More out-of-state condo offerings headed to New York following rule change

Number of non-NY plans approved for marketing quadrupled after May policy shift

TRD MIAMI /
Jan.January 19, 2017 06:00 PM

1000 Museum in Miami Eric Schneiderman

From the New York website: New York City could be in for a wave of out-of-state condo projects from developers in places like sunny Miami.

The number of out-of-state condo projects approved to be marketed in New York has nearly quadrupled since Attorney General Eric Schneiderman relaxed regulations last spring, Crain’s reported.

Out-of-state condo developers have traditionally shied away from marketing their projects in the Empire State, due to onerous rules put in place with the goal of protecting buyers. But even when other states started implementing similar rules, New York still required sellers to file disclosures with Schneiderman’s office and the project’s local regulator.

“It almost seemed like some of the regulations weren’t necessarily geared toward consumer protection, but toward keeping people outside New York from marketing there,” Louis Birdman, a Miami developer who recently got the green light to begin marketing a Zaha Hadid-designed tower in Miami to New York-based buyers, told Crain’s.

In May 2016, though, Schneiderman changed the rules, making it easier for developers who had their projects approved by states with similar regulations to cut through the red tape.

A total of 41 out-of-state condo projects were approved for marketing between May and the end of the year. Before that change, there were an average of 11 out-of-state projects approved each year between 2010 and 2015. [Crain’s]Rich Bockmann


Related Articles

arrow_forward_ios
New Jersey-based lender agrees to pay $45M to settle mortgage misconduct claims

New Jersey-based lender agrees to pay $45M to settle mortgage misconduct claims

Airbnb files suit against Schneiderman, de Blasio

Airbnb files suit against Schneiderman, de Blasio

Morgan Stanley will pay $3.2B to settle crisis-era RMBS charges

Morgan Stanley will pay $3.2B to settle crisis-era RMBS charges

New York AG files complaint against Miami law firm

New York AG files complaint against Miami law firm

Placeholder image

Fla. attorney general mulls joining Trump fraud suit

Placeholder image

Fla. attorney general considering New York’s mortgage settlement banks complaint

Placeholder image

As Obama homes in on $25B mortgage settlement, New York AG holds out for more

BofA weighs $1B sale of real estate assets, another foreclosure settlement

BofA weighs $1B sale of real estate assets, another foreclosure settlement

arrow_forward_ios