Air Rights - Generating Value for Unit Owners & Buildings Seminar - The Cooperator Expo New York

By Cooperator Studio 4 June 2018 Seminars

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Chelsea Condo Owners Halt Tower Project by Paying $11M

They Bought the Air Rights to Protect Their Views

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News

4/9/2021 Sponsors and Holders of Unsold Shares: Everything Old Is New Again—Law.com

Recent decisions have revived the discussion about rights of sponsors and holders of unsold shares in residential cooperative corporations.
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4/9/2021 Bronx’s Co-Op City could get $100M for building repairs if HUD approves: Schumer, Bowman—New York Daily News

Co-Op City in The Bronx could free up $100 million for capital improvements and repairs at the decades-old housing development by pursuing a lucrative loan refinancing deal — but the Biden administration first needs to sign off it, according to a couple of New York lawmakers.
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4/8/2021 Fifth Avenue Co-Op of Philanthropist Jayne Wrightsman Gets $11 Million Price Cut—Mansion Global

The $50-million price tag on the classic Fifth Avenue co-op owned by legendary New York City arts patrons Charles and Jayne Wrightsman has been reduced to $39 million.
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4/8/2021 Mayoral Candidates Want to Convert a Tundra of Empty Offices, Hotels Into Housing—Commercial Observer

When Gov. Andrew Cuomo ordered offices to effectively shutter as the pandemic bore down last spring, New York City’s work habits changed inexorably and millions of square feet in commercial inventory suddenly sat fallow.
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4/8/2021 Townhouse vs. condo debate rages as NYC real estate rebounds—New York Post

It’s no secret that New Yorkers love to debate: Uptown or downtown? East Side or West Side? Ess-a-Bagel or Bagel Hole?
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4/8/2021 200 Amsterdam’s condos are back on the market—The Real Deal

After a year of court battles, the condos at 200 Amsterdam Avenue are back on the market.
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4/7/2021 Related’s 15 Hudson Yards lands $108M condo inventory loan—The Real Deal

After a rough year for luxury condo sales in Manhattan, Related Companies and Oxford Properties Group sewed up a loan for unsold condos at 15 Hudson Yards earlier this week, records show.
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4/7/2021 NYC Property Tax Overhaul Fizzles Out Amid Pandemic, Politics—Bloomberg Tax

Almost every year since 1992, the governor of New York has granted a request by New York City’s mayor and City Council to shave property tax bills for a sliver of wealthy residents.
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3/30/2021 L+M Development Exploring Purchase of Knickerbocker Village—Bowery Boogie

Knickerbocker Village, one of the largest residential complexes in the city, is exploring a possible sale to L+M Development Partners, several tipsters tell us.
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3/30/2021 NYC Program Offers Up To $40,000 Toward Your Down Payment Or Closing Costs For 1-4 Family Home CoOp Or Condo—EastNewYork.com

Although East New York and Brownsville are not yet seeing home prices in the $2 million range like in Bed-Stuy, the prices are absolutely increasing.
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3/30/2021 New Requirement For New York Landlords: Reasonable Accommodation Notice For Persons With Disabilities—JD Supra

A change in state law that takes effect this month now requires New York residential landlords to distribute disability accommodation notices to all current tenants by April 1, 2021, and to all new tenants within 30 days of beginning their tenancy.
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3/25/2021 Property Manager Accused Of Stealing $480,000 From Community In Area—Putnam Daily Voice

A property manager has been accused of stealing nearly half a million dollars from a co-op community in the area.
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3/25/2021 Should You Rent Out an Empty Apartment as Work-from-Home Space?—Motley Fool

Working from home has been a major culture shift for many people during the pandemic.
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3/23/2021 Extell Development Lost $206M in 2020—Commercial Observer

Extell Development Company, one of the city’s most visible luxury developers, reported a loss of $206 million in 2020, as a result of falling property values, higher financing costs, and the sale of some of its holdings and interests, according to its annual financial report on the Tel Aviv Stock Exchange.
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3/23/2021 Stunning Luxury Contemporary Condominium Conversion Combining Two Historic Pre-War Buildings in New York Announce Sell-Out—MultifamilyBIz

350 West 71stStreet, the luxury conversion that beautifully combined two historic pre-war buildings into one stunning contemporary condominium on the Upper West Side of Manhattan – today announced that the last remaining unit, a four-bedroom, three-and-a-half bathroom, has sold.
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3/23/2021 Con Edison & Partners Placing Solar Panels On NYC Housing Authority Developments—KPVI News

Twelve newly trained solar installers are placing panels on New York City Housing Authority developments to provide clean power at discounted rates for low- and moderate-income subscribers.
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3/23/2021 A Wave of Ultra-Luxury, Branded Condos Is About to Swamp Manhattan—Commercial Observer

It’s a given that New York’s real estate market has long been able to cater to the ultra-high-net-worth individual.
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3/22/2021 Nixon Peabody Co-Op Leader Sees Strong Residential Sectors—Law360.com

Transactional activity in the New York affordable and middle-market residential sectors has remained strong during the COVID-19 pandemic, while regulators have been aggressively enforcing government pandemic-related orders, one of Nixon Peabody's real estate leaders recently told Law360.
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3/22/2021 Beastie Boys’ Ad-Rock Asks $3.2 Million for NYC Loft—Architectural Digest

Lifelong New Yorker Adam “Ad-Rock” Horovitz is bidding farewell to his Manhattan home of almost a decade.
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3/22/2021 A New Type of Pied-à-Terre Tax: A Surcharge on Non-Primary Owners—JD Supra

At the end of last year, we discussed the latest pied-à-terre tax proposal introduced in the New York Legislature, Senate Bill S44B, and how it compared with prior versions reported in this blog over the past six years.
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