The Real Deal New York

Posts Tagged ‘department of finance’

  • 20140618_jack_jiha

    Finance commissioner Jacques Jiha

    Fines for failing to file a report as part of last year’s tax payments have exceeded $300,000 for some building owners.

    An investigation by the New York Post found fines ranging from $1 to six digits for neglecting to file the city’s 2012 Real Property Income and Expense Report. The New York City Department of Finance uses the report to estimate the market value of properties for tax purposes, according to the department’s website. In some cases, owners were fined $100 for simply neglecting to notify the city that they are not required to file the report, according to the Post. [more]

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  • Manhattan_Condo_Prices_Rising

    New York City’s property taxes are set for another increase, after the market value of the city’s 1,053,949 properties jumped 6.6 percent to $914.8 billion, according to preliminary assessments released Wednesday by the Department of Finance.

    Once the final assessments for the 2015 fiscal year are released in July, single-family homeowners are expected to see a 3.8 percent hike – an average increase of $168, bringing the average total to $4,598 per year. Co-op owners will see a jump of 5.5 percent – an average increase of $329, to a total of $6,247 – while condo owners will be hardest hit with a 7.4 percent hike, representing an average increase of $552 to an average annual bill of $7,987. [more]

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  • From left: East New York, Park Slope

    From left: East New York, Park Slope

    Homeowners in upscale neighborhoods such as Brooklyn Heights and the Upper East Side Side often pay less in property taxes than their counterparts in not-so-affluent areas such as East New York and Canarsie, a new review by the Independent Budget Office shows. [more]

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  • benjamin-lawsky

    Financial Services’ Benjamin Lawsky

    The New York state Department of Financial Services yesterday proposed legislative changes to further protect homeowners from mortgage-insurance abuses.

    New rules would bar insurers from issuing policies on homes that are mortgaged by a  company affiliated with the insurer. Insurers would not be permitted to pay commissions to mortgage lenders or any of their affiliates.  [more]

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  • Billboards in Times Square and John Liu(inset)

    Billboards in Times Square and John Liu (inset)

    New York City landlords failed to report roughly $20 million in earnings from billboards attached to their buildings over a two-year period, the New York Daily News reported.

    Out of the 871 city buildings with billboards on them, a staggering 82 percent did not report income from the outdoor advertising space in the tax years 2009 and 2010, according to an audit by state Comptroller Thomas DiNapoli and City Comptroller John Liu seen by the Daily News. [more]

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  • A high-end co-op at 1155 Park Avenue

    A high-end co-op at 1155 Park Avenue

    The state’s popular co-op and condominium tax abatement — which in March was revoked for homeowners who own their apartments through LLCs or trusts – will now once again be available to trusts, the New York Observer reported. Apartments owned through LLCs, however, will continue to be ineligible for the tax break.

    The State Legislature has modified the law to include both revocable and irrevocable trusts — provided that the apartment is the primary residence of one of the designated trustees or benefit holders. In other words, the legislature will allow the abatement if it can verify that the beneficiary of the trust is a full-time resident of the apartment. [more]

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  • From left: 111 Eighth Avenue, which saw the biggest hike in value, and Stuy-Town, which saw the biggest markdown

    From left: 111 Eighth Avenue, which saw the biggest hike, and Stuy-Town, which saw the biggest slash

    In the city’s eyes, Google’s New York City headquarters at 111 Eighth Avenue saw the greatest jump in so-called market value for the upcoming tax year, according to The Real Deal’s analysis of Department of Finance tax assessments. [more]

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  • David Frankel, Department of Finance Commissioner

    David Frankel, Department of Finance Commissioner

    ACRIS is getting a makeover. The New York City Department of Finance is updating the Automated City Register Information System, which tracks public real estate records filed throughout the city — including deeds, mortgages and liens — with new functions and additional data.

    The maintenance work for the update, which has shut down ACRIS, began yesterday afternoon and will continue until Monday morning. [more]

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  • East River Plaza, which received $8.1 million in tax breaks under ICIP

    Even tax breaks have an afterlife. The owners of some 7,000 buildings are still receiving a tax abatement under a city program that expired five years ago, the New York World reported. Known as the Industrial and Commercial Incentive Program, the tax break will cost the city $650 million this year alone. [more]

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  • From left: City Council Speaker Christine Quinn, Mayor Michael Bloomberg and Hurricane Sandy

    The city will extend property tax deadlines interest free — and may even provide a refund on property taxes already assessed – for structures badly damaged by Hurricane Sandy, a statement today from the office of Mayor Michael Bloomberg said. The measures require further approval from the City Council and New York State Legislature, however.

    The city’s Department of Finance issued an interest-free extension on the next property tax bill for “residential properties damaged beyond repair or in need of extensive structural repairs before they can be re-inhabited.” The Department of Finance’s move will still need to be formally authorized by the City Council, the statement said. [more]

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  • Gov. Andrew Cuomo

    State lawmakers refused yesterday to extend some $445 million in property-tax abatements for 365,000 apartment owners, the New York Post reported. That means apartment owners could experience sticker shock when they get their tax bills.

    The extension of the bill came up in the legislature but Governor Andrew Cuomo would not allow a last minute vote, the Post said, because the “extender bill,” included unrelated provisions, including changes to the loft law. [more]

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  • Comptroller John Liu

    An audit on the city’s property assessments found more than 10 percent of Queens co-ops were overvalued by as much as 25 percent, according to the New York Post. Comptroller John Liu said the sudden spike was do to an unpublicized shift to a flawed new computer system that improperly compared properties. For example, in one case a co-op in the East Village was examined against a property in Washington Heights, according to the Wall Street Journal, and in another a parking garage was contrasted with a residential building, the Times said. [more]

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  • City Finance Commissioner David Frankel agreed yesterday to cap property tax hikes on co-ops at 10 percent, caving to pressure from City Council members. According to the Daily News, the change of heart came in response to an outcry by some 300 co-op owners, who were told their taxes were likely to increase by more than 50 percent this year. The Finance Department, which used a new computer system to assess the properties, said the astronomical assessments were in some cases due to a glitch in the new system; other properties had simply been undervalued for years. … [more]

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  • Rising property taxes irk NYC developers

    February 22, 2011 12:25PM

    Frustrated with increasing property taxes on rental apartment buildings, New York City developers and contractors are warning the Bloomberg administration that if it doesn’t change its tax policy, development of new rental buildings will stop, the Wall Street Journal reported. The increase has become a particular concern for owners of rentals built within the past two decades with 20 percent of their units set aside for low-income families. If taxes continue to outpace revenue, the Real Estate Board of New York says new development of these projects will not be possible. … [more]

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  • The city is planning to relinquish around 37,000 square feet of ground- and second-floor space in the Brooklyn Municipal Building to retail or development companies who would help transform the corner of Joralemon and Court streets into a shopping destination. The borough has been lobbying for such a plan for months, and today the Wall Street Journal reported that the city is accepting sale and leasing proposals for the space, with an official announcement expected today.

    A study commissioned by the Downtown Brooklyn Partnership recently found that the first two floors and the basement of 210 Joralemon Street could be worth $20 million in a sale for retail use. … [more]

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  • Manhattan home sales lag: NYC data

    December 02, 2010 12:39PM

    Co-op and condominium transactions in Manhattan lagged in November, according to data from the New York City Department of Finance. The figures, compiled from deeds and co-op sales documents, show that sales in the first two months of the fourth quarter were more than 25 percent below the first two months of the prior quarter. So far this quarter, the average apartment price was nearly flat while the median price fell 3.9 percent. The median co-op prices fell while the median condo price rose. But according to the Journal, brokers say the local housing market is still faring better than the market across the country, where prices have been sliding and mortgage delinquency and foreclosure rates remain high. … [more]

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  • Alexico hit with $197M suit at

    September 03, 2010 04:30PM

    Simon Elias (left), Flatotel at 135 West 52nd Street and Izak Senbahar

    Alexico Group is facing a $196.7 million lawsuit at the Flatotel, after Atlas Capital accus … [more]

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  • Apartment sales pick up in Manhattan

    June 28, 2010 11:30AM

    Sales of Manhattan apartments picked up during the second quarter of 2010, to the fastest pace since the summer of 2008, a sign that the market has been recovering during the spring selling season, the Wall Street Journal reported. During the second quarter, which ends June 30, sales were running 80 percent above the pace reported a year ago, according to the Journal’s review of closed-sales filings with New York City’s Department of Finance. The market for Manhattan co-ops was particularly strong, with sales comprising about 54 percent reported so far during the second quarter, hitting the highest pace since the summer of 2007. Though analysts said there has likely been a modest recovery in prices, some brokers have cautioned that a further recovery would depend on the pace of recovery for the U.S. economy as a whole. The most recent figures are still more than 25 percent below the peak sales figures reported in mid-2007, when condo prices were rising quickly, and apartments in new condo developments were selling fast. The Journal also reported last week that buyers were favoring condos over co-ops, since they are easier to acquire, somewhat of a reversal from the typical recession buying trends. [WSJ]

    [more]

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  • Apartment sales pick up in Manhattan

    June 28, 2010 11:30AM

    Sales of Manhattan apartments picked up during the second quarter of 2010, to the fastest pace since the summer of 2008, a sign that the market has been recovering during the spring selling season, the Wall Street Journal reported. During the second quarter, which ends June 30, sales were running 80 percent above the pace reported a year ago, according to the Journal’s review of closed-sales filings with New York City’s Department of Finance. The market for Manhattan co-ops was particularly strong, with sales comprising about 54 percent reported so far during the second quarter, hitting the highest pace since the summer of 2007. Though analysts said there has likely been a modest recovery in prices, some brokers have cautioned that a further recovery would depend on the pace of recovery for the U.S. economy as a whole. The most recent figures are still more than 25 percent below the peak sales figures reported in mid-2007, when condo prices were rising quickly, and apartments in new condo developments were selling fast. The Journal also reported last week that buyers were favoring condos over co-ops, since they are easier to acquire, somewhat of a reversal from the typical recession buying trends. [WSJ]

    [more]

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  • Daniel (Boulud) looks for another kitchen

    February 19, 2010 05:38PM

    Could a lack of counter space be forcing one of New York’s premier chefs to pack his bags for a new home? Daniel Boulud, the French restaurateur, has put his three-bedroom condominium unit at 610 Park Avenue, above his famed restaurant Daniel at 65th Street, on the market, brokers say. The 2,500-square-foot Upper East Side apartment, which has three bathrooms, is on the market for $6.5 million, according to a listing at that street address that first appeared two weeks ago on Brown Harris Stevens’ Web site, without pictures of the kitchen (see accompanying slide show). That listing does not have a unit number, and the agent for it, John Burger, would not confirm that the apartment is Boulud’s. “I can’t comment on any of my clients,” Burger said. But city property records indicate Boulud does own a condo in the building. And one of the photos in Burger’s listings shows some furniture upholstered in striped animal-hide-like fabric that would seem to match the “zebra-print couch” Boulud refers to in a 2003 interview in the New York Times interview about his home. … [more]

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