The Real Deal New York

City could foreclose on thousands of properties with “in rem” filings

Move targets owners in four boroughs who have ignored financial obligations

August 28, 2015 05:10PM

From left: Alicia Glen (credit: Max Dworkin) and Jacques Jiha

From left: Alicia Glen (credit: Max Dworkin) and Jacques Jiha

The city filed “in rem” actions against building and apartment owners in Manhattan, Brooklyn, Queens and the Bronx that could lead to the foreclosure of thousands of properties that owe taxes.

The filing challenges tax classes 1 and 2 in four of the New York City boroughs, giving property owners various deadlines this fall to either pay what they owe or sign installment agreements.

The deadlines are Sept. 22 in Manhattan, Sept. 29 in the Bronx, Oct. 6 in Brooklyn and Oct. 13 in Queens.

The move targets homes, multifamily buildings, co-ops and condos – as well as Housing Development Fund companies – that have ignored financial obligations for years, according to the New York Post. If property owners are unable to reach an agreement with the city, they will have 20 days from the deadlines provided to file answers in court.

Soaring property values in the city have led to a corresponding increase in property taxes, the Post reported earlier this year. [NYP, 2nd]Rey Mashayekhi