Kramer Levin Collaboration with REBNY Protects New York's Economy and Secures Vital Executive Order Relief for Condominium/Coop Sponsors

Kramer Levin attorneys provided material assistance and counsel to The Real Estate Board of New York in successfully lobbying Governor Cuomo to issue a series of executive orders protecting New York State's real estate industry and economy from the potentially disastrous economic effects of looming statutory and regulatory deadlines applicable to the construction, financing and public offering of condominium and cooperative developments and conversions. These efforts resulted in Gov. Cuomo first issuing Executive Order 202.18 in April which tolled and extended, among other filing and timing requirements, the rescission deadline for conducting a first closing at new developments (which deadline became increasingly impossible to achieve as a result of the ongoing COVID-related moratorium on construction); then repeatedly extending Executive Order 202.18; and finally, issuing Executive Order 202.55 which dramatically extended these milestone deadlines by at least 120 additional days following the end of the declared state of emergency in New York State and adding further relief to preserve the availability of a time-limited mortgage recording tax credit relied on by sponsors in connection with condominium unit sales.