Shaping the NYC Skyline
In the first episode of Shaping the NYC Skyline, David Shamshovich and Brenda Slochowsky sit down to chat with Alvin Schein, a NY real estate attorney and one of the founders of Seiden & Schein, P.C., a boutique real estate law firm in New York.
Alvin discusses the NYC real estate industry from a historical perspective, dating back to the 1970s, and his thoughts on the current state of real estate development in New York, including the development of market rate rental apartment and affordable housing in New York City and what needs to be done to chip away at the ever growing NYC housing crisis.
Alvin also discusses the inclusionary housing and the 421-a real estate tax exemption programs and other tax incentive programs (like J-51 and 420-c) administered by the New York City Department of Housing Preservation and Development (HPD), areas in which Seiden & Schein has long standing expertise, and the politics surrounding the New York State legislature’s refusal to renew the Affordable Housing New York program (AHNY) or extend the statutory deadline for NY real estate developers to complete their newly constructed projects in order to qualify for the tax abatement. Alvin also expresses his views on 485-w, the replacement for the 421-a tax exemption proposed by Governor Kathy Hochul, and the proposals made by Mayor Eric Adams to incentivize developers of real property in New York to build more residential housing, including converting offices to residential buildings, legalizing basement apartments, and bringing back single room occupancies (SRO).
In this episode, we also discuss how real estate developers must show lenders that their proposed projects will be profitable in order to obtain construction loan financing and permanent financing, and the inability of projects to pencil out and obtain such loans if they are required to provide the amount of low income housing that is being sought by the NY legislature.
We also discuss the impact that the Housing Stability and Tenant Protection Act of 2019 (the 2019 NYC Rent Law) has had on New York landlord’s due to the statute severely limiting a building owner’s ability to increase rents for rent stabilized units, despite the rising costs of operating residential buildings in New York and the need to repair and maintain residential rental apartments that are covered by the NY Rent Stabilization Law.
We hope you enjoy this insightful and inspiring conversation with Alvin Schein regarding the state of real estate development in NY. Tune in to learn more about his remarkable achievements and contributions to Shaping the New York City Skyline.
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