New York A01867 amends lease renewal requirements for building owners under the real estate industry stabilization code, requiring proof of financial.

New York A01867 amends the administrative code to modify lease renewal requirements for building owners under the real estate industry stabilization code. Specifically, it requires the owner of a building to be demolished to prove they have the financial ability to complete the demolition and construction of a new building. This includes demonstrating good faith intent to demolish and construct, obtaining a demolition permit from the Department of Buildings, and submitting construction plans for approval.

New York A01867 amends lease renewal requirements for building owners under the real estate industry stabilization code, requiring proof of financial.

New York A01867 amends the administrative code to modify lease renewal requirements for building owners under the real estate industry stabilization code. Specifically, it requires the owner of a building to be demolished to prove they have the financial ability to complete the demolition and construction of a new building. This includes demonstrating good faith intent to demolish and construct, obtaining a demolition permit from the Department of Buildings, and submitting construction plans for approval.