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Article: Council to vote on fate of J-51. (New York, New York City Council; J-51 real estate legislation)
- Article from:
- Real Estate Weekly
- Article date:
- May 12, 1993
- Author:
CopyrightCOPYRIGHT 1993 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Major movement has been made on the long-awaited J-51 bill. The measure was passed by the Housing and Buildings Committee of the City Council unanimously last Thursday, May 6, and the full Council will vote on it this Thursday. the new measure would be retroactive for co-ops to that date. Council Housing Counsel Paula Elaine Kay said it would be retroactive for other residential buildings to July 1.
Attorney Paul Korngold, a J-51 expert with the firm Tuchman, Katz, Schwartz, Gellis & Korngold, said "It's basically the state law."
The main benefit, he said, is that it extends the J-51. But, he noted, no one is addressing the tie-in between the MCIs and ...