New York Tag Archives

New York State Court Rules That Exercising an Option to Redeem A Limited Partners’ Interests in a LIHTC Partnership Does Not Trigger a Liquidation Under the Partnership Agreement

On January 7, 2020, Judge Deborah A. Chimes of the New York Supreme Court—Erie County ruled from the bench that a general partner’s election to redeem the limited partners’ interests in a LIHTC partnership did not trigger liquidation provisions under the partnership agreement because the partnership still owned all, or substantially all, of the assets of the partnership.

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Furman Center Report Concludes NYCHA’s Woes Cannot Be Solved Solely Through Better Management

A new brief from the Furman Center, NYCHA’s Road Ahead: Capital and Operating Budget Needs, Shortfalls, and Plans, reviews how the New York City Housing Authority (NYCHA) plans to address its massive public housing repair needs in the coming years and identified a number of serious potential challenges. “In a 2017 Physical Needs Assessment (PNA), NYCHA’s engineering consultants estimated the cost of repairing and replacing necessary building systems over five years to be $31.8 billion ($180,700 per unit), and $45.2 billion ($255,700 per unit) over 20 years…while management is often blamed for NYCHA’s state of disrepair, capital needs of this magnitude cannot arise from management deficiencies alone, nor can they be solved solely by better management practices.”

RetrofitNY Publishes Report on Deep Energy Retrofits

The RetrofitNY team is proud to share a study conducted by Ian Shapiro of Taitem Engineering assessing the transferability of the Energiesprong concept to New York State – Energiesprong: A Dutch Approach to Deep Energy Retrofits and Its Applicability to the New York Market. Based on numerous site visits and interviews in the Netherland, Ian’s report includes Engergiesprong’s background, building stock, technical approaches, relationship management, and identifies unusual issues.

He shares how net energy use is successfully being eliminated by reducing energy use, converting all energy uses to electricity (eliminating fossil fuels), and producing this electricity on-site with solar. Explore the report to learn more about the recommendations made for adopting or modifying the Energiesprong program for implementation in New York State.

SUNY Residence Hall Energy Retrofit

The Dormitory Authority of the State of New York is seeking a Statement of Qualifications from qualified Design-Build teams capable of providing all services necessary to design and construct the renovation of an existing residence hall, including additional 6,000 sf for added programming need, an increase to 300 beds, and retrofitting of the building envelope plus systems to fully electrify and reduce energy use to a maximum EUI of 32kbtu/sf/year.

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Red Mortgage Capital Adds New York Lending Office

RED Mortgage Capital, a division of ORIX Real Estate Capital, LLC, has hired Sean Cullen and Ronnie Gyani to lead its multifamily affordable lending activities in the greater New York City area. Cullen and Gyani have worked together since 2010 and both bring a strong level of affordable housing finance experience to RED’s New York and East Coast operations.

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