Sherwin Belkin, Co-Founding Partner of Belkin Burden Goldman, LLP, was quoted in The Real Deal article pertaining to substantial rehabilitation as a vehicle to exempt a property from rent stabilization.
Mr. Belkin stated that substantial rehabilitation projects represents “one of a few avenues left to escape rent stabilization.” The article also points out that starting this year, these substantial rehabilitation projects require prior approval from the state housing agency, reflecting tightened regulations. Mr. Belkin noted that previously, the process was “self-operating, meaning if the developer did the work, the building would be exempt.”
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