Page 4 - CooperatorNews New York January 2022

4 COOPERATORNEWS — JANUARY 2022 COOPERATORNEWS.COM PULSE Industry Pulse Law & Legislation Financial Assistance Available to Co-op & Condo Owners New York State Senator James Sanders Jr. announced that homeowners who qualify can now apply for up to $50,000 in emergen- cy financial assistance through the Home- owners Assistance Fund (HAF). Enrollment is open January 3, 2022 through February 4, 2022. Through the HAF, homeowners who are struggling financially, including co-op share- holders and condo owners, can catch up on unpaid mortgage, property tax, maintenance, and insurance and utility fees or reduce their mortgage principal through one of three pro- grams: • Mortgage Reinstatement/Principal Re- duction Program • Arrears Satisfaction Program • Forward Payments Program The Mortgage Reinstatement/Principal Reduction Program provides five-year no- interest or forgivable loans for homeowners who are at risk of foreclosure and have no means to repay mortgage payments. They must also demonstrate ability to afford future housing costs to be eligible. The Arrears Satisfaction Program pro- vides five-year no-interest or forgivable loans for homeowners without a mortgage or seniors with reverse mortgages who are delinquent on property taxes, water bills, or insurance obligations; or similarly qualified co-op shareholders or condo owners who are behind on maintenance or association fees. It also applies to owners of manufactured homes who are delinquent on a home loan or retail installment contract. The Forward Payments Program applies to homeowners/shareholders who qualify for mortgage reinstatement/principal reduc- tion to catch up on their arrears. Applicants to this program must have had pre-pandemic incomes at or below 80% of the Area Median Income (AMI). Households applying for HAF assistance will have to submit their materials through a web portal, says the announcement. Appli- cants with insufficient internet access or who need assistance will be able to apply through non-profit housing counseling organizations, legal services providers, or an Homes and Community Renewal (HCR)-operated tele- phone hotline. Visit hcr.ny.gov/homeowners for more information. Transactions Two Penthouses Find Buyers at Rose Hill Rose Hill, Rockefeller Group’s first luxury residential development in Manhattan, an- nounces sales of two of its penthouses in a recent press release. The 45-story Art Deco tower at 30 East 29th Street in the neighborhood being dubbed NoMad (north of Madison Square Park), designed inside and out by New York firm CetraRuddy, contains 123 condomini- um residences, ranging from studio layouts to expansive penthouses—among the latter of which two units went into contract at the end of November and beginning of Decem- ber. Penthouse A sold in November for $18.75 million—a $4,267 per square-foot price, says the release. A few weeks later, Penthouse C was scooped up for $2 million, making it the second highest sale for that week in Olshan Realty’s weekly Olshan Report, which tracks sales of luxury residences in New York City. Penthouse C is a duplex with 4,657 square feet of interior space, plus 919 square feet of private outdoor space, with four bedrooms, four bathrooms, and a powder room, says the release. The amenities at Rose Hill include a health and wellness club with a 50-foot indoor pool and dry heat sauna, a pet salon with groom- ing tub and table and resident storage, a fully equipped fitness center “curated” by high-intensity interval training (HIIT) stu- dio FHITTING ROOM, and a professional- grade squash court run in partnership with SquashRx. There is also a ground floor bike room with an in-house bike repair workshop for residents programmed by Strictly Cycling Collective. Additionally, residents have access to a lobby bar called The Blue Room, with a hotel-like private lounge and eight-foot-high marble fireplace with a bronze-finished orna- mental screen, as well as a library curated by Strand Books, landscaped garden courtyard, and package and mail room with cold stor- age. The release also mentions that the entire 37th floor of Rose Hill will be home to a pri- vate residents’ club with penthouse-like views from the observatory, library, private dining room, and various indoor and outdoor en- tertaining spaces with lush landscaping. A private guest suite will also be available to residents to reserve in advance for friends or family visiting from out of town. n Please submit Pulse items to Darcey Gerstein at darcey@cooperatornews.com