BBG News

Loft Law Annual Registration Renewals

Jul 10, 2024

For owners of Loft Law buildings, July often arrives too quickly. Every July, owners of these buildings, known as interim multiple dwellings (“IMD”), must renew their registrations with the Loft Board. The renewal process involves signing the registration renewal invoice and paying a fee of $500 per residential IMD unit. Registrations and the required fees must be submitted by July 31st. Failure to register properly and pay the fees by this date will incur additional late fees: $25 per residential IMD unit for the month of July, and $5 per residential IMD unit for each subsequent month until the registration is complete and fees are paid.

To be properly registered with the Loft Board, owners must also pay all outstanding fines issued by the Loft Board.

Timely registration is crucial, as failure to register will result in fines of $7,500 for one year, $15,000 for two years, and $25,000 for three or more consecutive years.

You should have already received your building’s registration packet. Please review the registration renewal invoices carefully, as they list all residential IMD units under the Loft Board’s jurisdiction, along with their designations and status. If you have entered into a sale of rights agreement in the past year, the registration renewal should reflect this. If it does not, please reach out for assistance.

Contact Us

If you have any questions, please do not hesitate to contact your BBG attorney of record.

Written by Michael Bobick, Partner

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