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We are pleased to announce that our founding member, Geoffrey Mazel, Esq., was recently featured in an article published by The Real Deal regarding the recently enacted J-51 Reboot legislation.
As many of you know, this important legislation will provide substantial benefits to cooperative and condominium homeowners throughout New York City for the next decade. Among the most significant improvements to the program are:
• An increase in the average assessed valuation eligibility threshold from $45,000 to $60,000;
• Cost-of-living adjustments to the eligibility threshold, helping ensure continued participation over time;
• Limitations on fees and administrative burdens; and
• Reduced enforcement provisions, including important carve-outs from certain receivership remedies for owner-occupied cooperative and condominium housing.
Mr. Mazel was actively involved in advocating for and negotiating many of the provisions that ultimately became part of this legislation. Working alongside numerous cooperative and condominium leaders, advocacy organizations, and elected officials, he helped advance reforms designed to preserve affordability and protect homeowners across New York City.
We are proud to see his efforts recognized in The Real Deal and congratulate him on this well-deserved acknowledgment.
If you have any questions regarding the J-51 program, your building's eligibility, or how these changes may affect your cooperative or condominium, please do not hesitate to contact our office.
CLICK HERE FOR ARTICLE
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