Developers and landlords in New York have been up against a number of key deadlines.
Two of those just passed: As of August 18, landlords had to start providing tenants with notices outlining whether or not their apartments are subject to good cause eviction.
Real estate attorney Sherwin Belkin posted on LinkedIn on Tuesday to highlight the fact that the state housing regulator has yet to release a template for that notice, though the good cause eviction law spells out what must be included in the notice. Belkin recommends owners use a form put out by the Real Estate Board of New York (based on the law’s language) until the state issues its own template.
If providing a notice that informs a tenant that their apartment is not subject to good cause eviction, the landlord must explain why that is the case. (For example, the apartment is owned by a small landlord, was built in or after 2009, or is located outside the city in a town that has not opted to adopt the policy.)
Owners of rent regulated apartments had to register their units by July 31 or face a newly increased penalty. In a much-derided bill approved last year, the state legislature increased the penalty for failing to file annual registration to $500 per apartment each month. The City reports that the state saw a spike in the number of apartments that were registered this year compared to last.
Next month, developers hoping to qualify for the extension to the 421a construction deadline must file a letter of intent with the city. Developers must submit the letter by Sept. 12. To qualify for the extension, developers needed to have foundation footings in place by June 15, 2022 and to complete their projects by June 15, 2031.
Those looking to receive 485x, the replacement for the 421a program, have more time: They must register with the city by Dec. 14.
What we’re thinking about: My colleague Suzannah Cavanaugh reports that the next three months will be crucial for CMBS borrowers. Will interest rates fall fast enough to save struggling borrowers? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Wearing contact lenses in the shower increases your chances of getting an eye infection, and the Centers for Disease Control and Preventions urges against it.
Elsewhere in New York…
— The Adams administration on Monday filed a lawsuit against parking app Way.com, alleging that it steered customers to “unlicensed and dangerous” parking garages and lots. The company, according to the lawsuit, has pointed customers to at least 46 illegal garages and lots.
— Paramount Global, the parent company of CBS, is planning to cut 469 of 7,576 jobs it has based in the city, Crain’s reports. The company is laying off 6 percent of its NYC workforce in an effort to save $500 million. Most of the cuts will affect employees working out of 1515 Broadway.
— Between June 2019 and June 2024, the East 180th Street subway station experienced 43 fires, Gothamist reports, based on MTA data. That is the most of any other station during that period, though 14th Street-Union Square was not too far behind with 33. The MTA has been working to curb the number of fires in stations, and as of last month, the number of fires on tracks, platforms and subway cars was at the lowest level seen since 2019.
Closing Time
Residential: The priciest residential sale Tuesday was for $20.7 million for a 3,646-square-foot condominium unit at 730 Fifth Avenue in the Plaza District.
Commercial: The largest commercial sale of the day was for $35 million for an 11,500-square-foot religious property at 181 Avenue D in the East Village. The Real Deal reported on the sale in June.
New to the Market: The highest price for a residential property hitting the market was for $7.9 million for a 3,000-square-foot condo at 30 West 61st Street on the Upper West Side. Loy Carlos, Kenneth J. Moore, Colin Meagley and Perry Law of Nest Seekers International have the listing. — Matthew Elo