Co-op Tax Tsunami Coming?

With less than a month left in the State legislative session, the co-op and condo tax abatement that expires June 30th has yet to be extended. Failure to act could result in the 17.5 or 25 percent abatements being tacked back on to July tax bills — forcing assessments and delinquencies from unprepared buildings. A straight four year extender is on the Assembly calendar, but there are reports that the City wants modifications in the language and no agreement  yet with the Senate.

The City is also looking to eliminate J51 benefits for unsubsidized co-ops and condos. The whole program expired December 31st. Albany is looking at a retroactive extension that also allows owners with current benefits to buy-out and avoid deregulation of stabilized units under the Roberts decision. Again, there is no agreement between the Senate, Assembly, Governor or  City on the details and session is set to end June 20th. Cross your fingers, and contact  your legislators on both issues.

Don’t plan on renting that doctors office in the ground floor apartment to another sole practitioner, according to Marisa Manley of Healthcare Realty Advisors. Speaking at the ABO luncheon this week she said that more than 50 percent of new doctors are taking salaried jobs with hospitals and medical groups. The old apartment offices are too small. If you are planning for new medical tenants you want to start at about 8,000 square feet. On the other hand, she said, some of those vacant big box stores around the country are ideal for new urgent care facilities.

Meanwhile, one employee of the NYS Homes and Community Renewal Department managed to steal $944,000 in section 8 checks intended to reimburse the state Housing Trust Fund over the course of  seven years. She just crossed off HTFC on the individual money orders and wrote her name in above it….year after year. She pled guilty  in federal court this week.

Money orders? Really?

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