Lenders and borrowers in New York City must be cautious of a requirement that can add significant time and costs to development projects. The New York City Department of Building mandates in BC Section 3309 that the entity undertaking the construction or demolition work protect adjoining buildings. However, in order to provide the protection, whether it be underpinning or roof protection, written approval to access the neighboring properties must be obtained from the owners of the those properties. Many property owners will demand payment to provide the required access to the developer. Of course, financial compensation may be warranted if a neighboring property is negatively impacted by a construction project, but more often than not building owners see the “access agreement” or “license fee” as an opportunity to receive a large payoff or even block construction.
Indeed, the requirement is prone to abuse, and can add risk for lenders and developers by adding unforeseen costs and delays to construction projects. In an ongoing court case, for example, a prominent real estate developer is accused of extortion and purposely stalling a construction project.
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January 07, 2025
January 3, 2025 (Torrance, CA) – Partner Engineering and Science, Inc. (Partner) has tapped one of its original principals, Jenny Redlin, to become its first Chief Experience Officer (CXO) in an expansion of its long-time commitment to provide world-class customer service and an unrivaled client experience. Ms. Redlin has been a top National Client Manager and executive since Partner’s founding in 2007, consistently providing top-tier services to her clients. As CXO, she will bring the same dedication she has shown in managing her own book of business to her new mission of further elevating the client experience company-wide.
January 08, 2025
BALTIMORE, MD - Partner Engineering and Science, Inc. announces the appointment of Pamela Horne as Environmental Technical Director for Agency Services, bringing 25 years of comprehensive experience in commercial real estate environmental due diligence and related services.
January 03, 2025
IRVINE, CA – Partner is excited to announce the appointment of Wendy Moore as Director, bringing over two decades of extensive environmental consulting experience to the organization. Ms. Moore joins […]
