Two Bridges development gets Appellate Division ruling but two lawsuits remain pending. On August 27, 2020, the First Department’s Appellate Division unanimously ruled in favor of a Lower East Side development that would consist of four towers, 11,000 square feet of retail, and over 2,700 residential units. Of the 2,700 residential units, approximately 700 units will be dedicated to affordable housing and 200 units will be set aside for senior housing. The project’s development group … <Read More>
Brokerages may show properties, under regulation, as part of Phase 2 reopening. On June 22, 2020, New York City officially entered Phase 2 of the State’s COVID-19 reopening plan. In addition to the opening of in-person retail and sidewalk seating for restaurants, the real estate industry was a key industry permitted to reopen. This applies to residential property management companies, real estate brokers, building inspectors, appraisers and related building operators.
Local Law addressing personal liability provisions in commercial leases raises constitutional law discussion. On May 26, 2020, Mayor Bill de Blasio signed seven COVID-19 relief bills into law during New York City’s first ever virtual bill signing. Among the laws, Local Law 55 of 2020, sponsored by Council Member Carlina Rivera, temporarily prevents the enforcement of personal liability provisions in commercial leases or rental agreements involving COVID-19 impacted tenants. The law also makes it a … <Read More>
Committee hearing calls into question the amount of loans and protections for small businesses during COVID outbreak. On April 29, 2020, the City Council’s Committee on Small Business and Committee on Consumer Affairs and Business Licensing held a joint public hearing on the impact of COVID-19 on small businesses in New York City. Of the thirteen proposed bills, three were specifically labeled as part of a COVID-19 Relief Package. The bills address personal liability for … <Read More>
Comptroller’s office analyzes other sources of data, concluding retail vacancy is citywide problem. On September 25, 2019, New York City Comptroller Scott M. Stringer released a report regarding New York City’s retail vacancy crisis. Comptroller Stringer’s report is intended to fill a void in unexplored data from City Planning’s August 8, 2019, analysis of the same topic.