The past year brought a steady flow of legal changes in New York that affected New York City real estate in different ways. Below is a review of some of our 2025 client alerts.
Fair Chance Housing Act: Local Law 24, the Fair Chance for Housing Act, took effect on Jan. 1, 2025. The law limits when landlords and brokers may review an applicant’s criminal history and identifies the specific convictions that may be considered. Smaller owner-occupied properties and certain safety-sensitive housing remain exempt. The law also requires written notice and a brief correction period before a rejection becomes final. Our client alert is available here.
Corporate Transparency Act (CTA) Rule Changes: In March, FinCEN adopted an interim final rule that revised the CTA’s beneficial-ownership reporting requirements. Entities formed in the U.S., once subject to reporting, became exempt from reporting. Foreign entities that register to do business in the U.S. still must report their beneficial owners within 30 days of registration. Our client alert is available here.
Residential Leasing Disclosure Forms: In April, we provided an update of the required disclosures for residential leases. These now include Good Cause Eviction and Flood disclosures notices. Obligations under the Housing Stability and Tenant Protection Act remain the same. Our client alert is available here.
Scaffolding And Facade Reform: On April 17, 2025, New York City enacted several measures aimed at reducing long-standing sidewalk sheds and updating facade-inspection deadlines. The laws shorten shed permit durations, impose stronger timelines for facade repairs, and raise penalties for delays. Additional standards for lighting, design, and shed height were also adopted. Our client alert is available here.
Office-To-Residential Conversions: In June, we provided an update on the current state of office to residential conversions, and its impact on commercial real estate. Our client alert is available here.
Midtown South Rezoning: In August, the City Council approved the Midtown South Mixed-Use Plan. The plan rezoned more than 40 blocks between West 23rd and West 40th streets to allow new housing and mixed-use development, subject to Mandatory Inclusionary Housing requirements. The action also introduced higher-density residential districts in an area that had long been limited to commercial and manufacturing use. It marked the first major housing-focused rezoning in Midtown in more than 2 decades. Our client alert is available here.
Rent Transparency Act (Intro 1037): Adopted in May, this law introduces a posting requirement for buildings that contain rent-stabilized units. Owners must display a sign informing tenants that they may request rent-history information from the Division of Housing and Community Renewal (DHCR). Our client alert is available here.
Ownership Of A Co-Op By A Trust: In October, we provided an update about requirements for trust owned Co-Op apartments. Our client alert is available here.
Foreign Exchange Rates And Non-U.S. Buyers: Condominium pricing in Manhattan and Brooklyn remained steady this past year, but currency movements earlier in 2025 made some New York properties less expensive for buyers, and several major currencies saw improved buying power during 2025. Our client alert is available here.
The foregoing is not intended to be comprehensive nor constitute legal advice. If you would like to discuss your specific circumstances or would like more information, feel free to contact us at (212) 625-8505.