June 19, 2008

To All REBNY Members:

We are pleased to inform you that the New York State legislature with our strong support has passed and the Governor has signed a bill (A10688/ S07714) that extends the coop and condo real property tax abatement for four years. The passage of this legislation extends the 17.5% reduction in a property’s assessed value (25% for properties assessed at less than $15,000). In these difficult economic times, with financing more difficult and rising prices, this continued significant reduction in property taxes is needed more than ever.

The Governor, also at REBNY’s urging, signed a bill (A11114/S7066) that would permit multi-year tax exempt financing for at least four 80/20 projects, including one in Brooklyn, that will result in hundreds of millions of dollars of investment and will create much needed market rate and low income residential rental apartments. REBNY was the primary non-governmental entity to advocate for this critical legislation.

The passage of these two bills is important for our members, our industry and our city.

Sincerely,
Steve Spinola

Saparn Expands Office Space

To make room for our growing personnel and growing portfolio we are also very pleased to announce that we have just completed renovations and have expanded our Eighth Avenue office space.

Our office now covers the entire western portion of the 18th Floor of the building, which not only gives us more room to breathe, but has an even more expansive panorama of Manhattan’s West Side and the Hudson River.