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Recent Changes to the Inclusionary Air Rights Program.
The Inclusionary Housing Program (the “IH Program”) of the New York City Department of Housing and Development (“HPD”) confers on developers (a “LH Developer”) of low-income housing transferrable development rights (called “Inclusionary Air Rights” or “IAR”) which may be used either on-site to enlarge a mixed-income project or off-site to enlarge a market rate project. Please note that IH Projects commencing on or after July 29, 2009 are subject to certain changes that have been made to the IH Program. Read Full Article >
2010/2011 Final Assessments Issued on May 25, 2010.
On May 25, 2010, the NYC Department of Finance (“DOF”) issued Final Assessments for the 2010/2011 Tax Year (which commences on July 1, 2010). We recommend that you review these carefully for all properties and contact us if you have any questions. We are available to assist with Final Assessments and with DOF matters generally.
Assessed Value Allocation Problems On The Rise.
Recently, a number of Condominium Boards of Managers have noticed that DOF has not allocated Assessed Value (“AV”) among condominium units in accordance with each condominium unit’s percentage of interest in common elements. While this misallocation of AV often goes unnoticed during the initial years of Condominium operation, usually due to the presence of 421-a or J-51 real property tax benefits, as the real property tax benefit burns off, AV misallocation can result in significantly imbalanced tax bills for similar or identical condominium units. If you have questions about this issue, or about other issues relating to property tax bills, please contact Daniel M. Bernstein at .(JavaScript must be enabled to view this email address) or Adam A. Levenson at .(JavaScript must be enabled to view this email address).
Seiden & Schein Featured in “Real Estate Weekly”, April 2010
Real estate lawyer Jay Seiden (fifth left) of Seiden & Schein, PC, has decided to share his passion for jazz with young people throughout New York. Seiden, along with his law firm, his family and several clients - including Metropolitan Valuation Services, L&M Affordable Housing and Atlantic Development Group - are funding a series of live jazz performances through About the Swing, an organization founded by Seiden to bring great jazz music free to the public. The first set was held at PS 46, 2987 Eighth Avenue in Manhattan and featured the Mingus Dynasty Quartet. To find out more, contact: Jay Seiden, Esq. at 212-935-1400 or log onto www.abouttheswing.com.