Intro 188 Coop Sales Application Bill

A bill, Intro 188, has been introduced in the New York City Council.  It would require a timely written decision on a prospective coop purchaser’s completed application once it is received. 

The bill would require cooperative housing corporations to provide a decision to an applicant's completed application within 45 days.

Most cooperative corporations provide a prospective buyer of an apartment with a definitive answer in a timely manner. However, in some instances, cooperative corporations fail to provide a response to a prospective buyers completed application.  This conduct is unfair to the buyer and the seller who have invested time and money to complete the transaction.

REBNY the Real Estate Board of New York is supporting this bill. However, a few years ago a bill was introduced in the city council in an effort to make coops accountable. The proposed law at that time would have required coops boards to put in writing their reason for rejecting a purchaser applicant from their coop. REBNY, a strong opponent of the bill successfully fought to defeat that bill. 

This bill may be a step to streamline coop applications and paperwork but it still does not make coops accountable. Until coops are required to become transparent by revealing their reasons for a board turn down, in my opinion they will continue to operate in secrecy and hinder the enforcement of fair housing laws in co-ops.

                

Manhattan Market report - January 2011

Market Wide Summary Manhattan Condominium Snapshot January 2011

Manhattan Cooperative Market Snapshot January 2011

Manhattan Contracts Signed by Price Category

Manhattan Absorption vs. New Total Listings

Zoning Handbook, The Ultimate Guide to NYC Zoning

The City Planning Commission released the new edition of the Zoning Handbook, the ultimate guide to understanding zoning in New York City.

With zoning and land use at the forefront of Mayor Bloomberg’s agenda for sustainable growth, the Handbook is a must-read to understand how City Planning is using zoning to shape the City’s future by building on the unique qualities of its neighborhoods.

The Handbook describes new zoning designations and regulations tailored to individual communities, including changes that have been used to promote development in areas well served by mass transit, biking, improved streetscape, public space and waterfront public park design, cleaner air and water, and better access to fresh food for underserved areas.

During the Bloomberg Administration, more than 9,400 blocks – equal to one-fifth of the city – have been rezoned.

* A chapter focuses on new and revised zoning initiatives, such as Waterfront Design Guidelines to foster inviting public spaces at the water’s edge. It also outlines the unique FRESH Food Stores initiative to promote new neighborhood grocery stores in under-served areas, explains regulations in the new Lower Density Growth Management areas and provides information about the Inclusionary Housing Program, an incentive which is a key component of the City’s efforts to create and preserve affordable housing.

* Details about requirements for landscaping parking lots and providing secure bicycle parking in new buildings.

* A chart that explains the public land use review process.

* Details about six new zoning designations developed since the last Handbook to manage growth and preserve the character of neighborhoods.

* Information on 16 new Special Districts, including the St. George District on Staten Island, the Harlem River Waterfront Special District in the Lower Concourse and the Coney Island Mixed-Use District, as well as the Special West Chelsea District which facilitated the preservation of the High Line, New York’s most exciting new park, and development of a new residential neighborhood.

* Updates for all zoning designations regarding new parking and streetscape requirements.

* A signs chapter with a simple chart that clearly indicates what size and type sign can be erected where.

* An expanded glossary with more illustrations now located at the end of the book for easy reference.

For more information about the Zoning Resolution, to view zoning maps, information on the land use review process, or to mail-order a copy of the Handbook, please visit www.nyc.gov/planning.

REBNY Succeeds in Flip Tax Effort

Buildings with flip tax exempt from proposed FHFA ruling that would have restricted financing

Sigh of relief for NYC’s residential real estate industry

REBNY members warned legislators of proposed ruling’s crippling impact

With the help of hundreds of its members who delivered 629 letters to the Federal Housing Finance Agency – more than a quarter of the total responses received – The Real Estate Board of New York (REBNY), the city’s leading real estate trade association, has succeeded in its effort to fight a proposed ruling that would have barred lending in buildings with a flip tax. The proposed ruling could have had a crippling impact on property sales throughout New York City.

Addressing the concerns raised by REBNY and its members, the proposed FHFA rule announced Feb. 1, 2011 now excludes private transfer fees paid to homeowner associations, condominiums, cooperatives, and certain tax-exempt organizations that use private transfer fee proceeds to benefit the property.

When the ruling was first proposed last fall, REBNY and its membership launched the initiative through the REBNY Action Center. Members were encouraged to contact the FHFA and key officials to advocate for exempting the flip tax and acknowledging the long-standing beneficial practice in New York City housing.

Led by Congressman Anthony Weiner, the entire New York City House delegation
supported the New York City housing industry and swiftly signed and submitted a letter requesting that federal funds should continue to be available when transfer fees are paid to a cooperative or management to the benefit of a building.

The Real Estate Board of New York is the city’s leading real estate trade association with more than 12,000 members.

Groundhog Day: Let The Spring Selling Season Begin!

Happy Groundhog Day! Let the Spring Selling Season begin!

Staten Island Chuck, the groundhog assisted by NYC Mayor Michael Bloomberg, has forecast an early end to what has been an incredible winter.

According to folklore, if a groundhog sees its shadow on Groundhog Day, it will scurry back inside its burrow and winter will continue unabated for six more weeks.

If the groundhog does not see a shadow, winter will begin to recede and the next six weeks -- at which point spring arrives -- will be milder.

Staten Island Chuck did not see his shadow.  He is forecasting an early Spring.

click here for a new Manhattan Home this Spring.