New York Metro CCIM Chapter Newsletter
It is with great pleasure that I present the first issue of the re-launched CCIM Newsletter. With your input and contributions, we aim to make it a monthly resource for our members and for anyone wanting to know what our local Chapter is doing. We hope to share relevant and timely topics in the commercial real estate industry, continuing education, local CRE events, member highlights, networking opportunities and other helpful resources.

Looking forward to sharing and hearing from you. Be sure to be on the lookout for our next mixer event scheduled in late February or early March. 

We have a lot good things in store for the Chapter this year. Thanks for all your support! 

NYC Latest Rent Regulations
Members of the commercial real estate industry have slammed the legislation, saying it will mean less investment in buildings and therefore an overall decline in the housing stock.

Under the Housing Stability and Tenant Protection Act of 2019 passed in June, the Major Capital Improvement (MCI) and Individual Apartment Improvements (IAI) programs, which have allowed landlords to pass on the costs of building improvements in rent, were significantly slashed.

MCI increases are now capped at 2%, reduced from 6%, and will be eliminated after 30 years. IAIs are capped at $15K in a 15-year period, and landlords will only be allowed to make three improvements at a maximum during that time.

Landlords in the City have significantly reduced spending on renovating apartments since the state government introduced rent reform legislation. From July through November, the number of renovation projects in the city dropped by 44% year over year, The Wall Street Journal reports, citing analysis of Department of Buildings records. The total expenditure on renovations decreased by $71M.

More to follow. The Chapter plans to host an event to track this important topic this year.
Opportunity Zones
Passed at the end of 2017 as part of President Donald Trump’s Tax Cuts and Jobs Acts bill, the opportunity zones program allows an investor to roll over capital gains from the sale of an asset (not just commercial real estate!) to a special qualified opportunity zone fund. That fund then becomes the investment vehicle for a real estate or business investment in any of the 8,700 designated distressed or low-income areas nationwide in return for a hefty tax incentive. The third and final set of regulations were out end of last year.

More to follow. The Chapter plans to host an event to track this important topic this year.
CCIM Candidate News
The candidate portfolio submission deadline has been extended until January 27 th .
Resources & Membership
Don't forget to renew your 2020 membership with New York Metro CCIM!

Click HERE and renew today!
As the coming year promises to be one of opportunity and change, commercial real estate experts predict a favorable outlook for the industrial, multifamily, office and retail sectors. Read more...
2020 Chapter Leadership
Advisory Committees
Northern New Jersey
Social Media
Virtual DealShare
2020 Corporate Sponsor
Ian Grusd, CCIM, SIOR
Chapter Past President
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NY Metro CCIM Chapter of the CCIM Institute