Prospects for Condo, Co-op, and HOA Developments

Prospects for Condo, Co-op, and HOA Developments

by City of Yes - Evelyn D’Angelo

On December 5, 2024, the New York City Council adopted an amendment to New York’s zoning laws known as City of Yes: Zoning for Housing Opportunity (“COYHO”). This landmark update overhauls the 1961 zoning regulations, which have long been criticized for contributing to housing shortages, inflating housing prices, and both creating oversaturated neighborhoods while stunting development in underutilized areas. The stated goal of COYHO is to enable the creation of over 80,000 new homes by 2040, supported by a $5 billion commitment from the New York City Council. COYHO aims to achieve these ambitious objectives through various measures, including incentivizing affordable housing construction, loosening restrictions on what qualifies as legal dwelling spaces, and reducing barriers like outdated parking mandates. Details of regarding the various components of COYHO, including an illustrated guide and other informational materials, can be found by accessing New York City Department of Planning’s website.

The adoption of COYHO signals a promising future for condominium, co-operative, and HOA development in New York City. The initiatives encouraging office-to-residential conversions would potentially open up entire neighborhoods for conversions to residential condominiums and co-ops. “Mixed use” condominiums may also see a significant increase in inventory due to COYHO’s incentives for constructing residential units above commercial spaces, especially in areas near transit lines that may be highly marketable to commuters. The elimination of parking mandates and the broader definition of legal dwelling spaces introduce much-needed flexibility that could redefine how new developments are designed.

Our team at Starr Associates is encouraged to see city officials promoting creativity and adaptability in their approach to our ever-expanding and changing city. COYHO represents a shift towards a more inclusive and forward-thinking vision for urban growth, emphasizing innovation to meet New York City’s evolving housing needs.

TESTIMONIALS

  • Arthur Stern
    Cogswell Realty

    Our team has had the pleasure of working with Starr Associates on our project at 150 Rivington Street.  The entire Starr team was a tremendous asset to the success of our project.   Through very challenging times, Starr Associates came through time and time again.  It is an honor to work with everyone at Starr!

  • Ian Schrager
    Ian Schrager Company

    I have known Allan Starr for many years and worked with him on many projects.  He has always exceeded my expectations.  He not only knows the ins and outs of the law, but knows how to make the whole process easy and quick.   I’ve found him to possess an incredibly astute legal mind, combined with a common sense approach that always accomplishes my goals.  He’s not only a gentleman and a friend, but a brilliant lawyer.

     

  • Emily Beare
    CORE

    It has been an absolute pleasure working with Allan Starr and Samantha Sheeber over the past twelve years. They are not only the utmost professionals, but also wonderful people who I have grown to love like family. I trust them with all of my new development projects and private clients, and we support each other in our business and personal lives. Starr Associates LLP has always been there for me and my clients and I would recommend them as highly as I recommend anyone.

  • Andrew Berkman, Counsel
    Milstein Properties

    Allan and I have worked together for decades; along the way, I have worked with Samantha Sheeber, Andrea Roschelle, John Rodriguez and Erica Starr and have always been pleased with their quick and accurate responses. They have worked with us on closings (with great and efficient results), restatements of stale plans, amendments and other assorted AG requirements, always on a timely and cost-effective basis.

  • David Penick, Vice President
    Hines

    “Working with Starr has been great on three condo projects in Manhattan to date.  The accessibility and direct attention of the partners is unsurpassed.  Allan and Sam have the interests of the owner at heart and make every effort to protect our interests in a responsible and defensible manner.  Their practical approach and deep knowledge of the offering plan process and requirements of the AG office combine to make a highly effective and efficient package.  At the associate level they have good support as well.  The closing office has to be the best in NY – never a failed closing in 15 years.  We are repeat customers and will be going forward.”

  • James Lansill, Senior Managing Director
    Corcoran Sunshine Marketing Group

    “Samantha Sheeber is a partner in making transactions successful. She’s resourceful, respected, smart, funny as hell, and is swift to constantly embarrass us (and clients) because she sees the end while we all muddle in the middle. She saves time. She is selfless and fast and conscientious. She’s loyal to the notion of selflessly getting stuff done. She cultivates great talent. And she makes the process fun, even when she is mad at us for asking the same impossible question 11 times hoping for a new result (a solution for which — by the way — she often discovers).”

  • Ben Shaoul
    President, Magnum Real Estate Group

    “As an active developer in New York City, Magnum Real Estate Group is proud to have partnered with Starr Associates, LLP as our legal counsel in 5 significant projects valued at approximately $800 million.  Over the last 5 years, Starr has provided us with exceptional advice on condominium Offering Plans and related transactions. Partner Samantha Sheeber, Esq. and her team have professionally guided us, and provided creative and effective solutions when needed.”

  • Susan DeFranca, President & CEO
    Douglas Elliman Development Marketing

    “I have had the fortunate opportunity, over the past 16 years, to work with Allan Starr and Samantha Sheeber who I consider to be experts in the field of real estate law.  They, together with their team, have a deep understanding of Attorney General Offering Plan registrations and continually seek to identify creative solutions to complicated issues.  Their level of integrity and commitment are unwavering no matter how large or small a project. I completely endorse Starr Associates LLP and look forward to our mutual continued success.”

  • Michael Rudder
    Rudder Property Group

    “Starr Associates’ specialty in the creation and representation of condominiums is unmatched. Their knowledge, experience and professionalism in the office condominium sector is best-in-class. Starr Associates’ hard work and expertise has been critical to the success of our firm’s office condominium projects.”

  • Charles Bendit
    Co-CEO Taconic Investment Partners LLC

    “Starr Associates have been our condominium attorneys for many years. Their counsel goes well beyond just drafting the condominium documents, which of course they do extremely well. They also represent us and our brand with condominium unit purchasers, and with our lenders and partners on condominium related matters. We have always found Starr’s attorneys to be professional, responsive and cost-conscious.”

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