In the second episode of Expert Insights, Michael Wolfe is joined by Jane Menton, Stuart Saft, Julie Schechter, Benjamin Williams, and Daniel Wollman for an in-depth discussion of New York City's pied-à-terre tax now that Department of Finance notices have been issued and the appeal deadline has been extended to October 6. The conversation begins with what managing agents are seeing on the ground, including longtime residents, doctors' offices, and owners of combined apartments who have been flagged despite not appearing to qualify under the law.

The panel then examines how the tax is calculated, walking through the $1 million phase one threshold, the reason the Department of Finance values co-ops and condos as if they were rental buildings, and why that method produces results that bear little relationship to real-world apartment values. The discussion turns to the share allocation data the city is relying on, the errors owners are finding in it, and how a shareholder or unit owner can check their own numbers.

The panel addresses whether proprietary leases actually authorize boards to collect this surcharge, what happens when a shareholder refuses to pay, and why amending governing documents has become a priority. They also cover the law's retroactive application to January 5, the appeal and challenge options available through the Tax Commission and the courts, the trust provision clarified in the final rules, the collection timing problem created by a final roll issued the day before payment is due, pending litigation, and what phase two will mean beginning in 2028.

For co-op and condo board members, managing agents, attorneys, homeowners, and industry professionals, this episode provides a practical guide to what the pied-à-terre tax requires, where it is going wrong, and what to do before the deadline.

In the inaugural episode of Expert Insights, Michael Wolfe is joined by Jane Menton, Geoff Mazel, and Stuart Saft to discuss the latest legislative and regulatory issues affecting New York’s co-op and condominium communities.

The conversation begins with New York State’s CLCPA climate mandate and New York City’s Local Law 97. The panel discusses changes to the state’s 2030 renewable energy targets, how those changes relate to Local Law 97, and what co-op and condo boards should be doing now to prepare for current and future emissions requirements.

The discussion then turns to recent legislation affecting co-op purchase applications, including the new 15-day timeline for determining whether an application is complete and the registered mail requirement that creates additional administrative work for boards and managing agents.

The panel also provides an update on the new J-51R program and its potential benefits for co-ops undertaking qualifying capital improvements before taking an in-depth look at the new pied-à-terre tax. They discuss how the tax is calculated, concerns about its application to co-ops and condos, unanswered questions surrounding implementation, and the steps boards and managing agents may need to consider as the law takes effect.

For co-op and condo board members, managing agents, attorneys, homeowners, and industry professionals, this episode provides a practical overview of some of the most important legislative and regulatory developments currently facing New York’s co-op and condominium communities.