News & Analysis as of

New York Construction Project Real Estate Development

Cole Schotz

NYC City Council Takes Steps to Reduce Impact of Sidewalk Sheds

Cole Schotz on

Our last post described the changes driven by the New York City Council in its effort to reduce the number and duration of sidewalk sheds found across the city. In addition to the sheer number of sheds in place at any given...more

Cole Schotz

NYC City Council Takes Aim at Overabundance of Sidewalk Sheds

Cole Schotz on

That New York City, in particular Manhattan, is awash in sidewalk sheds is news to no one. This spring, the New York City Council passed several new bills with the intention of curtailing the number of sheds, as more than...more

Akerman LLP

Community Groups and Elected Officials Sue to Set Aside "City of Yes"

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On March 25, a group of civic associations, elected officials, and individual petitioners filed a proceeding in the Supreme Court, Richmond County, under Article 78 of New York’s Civil Practice Law and Rules (CPLR), seeking a...more

Akerman LLP

New York City’s Industrial and Commercial Real Estate Tax Abatement Program Extended to 2029

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New York Governor Kathy Hochul signed the bill on extending the Industrial and Commercial Abatement Program (ICAP) for an additional four years, to March 1, 2029, with no modifications to the program....more

Akerman LLP

Green Fast Track for Housing Regulations Seek to Expedite Housing Development in New York

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New York City recently amended the City Environmental Quality Review (CEQR) regulations to exempt small residential developments from environmental review. The regulations, called "Green Fast Track for Housing," seek to...more

Akerman LLP

New York’s 421-a (16) Program Extension

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To address the ongoing need for affordable housing in New York, Governor Hochul and the state legislature have passed additional incentives to spur affordable housing development....more

Hinckley Allen

Private Construction Projects Impacted by Changes to NY Prompt Payment Act

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Governor Hochul signed Senate Bill 3539, amending Section 756-a and Section 756-c of the New York General Business Law – better known as the Prompt Payment Act (“PPA”). Because the law can override portions of construction...more

Robinson+Cole Construction Law Zone

NY Prompt Pay Act for Private Construction Caps Retainage at Five Percent

New York’s Prompt Pay Act, which sets the standards that govern private commercial construction contracts exceeding $150,000, was amended effective November 17, 2023. The Amendment known as Senate Bill 3539 provides two...more

Farrell Fritz, P.C.

Governor Hochul’s Ambitious Statewide Strategy to Address New York’s Housing Crisis

Farrell Fritz, P.C. on

As part of her 2023 State of State address, Governor Kathy Hochul announced a statewide strategy to address New York’s housing crisis by building 800,000 new homes over the next decade. The plan, dubbed as the “New York...more

Akerman LLP

Vesting under 421-a Is Just the Beginning

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As many in the New York Real Estate community are aware, Section 421-a (16) of the New York Real Property Tax law (“421-a”), was not re-enacted by the State Legislature.  Projects that were eligible for a tax exemption under...more

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