Since buildable space is so valuable in New York City, developers have pioneered the concept of transferring development rights from underdeveloped parcels. This tool allows developers to maximize value on development sites. We represent the purchasers and sellers in all aspects of development rights transactions, including the negotiation and drafting of Purchase and Sale Agreements, Zoning Lot Development and Easement Agreements and such other ancillary documents as are necessary.
We represent purchasers and sellers of residential and commercial properties. In the event of a purchase of a property, whether commercial or residential, we conduct an exhaustive due diligence review prior to contract execution. We negotiate the contract of sale on behalf of our clients and work diligently toward a prompt closing of title. Furthermore, we assist our clients in the process of financing and refinancing their properties.
We represent clients in all litigation matters related to land use issues. For example, if a client has failed to obtain requested relief at the Board of Standards and Appeals, we can commence an Article 78 proceeding in the State Supreme court on the client’s behalf. We testify as expert witnesses in cases regarding interpretations of the Zoning Resolution, Building Code, Multiple Dwelling Law and Fire Prevention Code. We also represent our clients in connection with Environmental Control Board and criminal court proceedings relating to Building Department or Fire Department violations.
We represent our clients in the filing of applications to obtain real estate tax relief under the following programs:
• Industrial and Commercial Abatement Program (ICAP) — Administered and implemented by the NYC Department of Finance, this program provides partial real estate tax abatement for up to twenty-five (25) years for the construction or improvement of industrial and commercial properties.
• 421-a Partial Tax Exemption Program — Administered by the NYC Department of Housing Preservation and Development, and implemented by the NYC Department of Finance, this program provides partial real estate tax exemption for ten (10), fifteen (15), or twenty (20) years for the construction of new residential buildings with at least four (4) units.
• J-51 Exemption/Abatement Program — Administered by the NYC Department of Housing Preservation and Development, and implemented by the NYC Department of Finance, this program provides partial exemption from real estate taxes for fourteen (14) years and partial abatement (refund of property taxes) for up to 20 years for certain residential renovations and residential conversions.