Page 4 - New York Cooperator January 2019

4 THE COOPERATOR — JANUARY 2019 COOPERATOR.COM Industry Pulse Trends New Listings, Prices Continue to Trend Upwards in October New home listings increased 5.7 per- cent in the month of October from the previous year and the median sales price rose, 6.0 percent to $260,000, according to the housing market report released by the New York State Association of Realtors (NYASR) on November 21. According to a NYSAR press release, the 184,328 year-to-date new listings repre- sent the most since 2015. In 2018, total inventory rose monthly from January until it peaked in July, but has declined each month from August through October. The number of homes for sale is still near historically low levels, and is down year-over-year, compared to 2017. The 70,704 homes for sale in October 2018 represent a decrease of 1.3 percent from October of 2017. The October 2018 closed sales total of 12,359 represents a decrease of 3.1 percent from the October 2017 total of 12,751. The year-to-date (Jan. 1 – Oct. 31) sales total of 109,874 units is down 2.3-percent compared to the same period last year. Days on the market continue to decline compared to a year ago, drop- ping 6.8 percent to 69 days, while the month’s supply remained unchanged at 6.3 months. A 6-to-6.5-month supply is considered to be a balanced market. Rising interest rates are affecting affordability for some potential buyers. Helping mitigate the impact of higher interest rates is the strength of the overall economy including the national unem- ployment rate, which continues to sit below 4.0 percent. Awards & Recognition Romer Debbas LLP Named in ‘Best Lawyers’ New York City-based law firm Romer Debbas—whose practice areas include co-op and condo board representation- -announced in a press release that it has been ranked by U.S. News and World Report and Best Lawyers as one of the top real estate law firms in New York City for 2019. Real estate partner Hugh Finnegan was individually named by Best Lawyers. Development Historic Clock Tower Building Goes Condo A historic landmarked 19th-century building in Lower Manhattan will be converted into a condo tower, The New York Times reported. Built in 1898 and located at 346 Broadway, the 16-story Clock Tower Building was the home of the New York Life Insurance Company and designed by the architectural firm of McKim, Mead & White. When New York Life moved to Madison Square in the late 1920s, the City took over the building, which was then used for government business. Now dubbed 108 Leonard, the converted building will house 160 condo units with prices ranging from $1.435 million for a one-bedroom, to $20 mil- lion for a five-bedroom unit; sales began earlier in the year. Elad Group and the Peebles Corporation are the develop- ers of the project, having purchased the building in 2013 for $145 million. Work Progresses on FiDi Condo Project Curbed reported that work on the One Wall Street office-to-condo conversion is picking up speed, as the demolition of the interior and exterior facade has been completed, accompanied by new struc- tural framing. Up next for the Financial District development will be the cur- tain wall and steel structure installation. Developed by Macklowe Properties, the project will consist of 566 condos with an average price of approximately $3 mil- lion. A Whole Foods grocery store will occupy the building’s first three floors. Law & Legislation HUD Issues Order Settling Claim of Discrimination by New York Landlords Against Tenant With Disabilities The U.S. Department of Housing and Urban Development (HUD) announced in a November 19 news statement that Nolo Contendere, LLC, and Nolo Contendere LLC Trust, the owners and agent of an apartment complex in Syracuse, New York, will pay $15,000 under a HUD Consent Order to resolve allegations that the owners and their agents refused to allow a woman with mental disabilities keep an assistance animal. The Fair Housing Act prohibits hous- ing providers from denying or limiting housing to persons with disabilities and from refusing to make reasonable accom- modations in policies or practices, which includes denying service animal requests. The case came to HUD’s attention when the woman filed a complaint alleg- ing that Nolo Contendere, LLC, and its owners refused to allow her to keep an assistance animal. HUD’s charge of dis- crimination alleged that after the ten- ant brought the animal home, an agent for Nolo Contendere confronted her about the animal. The landlords refused to make an exception to their “no-pets” policy, even after the woman provided documentation verifying her disabilities. HUD’s charge further alleged that the landlords initiated a retaliatory eviction action against the tenant after she made the accommodation request, in violation of the Fair Housing Act. Under the terms of the Consent Order, entered by a HUD administra- tive law judge, the apartment owners will pay $15,000 to the woman, undergo fair housing training, and create a reasonable accommodation policy that allows resi- dents with disabilities to keep assistance animals, including emotional support animals. NYC Councilman Wants Buildings Retrofitted to Cut Greenhouse Emissions A New York City council member is planning to sponsor a bill in which landlords are required to retrofit their buildings in an effort to reduce green- house gas emissions 40 percent by the year 2030. The proposed legislation by Councilman Costa Constantinides would affect 50,000 buildings that mea- sure 25,000 square feet or larger, The Real Deal reported. Addressing concerns that the costs of the retrofitting would be passed onto tenants, Constantinides said the retrofits would not apply to New York’s major capital improvements pro- gram that allows a yearly rent increase of up to six percent. No details about the legislation was not released at the time of this writing. Brooklyn Officials Asks for Probe Into City Program for Distressed Properties Brooklyn Borough President Eric Adams has called for an investigation into a City program involving distressed multifamily buildings over alleged fraud, the Daily News reported. The city pro- gram in question is Third Party Transfer, overseen by the New York Department of Housing Preservation and Development (HPD), in which a troubled building is transferred to a select developer who pays $1 for the property and $8,750 for the apartment; the developer is required then to repair the building to main- tain affordable housing. In a letter to the attorney general’s office, Adams and City Councilman Robert Cornegy wrote, “Through extensive discussions with community stakeholders we have become aware that there appears to be deeper, and possibly illegal, actions undertaken to defraud homeowners of their property.” Thurs. January 17, 2019 REBNY 123rd Annual Banquet New York Hilton Midtown, 1335 6th Ave., New York, NY 6:30 p.m. - 10:00 p.m. REBNY’s Annual Banquet is New York City’s largest real estate networking event, providing a unique and invaluable opportunity to share space with top owners, developers, brokers and major city officials in one room. Bringing together over 2,000 people, this event honors these movers and shakers by presenting seven prestigious industry awards throughout the eve- ning. For information, visit www.rebny.com. Thurs., January 31, 2019 CAI-LI Chapter Membership Meeting and Seminar Fairfield Properties, 150 Broadhollow Rd., Melville, NY 6:00 p.m. - 8:00 p.m. For information, visit www.cai-li.org. Thurs., February 7, and Fri., February 8, 2019 IMN: 2nd Annual Middle Market Multifamily Forum Marriott New York Downtown, 85 West St., New York, NY IMN will build on the success of its rapidly expanding multifamily conference franchise by gathering leading real estate professionals from across the country. Each edition of IMN’s Middle-Market Multifamily franchise attracts an average of over 500 registrants – over 60% of which are categorized as small and mid- sized multifamily owners – and between 30-40 sponsors/exhibitors, ensuring delegates have ample opportunity for networking and business development. For information, visit www.imn. org/real-estate/conference/2nd-Annual-Middle- Market-Multifamily-Forum-Northeast. Thurs., February 7, 2019 IREM: Annual Dinner & Awards 230 Fifth Ave., New York, NY 6:30 p.m. - 9:30 p.m. Honorees: Real Estate Person of the Year: Matt Duthie, Newmark, Knight, Frank; Certified Property Manager of the Year: Erin Leahy, CPM, Cushman & Wakefield; Industry Partner of the Year: JAD Building Maintenance Supplies; Accredited Management Organization of the Year: Related Management, AMO. Tickets: $2,500.00 event sponsor; $325.00 per person; $3,250.00 per table. For information, visit www.iremnyc.org. CAL EN D AR Jan-Feb 2019 CALENDAR/PULSE continued on page 25