Lloyd F. Reisman Quoted in The Real Deal on City’s Co-op and Condo Abatement Crackdown

Partner Lloyd F. Reisman was quoted in a The Real Deal Daily Dirt column examining the Mamdani administration’s new documentation requirements for New York City co-op and condo tax abatement recipients.

The article focuses on the City’s effort to increase scrutiny of primary residency claims, noting that the concept has long been loosely defined under New York law and has historically relied on owner self-certification.

Lloyd explained that the governing statute offers little guidance on the issue, stating: “There’s nothing specific about ‘primary residency’ in the statute authorizing the abatement. DOF typically relies on the applicant’s statement that the apartment is the owner’s primary residence and that the apartment is actually occupied by the owner.”

The article also discusses how the Department of Finance’s new verification process could affect owners who fail to submit required documentation, including the potential loss of the abatement and the availability of administrative appeals.