Newsletter: May 6, 2011

The City Rent Guidelines Board, Tuesday, approved preliminary 2011-12 stabilized lease renewal guidelines ranging from 3 to 5.75 percent for a one-year lease, and 6 to 9 percent for a two-year lease renewal. They also proposed a temporary fuel surcharge of 1 percent. The proposals will be debated at public hearings in Brooklyn, June 16th, and Manhattan, June 20th, and the Board will vote actual guidelines June 27th.

First, Finance Commissioner David Frankel agreed to cap class 2 assessment increases at 50% after more than 300 mostly Queens co-ops faced greater increases year to year. Then, when half of them turned out not to be eligible for transitional assessments that would have limited the annual tax bump to 10%, he announced this week that  the 10% limit would apply anyway.

Perhaps not so coincidentally, the Finance Department posted the list of properties subject to having tax and water liens auctioned August 1st. You can make sure you’re not on the list here.

Rounding out a busy week at the department, DOF also posted the comparable rents used to assess co-ops and condos in all five boroughs. Addresses, income and expenses are detailed. The average income per sq. ft. in Manhattan was about 35.90 and  the expense, not including taxes or debt service, was about 10.90 per sq. ft.

This entry was posted in Uncategorized. Bookmark the permalink.