Wednesday, May 16, 2012

Bank of America offering up to $30,000 for short sales

Bank of America is offering some struggling homeowners payments of up to $30,000 if they sell their homes in a short sale and avoid ending up in foreclosure.

Under the plan, Bank of America (BAC, Fortune 500) will offer homeowners so-called relocation payments of between $2,500 and $30,000 if they sell their home in a short sale. In short sale deals, the sale price of the home is less than what the seller owes the bank.

The bank first tested the payments in a pilot program in Florida last fall. Under that initiative, Bank of America paid up to $20,000 to borrowers who sold their homes in short sales.

"This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home," said Bob Hora, an executive for the bank.

Chase (JPM, Fortune 500) started a similar initiative in late 2010 that pays as much as $35,000 to short sellers. Wells Fargo (WFC, Fortune 500) has also paid five-figure incentives to short sellers or to owners who turned over their deeds to the bank.

BofA said it has completed 200,000 short sales over the past two years. These sales are generally more cost effective for banks than foreclosures. By avoiding foreclosure, the lenders get distressed properties back from delinquent borrowers more quickly, which helps them to avoid property tax payments, maintenance expenses and legal fees that can build up for months, even years, as foreclosures work through the system.

In addition, the incentives help guarantee the homes will return to the lenders in better condition. Foreclosed properties are often poorly maintained, even sometimes sabotaged, by angry former owners, making them worth far less to the banks.

During the last three months of 2011, foreclosures sold for an average of about $150,000, according to RealtyTrac. Meanwhile, short sales sold for an average of about $185,000.

To qualify for Bank of America's relocation payments, borrowers must obtain pre-approval on sale prices for their homes. The sale must begin by the end of 2012 and close by September 26, 2013.

The exact compensation is determined case-by-case based on a calculation that involves the home's value, mortgage balance and other factors.

Borrowers can call 877-459-2852 to find out if they may be eligible for the program.

The original Contents of this Article can be found HERE




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Monday, May 14, 2012

New Building Permits are up 62.3% in Brooklyn This year for Far

Brooklyn is on the brink of another building boom.

After years of inactivity since the recession hit, the borough has seen a whopping 62.3 percent increase in new building permits issued this year. The city’s Buildings Department issued 112 permits for new Brooklyn construction projects from January through April, compared with 69 in the same period last year.

Much of the spike is due to more than 350 new units of housing in neighborhoods like Williamsburg and Bedford-Stuyvesant.

It’s not the wave of high-rise luxury condos that arrived in the years leading to the 2008 stock market crash. Instead, most of the planned housing consists of one- to three-family homes, and some permits are for projects that stalled after the recession.

Developer Abby Hamlin said an improved economy finally allowed her to secure financing to move forward with the second phase of brownstone-style, one-family town houses she’s building in Boerum Hill.

“The market is definitely getting much better for securing construction financing, but it’s not totally back,” said Hamlin, adding that lenders financed 80 percent of her construction costs for phase one but only agreed to finance 65 percent for phase two.

Other projects in the works include a 52-room hotel on Atlantic Avenue in Bedford-Stuyvesant, a 33-room hotel on Foster Avenue in Canarsie, and an athletic facility for St. Joseph’s College at Vanderbilt Avenue in Fort Greene, records show.

“New construction is coming back to Brooklyn in a big way, and that means more homes, more jobs and a stronger economy for New York City,” Buildings Commissioner Robert LiMandri said.
Brooklyn’s activity exceeded the rest of the city, where new building permits rose 8.5 percent from 412 to 447.

New construction permits in Manhattan jumped 169 percent, from 12 to 35.

Written by Rich Calder (New York Post). You can View the original of this Article here -> Click Here

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UNLICENSED CONTRACTOR CHARGED WITH STEALING MORE THAN $9,000 FROM QUEENS HOMEOWNERS

Defendant Allegedly Took Money As Down Payment, Then Failed To Do Repairs!

Queens District Attorney Richard A. Brown today announced that an unlicensed Queens contractor
has been charged with bilking five Queens homeowners out of more than $9,000 paid to him for heating
repairs and other work to their residences.

The contractor allegedly demanded down payments, then failed
to do the work. In addition, he allegedly misrepresented himself as being licensed to do electrical and
plumbing work in connection with the repairs although he is not licensed.

District Attorney Brown said, “The victims in this case, it is alleged, hired the defendant and paid
him substantial amounts of money for work that he never performed. In some instances, the victims –
including the elderly – were left without heat in winter.”

District Attorney Brown added, “Consumers should be cautious when hiring a home improvement
contractor. Defective or incomplete home improvement repairs are among the top consumer complaints my office receives.

To avoid being a victim of a home repair scheme, consumers should request and check
a contractor’s references and check with the proper city agencies to ensure that he is licensed.”

New York City Buildings Commissioner Robert LiMandri said, “New Yorkers depend on
contractors to perform construction work in a safe and lawful manner, including obtaining all of the
necessary permits and licenses. This individual betrayed that public trust, and this arrest sends a clear
message that construction work performed by unlicensed workers will not be tolerated. I would like to thank the Queens District Attorney’s Office, the New York City Police Department, the Department of Investigation and my staff for helping to bring this person to justice.”

The District Attorney identified the defendant as Alfred Lakas, 57, a.k.a., Al’s Heating Service,
a.k.a., Al’s Heating and Air, of 28-05 172nd Street, in Flushing, Queens. Lakas was arraigned today in Queens Criminal Court in Kew Gardens on a criminal complaint charging him with third-degree grand larceny, third-degree criminal possession of stolen property, fourth-degree grand larceny, fourth-degree criminal possession of stolen property, first-degree scheme to defraud, petit larceny, fifth-degree criminal possession of stolen property, false advertising, and violating the city’s administrative code (AC 28-408.1 master plumbing license required).

The defendant was released without bail and ordered to return to court on June 26, 2012. He faces up to seven years in prison if convicted. D.A. Brown said that, according to the criminal charges, between August 24, 2010, and November 15, 2011, the defendant is accused of misrepresenting himself as licensed and qualified to perform various heating and other home repairs to five customers in Queens as well as in advertisements posted on the internet.

It is alleged that a Queens homeowner who saw the defendant’s truck bearing an advertisement for
Al’s Heating Service called the defendant at the listed phone number and met with him on September 28, 2011, to discuss an estimate for installation of a new boiler and removal of an oil tank. The defendant is alleged to have claimed to be licensed to perform the work, to be able to get the necessary permits and gave an estimate of $5,000.

The defendant allegedly received a $1,500 down payment and did not perform the work although he promised it would be down by November 15, 2011 – leaving the homeowner without heat and forcing him to rely on electrical heaters during the winter.

In another instance, a Queens homeowner who saw the defendant’s advertisement on the Internet
contacted him in regards to moving a boiler, performing the necessary duct work, and installing gas lines and electrical connections. It is alleged that on July 6, 2011, the defendant met with the homeowner at his Ozone Park home and claimed to be licensed and fully insured. The defendant allegedly gave the homeowner a written estimate of $6,000 to do the work and said he would begin the work in one week in exchange for a $3,000 down payment – which he received. It is alleged that the defendant failed to do any of the work despite being repeatedly contacted by the homeowner, who eventually, in September 2011, hired another contractor for $6,000 to do the job.

It is further alleged, according to the criminal complaint, that three other Queens homeowners gave
the defendant down payments of $2,000, $1,000 and $1,750, respectively, for various work to be performed in their homes which the defendant failed to do.

The investigation was conducted by Detective Oniel Miller, of the District Attorney’s NYPD
Squad, under the supervision of Sergeant Francis Teran, Lieutenant Keith P. Gallagher and Captain John M. Zanfardino and the overall supervision of Chief Louis M. Croce, Jr. and Chief of Detectives Phil T. Pulaski.

Further investigation was conducted by Investigator Nicholas Novellino of the New York City
Department of Buildings Special Investigative Unit. Assistant District Attorney Allison P. Wright, of the District Attorney’s Economic Crimes Bureau, is prosecuting the case under the supervision of Assistant District Attorneys Gregory C. Pavlides, Bureau Chief, and Christina Hanophy, Deputy Bureau Chief, and the overall supervision of Executive Assistant District Attorney for Investigations Peter A. Crusco and Deputy Executive Assistant District Attorney for Investigations Linda M. Cantoni.

It should be noted that a criminal complaint is merely an accusation and that a defendant is
presumed innocent until proven guilty.

Release by The Queens District Attorney "Richard A. Brown". Original contents of this article can be found online here -> Click Here

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Permits for New Buildings in Manhattan are up 169% this Year compared to 2011

Manhattan is starting to shake off its construction doldrums and could see the first flurry of building activity since the recession, according to the city's Department of Buildings.

Manhattan experienced a 169% spike in new building permits issued so far this year, according to the buildings department, which issued 35 permits for construction including hotels, apartment buildings, an "affordable housing" development and an art gallery in the first four months of 2012. That is up from 13 in the same period last year.

nybuild
Manhattan new-building permits issued so far this year are still below 2008 levels, when 42 permits were issued in the first four months of the year.
But the latest spike in permits reflects developers' growing confidence in certain sectors, especially demand for rental housing and hotels, even while demand for office space lags.
Some developers receiving permits this year have been able to get loans already and, in some cases, have already broken ground. They include the Brodsky Organization on a new condo on 79th Street and Barone Management on two Gene Kaufman-designed hotels in Hudson Square.
"It certainly seems like there's more cranes in the air today. I actually know the answer and there are," Mr. LiMandri said.

Much of the latest activity is concentrated in the Hudson Yards area and Harlem—two areas that were poised for change during the previous boom but were also hit hard when the economy collapsed in 2008.

"In four or five months, you're going to see [neighborhoods] taking shape," Mr. LiMandri said.
Six building permits were issued on the far West Side in the 20s and 30s, as developers look to take advantage of the opening of the second phase of High Line elevated park, the extension of the No. 7 subway line and the planned office development by Related Cos. on the former rail yards west of 10th Avenue between 30th and 33rd streets.

Related has committed to start the first building on the Hudson Yards with Coach Inc. as its anchor tenant later this year. But the developer has already received a permit this year for its roughly 378,000-square-foot residential project nearby at 500 W. 30th St.

The flurry of new development permits comes at a time of economic uncertainty, caused by turmoil in Europe, the coming U.S. elections and layoffs in the financial-services industry. But developers say they're moving forward anyway because a lack of new construction has created significant pent-up demand for housing.

"We feel that the market is very good right now and ripe for new condominium projects," said Michael Namer, chief executive of Alfa Development. "We do know that there's a spike [in development], but it's a spike from zero."
Alfa has broken ground on a 51-unit condo project on 21st Street between Sixth and Seventh avenues, where it plans to launch sales May 17.

Sales have been strong at a handful of new condos in the area, including the Brodsky Organization's project at 422 W. 20th St. and a new condo building by Anbau Enterprises on 23rd Street.

Both real-estate and construction industry associations say their members are busier these days.
"It's a dramatic increase from what has occurred over the last year or two," said Louis Coletti, president of the Building Trades Employers' Association. But, in a reversal, he said, "The private sector is beginning to get out of the doldrums, at a time when city and state agencies don't have enough money."
Michael Slattery, a senior vice president at the Real Estate Board of New York, a real-estate industry association and lobbying group, said its data also show that permits for new residential units doubled in the first three months of 2012 compared with the year-earlier period.
"There is pickup in the market on the housing side. There's been so little production that demand is starting to press people to build again," Mr. Slattery said, while also cautioning it remains well below 2006 and 2007.

For now, experts say there is little chance of nearing boom-time construction levels because banks are unwilling to give large loans on new projects.

Nonetheless, Mr. LiMandri said he is confident construction activity is on the upswing.

In Manhattan, demolition permits issued by his department —an earlier indicator of precursor of new development than building permits—are also up significantly in the first four months this year: to 74 from a five-year low of 35 in 2010.

Original Article may be found here -> Wall Street Journal
Written by Laura Kusisto


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NYC Building Violations

Did you receive a Building Violations from the Department of Buildings? Environmental Control Board (ECB) ?

Consult with Experts and Specialists who have been dealing with These Violations for over 15 years. We can provide you with Architects, ECB Lawyers - Attorneys - Representatives, Engineers, Plumbers, Contractors + More.

We can Dismiss your violation and eliminate your fines/penalties, let us review your case by Calling us First.

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NYC NYS Licensed Engineer for Fire Alarm - Sprinkler - Mechanical - Plumbing - Electrical (MEP) DOB FDNY Approval

NYC Building Solutions Offers Engineering services for special design/drawings of Fire Alarm - Sprinkler Systems - Mechanical design - Plumbing - Electrical

Residential Homes - Multiple Dwelling - Commercial - Industrial - Private Property + More

We have done the Applebee's in Time Square, Millennium Hotel, & The Hooters Restaurant In Times Square just to name a few.

Feel free to Call or Email us for more information. 

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What is an LAA permit (Limited Application Alteration) NYC ?

What is an LAA ? What good use is an LAA for? How long does to get an LAA Permit?

An LAA (Limited Application Alteration) is an application (signed by a NYC / NYS licensed Master Plumber) to modify/add a plumbing or gas line.

Instead of having to hire an architect to design a floor plan with a plumbing/gas diagram, an LAA is an easier, quicker, & cheaper route to go.

Its a great way to remove violations for having an illegal basement / cellar apartment. Or maybe just renovate your kitchen or bathroom (Cheaper and quicker than hiring an architect to do this). Replacing your boiler or hot water heater. Adding a gas meter. Removing or adding washer/dryer machine + More

An LAA permit usually takes a week to be approved or sometimes up to 4-6 weeks (Depending on what exactly is being done).

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Wednesday, May 2, 2012

HPD (Housing Preservation & Development) Violation information

The Department of Housing Preservation and Development (HPD) is responsible for enforcing the New York State Multiple Dwelling Law and the New York City Housing Maintenance Code in the more than 110,000 privately owned multiple residences in New York City. HPD housing inspectors visit privately owned buildings to investigate tenant complaints. When inspectors find conditions that violate the housing standards, HPD issues notices of violations to the owners of the buildings.

The enforcement process begins when a tenant makes a complaint to HPD’s Central Complaint Bureau, which operates 24 hours a day, 7 days per week. Roughly 60 percent of the 300,000 calls the Bureau receives every year are from tenants complaining that building owners are not providing adequate heat and/or hot water. The other 40 percent are complaints about inadequate maintenance and repair, such as peeling lead paint, broken plaster, and rodent infestation.
An inspector is sent to observe the reported condition.

If an inspector finds conditions that violate the Housing Maintenance Code, HPD sends the building owner a Notice of Violation (NOV), which directs the owner to correct the violations by a specified “Correction Date” and to certify that he or she has made the corrections by returning an attached certification form by the specified “Certification Date.”
According to the Housing Maintenance Code, Class C violations must be corrected within twenty-four hours.
The NOV states that the landlord is subject to penalties if the violations are not corrected and certified as corrected by the specified dates. Additional fines, penalties, and/or imprisonment are also prescribed for false correction certifications. The Housing Maintenance Code classifies violations as either class A, B, or C, depending upon the hazard involved. The time period allowed for correcting the violations and for certifying that the corrections have been made, and the penalty prescribed for not correcting them, differ according to the class of violation. For example, those violations deemed immediately hazardous are designated as “Class C” violations. According to the Housing Maintenance Code, Class C violations must be corrected within twenty-four hours. A summary of the three classes of violations is presented below.

The City’s Administrative Code specifies that to enforce penalties against owners who do not correct and certify the correction of violations, HPD must initiate litigation and obtain judgments against the owners in the Housing Part of the Civil Court. Litigation also must be initiated to penalize owners who falsely certify the correction of violations. Because HPD does not have the legal staff to take landlords to court for every NOV issued, it has difficulty penalizing landlords for not correcting violations. HPD has for the past 12 years unsuccessfully sought State legislation that would grant it the power to adjudicate NOVs in the same way that NYC’s Parking Violations Bureau adjudicates parking violations. Such legislation would allow HPD to impose, docket, and enforce civil penalties for violations without requiring it to go to Housing Court to obtain a judgment.

Although it is difficult for HPD to penalize landlords who do not correct violations, the Administrative Code does give HPD authority to correct the violations, to ensure that tenants do not live in dangerous housing conditions. According to the Administrative Code, HPD can correct those conditions that are “dangerous to human life and safety or detrimental to health.” To correct dangerous housing conditions, HPD, through its Emergency Repair Program (ERP), hires a contractor or assigns its own employees to make the repair. HPD notifies the Department of Finance of the cost of the repair (including a 15% HPD service charge). The Department of Finance bills the owner. If the owner fails to pay the bill within 60 days, a lien is placed on the property.
It is estimated that in 2007, HPD billed owners over $50 million for the cost of emergency repairs. The DOF recoups roughly 70% of the amounts billed.

SUMMARY OF THE THREE CLASSES OF
HOUSING CODE VIOLATIONS


CLASS “A” NON-HAZARDOUS Examples:
  • No peephole in the entrance door of the dwelling unit;
  • Keeping of pigeons, chickens, etc. unlawfully;
  • Improper seat for a water closet;
  • No street number on the front of the dwelling
CORRECTION & CERTIFICATION DATES
  • Must be corrected 90 days from the mailing of the NOV.
  • Certification of Correction is required 14 days after this Correction Date.
PENALTIES FOR FAILURE TO COMPLY
$10 to $50 per violation per day, from the required correction date until the violation is actually corrected.

CLASS “B” HAZARDOUS Examples:
  • Inadequate lighting facilities for public halls or stairs;
  • Owner has not provided an approved smoke detector in dwelling unit;
  • Unlawful bars or gates on windows opening to fire escapes
CORRECTION & CERTIFICATION DATES
  • Must be corrected 30 days from the mailing of the NOV.
  • Certification of correction is required five days after this Correction Date.
PENALTIES FOR FAILURE TO COMPLY
$25 to $100, plus $10 per day, from required correction date until the violation is actually corrected.

CLASS “C” IMMEDIATELY HAZARDOUS Examples:
  • Inadequate supply of heat and hot water
  • Rodents
  • Peeling lead paint in dwellings where a child under 7 resides
  • Broken or defective plumbing fixtures*
  • Defective plaster*
  • Defective faucets
CORRECTION & CERTIFICATION DATES
  • Must be corrected twenty four hours from the mailing of the NOV.
  • Certification of correction is required five days after this Correction Date.
PENALTIES FOR FAILURE TO COMPLY
  • $50 per violation per day for buildings with 5 or fewer units; $50 to $150 per violation, plus $125 per violation per day for buildings with more than five units;
  • Heat and Hot Water Violations: $250 per violation per day;
  • Illegal Device on Central Heating System: $25 per day or $1,000, whichever is more.
















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