NYC Property Taxes Will Increase July 1

The Department of Finance released a tentative assessment for all residential and commercial properties for fiscal 2011, which begins July 1st.

While property values may have dropped, according to the city, the total market value of property in NYC, including new construction rose 0.12% to $796 billlion. NYC taxes properties based on assessed value. Assessed value can rise even if market value declines.

Market values for coops and condos rose 4.04% and assessed values increased 5.09%. NYC Coops and condos are valued as if they were rental properties that generate income. Property values lag two years. Fiscal 2011 assessment is based on 2008 data. The Finance department will publish final assessment values on May 25th. The final assessment will be used to calculate property taxes for fiscal year 2011.

For more information: nyc.gov/finance

NYC RECEIVING $20 MILLION IN STIMULUS FUNDS

City Will Use Funds to Assist Homebuyers, Purchase and Renovate Foreclosed Units and Develop Vacant Sites

U.S. Department of Housing and Urban Development (HUD) has awarded more than $20 million in Recovery Act funding to the New York City Department of Housing Preservation and Development under HUD's Neighborhood Stabilization Program 2.

The grants were awarded competitively to applicants who developed the most innovative ideas to address the impact of the foreclosure crisis on local communities while demonstrating they have the capacity to be responsible stewards of taxpayer dollars. The City will use the funds to buy, renovate and resell foreclosed properties in the most-affected neighborhoods to low- and moderate-income families.

In addition to the award to HPD, two other New York City housing agencies received NSP funding in Round 2: Habitat for Humanity New York was awarded $10.5 million and Community Builders received an award of $5.5 million.

West-Park Church Designated a Landmark

By unanimous vote of the NYC Landmarks Preservation Commission, West -Park Presbyterian Church has been designated a Landmark.

West-Park is located at 156 West 86th Street at Amsterdam Avenue on the Upper West Side of Manhattan.

Leopold Eidlitz was architect of original chapel in 1884. Henry F. Kilburn was the architect for the church addition in 1890.

Community preservationists have been trying to save the church for more than 20 years. The architecture is unique. Heavy round arches, Romanesque, red stone trimmed with brownstone. One of the most beautiful religious structures on the Upper West Side.

For more information contact: Landmark West

(iPhone photo courtesy of: Mitchell Hall)

Schwab House: Upper West Side Coop Goes Green

Schwab House, a post war (built 1951) coop building located at 11 Riverside Drive has upgraded to a clean-burning natural gas combined heating and power (CHP) system, which will increase fuel efficiency and yield substantial savings for the building.

The $1.6 million CHP system installation was made possible through a $402,000 award from the New York State Energy Research and development authority (NYSERDA) as part of its shared savings program. CHP also known as cogeneration, is the simultaneous production of heat and power through a single process. It uses heat that would be wasted in conventional power generation to provide hot water and heat for parts of the building.

The newly installed unit is projected to save the building nearly $80,000 annually in utility costs and will decrease the amount of electricity demand by 30 percent.

Upper West Side NY State Assemblymember Linda B. Rosenthal assisted the building manager and board President by navigating the project through the approval process.

For more information about partnering with NYSERDA on energy efficiency projects on the Upper West Side contact Assemblymember Rosenthal's office at 212-873-6368 rosenthal@assembly.state.ny.us

Happy New Year! 2010 Manhattan Market Optimistic

Sales activity picked up during the last quarter of 2009. The holidays are traditionally a slow period.

Sales increased in the fourth quarter over the third quarter. Most reports indicate sale prices in the fourth quarter of 2009 are down 10% from the 4th quarter of 2008.

Buyers are buying. Many people feel the market may have bottomed. Inventory is down. The extended buyers tax credit has helped. Not only are 1st time buyers eligible, the income cap has been raised helping more New Yorkers including existing home owners also eligible for a tax credit on home purchases up to $800,000. until the end of April.

Although banks are much stricter with lending, mortgage rates are still low for qualified buyers.

click here to view Corcoran Report 4Q2009

Please contact me if you are looking to buy or sell in Manhattan.