An audit released today by New York City Comptroller Scott M. Stringer found that New York City Housing Authority (NYCHA) keeps apartments off the rent rolls for an average of 7 years while doing major repairs. A total of 80 apartments have been left vacant for over a decade, and another 161 apartments have been empty for between three and ten years. In addition, while the Authority claims to have 2,342 vacant apartments, the audit made clear that NYCHA’s figures were estimates at best, with some of the units actually occupied by squatters and other City agencies.

The 10-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.68% and five-years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian Capital Group Vice President, Judah Hammer, who is based in the Company’s New York City headquarters

The New York statewide median home selling price reached $226,500 in May, an increase of 6.2 percent compared to last May, according to the housing market report released today by the New York State Association of REALTORS. May closed sales declined by 2.6 percent compared to May 2014.

Congresswoman Carolyn B. Maloney (D-NY), a senior member of the House Financial Services Committee, today released the following statement in reaction to the Consumer Financial Protection Bureau’s decision to delay implementation of the Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) regulation

Rose Associates announced today that it has closed a $182 million loan funded by the issuance of bonds provided by the New York State Housing Finance Agency for the development of a new luxury rental property in Manhattan. The bonds were purchased by Wells Fargo, M&T Bank, and TD Bank. The loan will facilitate the construction of 7 West 21st Street, an 80/20 development led by New York City-based Friedland Properties

At 10:00 last night, the Governor announced that the legislature had failed to extend New York State rent stabilization and rent control laws and that those protections for tenants would expire, at least for the next few days. The assumption is that the laws will eventually be extended, and that tenants will again be protected, but that there may be a short period during which the protections have ended

Attorney General Eric T. Schneiderman today is urging any rent stabilized tenant who may have been improperly denied a lease renewal under rent stabilization laws to contact his office. Under the rent stabilization laws--which expired yesterday at midnight-- landlords were obligated to provide lease renewals to rent stabilized tenants at least 90 days prior to their lease expiration.

State Senator Brad Hoylman said: “Tonight, by allowing New York's rent laws to expire, State Senate Republicans are toying with the lives of more than two million New Yorkers. Rather than renewing and strengthening these important laws, my misguided Republican colleagues have passed phony ‘one house’ legislation that would fundamentally undermine the rent laws themselves

The City will host an open house next week to discuss draft recommendations for the East Main Arts & Market Initiative. This will be the second of two public meetings for the study, which seeks to identify multi-modal circulation, access and parking improvements, recommendations for land use development, streetscape enhancements, community branding, and strategies to promote housing opportunities.

Attorney General Eric. T Schneiderman released the following statement today on New York City's expiring rent regulation laws

The U.S. Environmental Protection Agency is proposing to modify a cleanup plan originally issued in 1996 to address soil and groundwater at the AVX property at the Olean Well Field Superfund Site in Cattaraugus County, Olean, NY. Soil and groundwater at the AVX property located at 1695 Seneca Avenue are contaminated with volatile organic compounds, which are often found in paint, solvents, aerosol sprays, cleaners, disinfectants, automotive products and dry cleaning fluids.

The 8,000 member Steamfitters Local 638, which performs pipefitting and fire protection work throughout the five boroughs of New York City, Nassau and Suffolk counties, will graduate 20 steamfitters from its rigorous five-year apprenticeship program on Thursday, June 11 starting at 5:30 p.m. at Terrace on the Park at 52-11 111th St., Flushing, NY 11368

Senator Bonacic joined members of the local community and representatives from the Orange County Chamber of Commerce at the grand opening celebration of Mason’s Marketplace in New Hampton this past Friday.

Including Previously Announced Wheelock Transaction, Purchase Increases ARC Hospitality’s Pro Forma Lodging Portfolio to 153 Hotels Totaling 18,280 Rooms in 33 States

REALTORS from across New York State will travel to Albany on Tuesday, June 9, to show their support for an extension of the state’s successful property tax cap, which has helped make homeownership more affordable for both new and long-time New York homeowners.

Attorney General Eric T. Schneiderman today announced a settlement with 101 West 78th, LLC, Newcastle Realty Services, LLC, and Margaret Streicker Porres, that requires the developer to pay $1.2 million to New York City to compensate for the loss of five rent-stabilized apartments in an Upper West Side building, some of which were effectively deregulated through prohibited buyout agreements. The deal provides two years of rent payments to tenants who have remained in the building.

Located only 100 miles from Manhattan, nestled between Long Island’s North and South Forks, Shelter Island is an oasis of tranquility that until now has remained a mystery to most New Yorkers and the world at large. With the publication of the Shelter Island Comprehensive Guide, the first time a complete guide book has ever been created for Shelter Island, broker Melina Wein, founder of M. Wein Realty, unveils a unique year-round community just a ten minute ferry ride beyond the world-famous Hamptons and the pastoral northern wine country, where many of the best attributes of both are enjoyed in abundance.

Christie’s is delighted to present the Property From A Distinguished New York Collection, a harmonious and elegant ensemble of major canvases from Post-War masters including Rothko, de Kooning, Brice Marden and Cy Twombly, assembled with exquisite furniture and objects by oustanding designers of the 20th century, such as Eugène Printz, Jean Royère , Paul Dupré-Lafon and George Nakashima.

Meridian Capital Group, America’s most active debt broker, negotiated a $27.5 million bridge loan for the development site at 77 Commercial Street in Brooklyn, NY on behalf of the Chetrit Group and Clipper Equity.

Meridian Capital Group, America’s most active debt broker, negotiated $60 million in financing for the purchase of the flagship retail cooperative property located at 85 Fifth Avenue in New York, NY on behalf of Jeff Sutton’s Wharton Properties, General Growth Properties, and Maguire Capital.

Significant disparities in support for the MTA: City contributed 68 percent of MTA’s operating budget in FY14 while the State paid for just 4 percent. City also contributes nearly $300 million annually over the last decade in capital funding to the MTA

Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) announced today the completion of its underwritten public offering of 6,348,000 shares of Class A common stock, including 828,000 shares of Class A common stock issued pursuant to the full exercise of an option to purchase additional shares of Class A common stock granted to the underwriters, at a price to the public of $13.00 per share.

County Executive Steve Bellone, Legislator Steve Stern and Ageless Home Living have collaborated to serve a veteran in need. Ageless Home Living, a part of the Four Seasons group of companies, will donate a stair lift to Vietnam veteran Barton Burlison.

USAA Real Estate Company ("RealCo") today announced the acquisition of two mid-block office properties located in Manhattan's highest growth submarket, Times Square South which gives onto the 34th Street retail corridor, a high traffic pedestrian neighborhood located between Time Square, Penn Station and Hudson Yards.

U.S. Senator Charles E. Schumer today urged the U.S. Department of Housing and Urban Development (HUD) to conduct a top-to-bottom review of the living conditions and management of the Towne Garden Apartment complex in Buffalo. Schumer explained that residents of the federally-subsidized apartment building have complained of broken toilets, mold, leaking roofs, not enough heat, and parking lot lights that have been inoperable for months