOB) proposed draft rules that address and clarify some of the many anxiety-inducing issues left open by the passage of Local Law 97 three years ago. While there is still much...more

Cole Schotz

Eligible New York City Building Owners: Now Is The Time To Take Advantage Of C-PACE Financing

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In early June, the first Commercial Property Assessed Clean Energy (“C-PACE”) transaction closed in New York City, courtesy of C-PACE financing provided by Petros PACE. In connection with a larger $500 million dollar...more

Morrison & Foerster LLP

New York Courts Weigh In On How COVID-19 Affects Commercial Lease Disputes

Through the continued uncertainty as to how COVID-19 might affect commercial real estate leases and the rights and obligations of landlords and tenants thereunder, the New York courts are attempting to carve out standards for...more

Kilpatrick

Executive Order 202.70 Extends Moratorium on New York Commercial Evictions and Mortgage Foreclosures to January 2021

Kilpatrick on

On October 20, 2020, New York Governor Andrew Cuomo issued Executive Order 202.70, which continued through January 1, 2021 the moratorium on initiating a proceeding or enforcement of (a) an eviction of any commercial tenant...more

Hinshaw & Culbertson - Consumer Crossroads

New York Courts Lift Suspension of Foreclosure Proceedings, Add Additional Conference Requirement

On July 24, 2020, the New York State Courts issued Administrative Order 157/20 (AO/157/20). Effective July 27, 2020, AO/157/20 removes the formal suspension of all residential foreclosures, but keeps a limited suspension of...more

Seyfarth Shaw LLP

New Rent Reduction Laws Proposed in New York May Be Better for Landlords, But May Still Be Challenged

Seyfarth Shaw LLP on

As discussed in prior updates, lawmakers in New York previously introduced bills that would, if enacted, temporarily suspend rent payments for certain residential and small business commercial tenants unable to pay rent due...more

Harris Beach Murtha PLLC

Considerations for Landlord-Tenant Lease Modifications in Response to COVID-19

The current health, social and economic conditions related to the coronavirus pandemic are exerting tremendous pressures on contractual relationships between commercial concerns, not the least of which is the landlord-tenant...more

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