Members Help Add 900 to List of Happy Home Owners in NYC

Steven Spinola
President, Real Estate Board of New York

New York State recently amended the Cooperative and Condominium Tax Abatement to extend benefit eligibility to units owned in trusts. This amendment was necessary because, following the extension of the benefit program earlier this year; New York City indicated that units owned by a trust would be ineligible for the abatement. 

Thanks in large part to our dedicated membership, the Real Estate Board of New York successfully pushed for more explicative language from the State. As you know this tax abatement is essential to the market’s growth. We are grateful to all those who participated in this important endeavor.

NYC’s Department of Finance has acknowledged the impact of the amended language and is revising tax year 2012/2013 bills to reflect the reduction in property taxes for such properties. They estimate approximately 900 additional residences will now receive the benefit. 

For more information, go to www.nyc.gov/dof and click on “Property” then “Exemptions and Abatements.” Next, click on “Property Owners and Managing Agency” then on “Condominium and Cooperation Tax Abatement” and scroll down to “How to Apply.”

New “Recycle Everything” Campaign

NYC residents can now recycle all rigid plastics in the same recycling container as their metal, glass bottles & jars, and beverage cartons, as part of the City’s new “Recycle Everything” campaign. Previously, the City collected plastic in bottle form only.  Paper and cardboard recycling (collected separately from designated metal, glass, and plastic recyclables) remains the same.

The Department of Sanitation is currently updating its rules and regulations to reflect this new program.  Until the new rule becomes effective, no summonses will be issued for improperly placing rigid plastics in the trash, but you can begin participating in NYC’s new recycling programs today.

Go to www.NYC.gov and in the center column click “Rigid Plastics Recycling Expansion” for more information. On the same website, you can also find recycling signage to use within buildings for paper and cardboard and metal, glass, rigid plastics, and cartons. Information on three newly-launched recycling programs e-cycleNYC, re-fashionNYC and Organics Collection (described in more detail below) are also located in the same area of the website.  

Last year, NYC spent over $330 million to send materials to landfills, according to the City. Much of that material can be recycled at local facilities in NYC which saves money, generates revenue and creates local jobs.  Mayor Michael Bloomberg has pledged to divert over 30 percent of our waste stream from landfills by 2017.

Below is more information on other newly-launched recycling programs in the city you can sign up for.

e-cycleNYC

Scheduled to launch thisfall, e-cycleNYC will represent the most comprehensive electronics recycling program offered by any municipality in the country.  The e-cycleNYC program will allow apartment buildings with greater than 10 units to request on-site electronics recycling services at no cost to the building.  You can sign up now. Starting in 2015, it will be illegal for New Yorkers to discard electronics in the trash.

re-fashionNYC

A partnership between NYC and Housing Works, re-fashionNYC makes clothing, fabric, and accessory donation as easy as possible through convenient in-building drop-off service. Apartment buildings of 10 units or more can request a donation bin to be placed on site. Housing Works will collect the bin contents for clothing donation or textile recycling within 5 business days of being contacted at no cost to the building owner.

Organics Collection

NYC encourages the collection of organics, Christmas trees, landscaper waste, and wood debris for composting and energy production. Many of the Green Markets have an organics collection program. The City also has expanded its organics collection pilot to multi-unit and high-rise apartment buildings in select neighborhoods throughout the City.

In other REBNY News:

Don’t forget to donate much-needed whistles and battery or crank-operated radios for NYC Seniors. REBNY’s Residential Brokerage Division partnered with the NYC Department for the Aging for REBNY’s Annual Summer Donation Drive 2013. In the wake of Hurricane Sandy and with the summer heat, the needed crank or battery-operated radios will help keep seniors informed in the event of brownouts and whistles and will allow for notification of emergency officials and neighbors during an emergency. Each summer thousands of elderly New Yorkers die in heat waves across the city. Donations will benefit New Dorp Beach Senior Center Friendship Club on Staten Island. Items can be dropped off at the reception area of REBNY, 570 Lexington Avenue, from 11 am to 4 pm Monday to Thursday and from 11 am to 2 pm on Fridays. Please include batteries with the radios. For more information, contact Jeanne Oliver-Taylor at jtaylor@rebny.com.

The industry’s best residential deals are wanted for REBNY’s 25th Anniversary Residential Deal of the Year and Charity Gala. The deadline for submissions is Sept. 12, 2013. Your re-sales, new development sales and rental transactions that have closed or will close between Sept. 14, 2012 and Sept. 12, 2013 are eligible. The prestigious Henry Forster Award and Most Promising Residential Rookie Salesperson of the Year Award will also be announced during the celebration on Oct. 24, 2013 in the Grand Ballroom at The Pierre Hotel, 2 East 61st St. Tickets are $525 per person or $5,000 per table. Corporate sponsorships are still available.

For more information, email Jeanne Oliver-Taylor at jtaylor@rebny.com.