The New York City Department of Finance A Look at the City’s Money Managers

By A.J. Sidransky 2019 October Finance

The New York City Department of Finance (DOF) is the city's revenue service, taxing authority and recorder of deeds. It collects more than $39 billion (yes, with a 'b') per year in revenue, and values more than 1 million properties collectively appraised at more than $988 billion. The department is headed by Jacques Jiha, appointed as commissioner by Mayor Bill De Blasio in April of 2014.

A DOF Snapshot

The Department of Finance is composed of seven different divisions:

The City Registrar

Payments, Audit, and Collections

Parking and Violations

Board Presidents Petition for Tax Relief

90-Day Hold Could Avoid a Cash Crunch

Capital Gains and Your Co-op or Condo

Demystifying the Cost-Basis Factor

A New Classification

Fixing Property Taxes for New York’s Co-ops and Condos

Events

Tue, Mar 31, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Mar 31, 8:00pm – 11:00pm add to calendar 31-03-2020 20:00 31-03-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page.

Tue, Apr 7, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Apr 7, 8:00pm – 11:00pm add to calendar 07-04-2020 20:00 07-04-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Apr 14, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Apr 14, 8:00pm – 11:00pm add to calendar 14-04-2020 20:00 14-04-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Apr 21, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Apr 21, 8:00pm – 11:00pm add to calendar 21-04-2020 20:00 21-04-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Apr 28, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Apr 28, 8:00pm – 11:00pm add to calendar 28-04-2020 20:00 28-04-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, May 5, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, May 5, 8:00pm – 11:00pm add to calendar 05-05-2020 20:00 05-05-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, May 12, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, May 12, 8:00pm – 11:00pm add to calendar 12-05-2020 20:00 12-05-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, May 19, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, May 19, 8:00pm – 11:00pm add to calendar 19-05-2020 20:00 19-05-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, May 26, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, May 26, 8:00pm – 11:00pm add to calendar 26-05-2020 20:00 26-05-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jun 2, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jun 2, 8:00pm – 11:00pm add to calendar 02-06-2020 20:00 02-06-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jun 9, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jun 9, 8:00pm – 11:00pm add to calendar 09-06-2020 20:00 09-06-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jun 16, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jun 16, 8:00pm – 11:00pm add to calendar 16-06-2020 20:00 16-06-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jun 23, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jun 23, 8:00pm – 11:00pm add to calendar 23-06-2020 20:00 23-06-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jun 30, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jun 30, 8:00pm – 11:00pm add to calendar 30-06-2020 20:00 30-06-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jul 7, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jul 7, 8:00pm – 11:00pm add to calendar 07-07-2020 20:00 07-07-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jul 14, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jul 14, 8:00pm – 11:00pm add to calendar 14-07-2020 20:00 14-07-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jul 21, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jul 21, 8:00pm – 11:00pm add to calendar 21-07-2020 20:00 21-07-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Jul 28, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Jul 28, 8:00pm – 11:00pm add to calendar 28-07-2020 20:00 28-07-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Aug 4, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Aug 4, 8:00pm – 11:00pm add to calendar 04-08-2020 20:00 04-08-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

Tue, Aug 11, 8:00pm – 11:00pm

NYC DOB: Homeowners Night

Tue, Aug 11, 8:00pm – 11:00pm add to calendar 11-08-2020 20:00 11-08-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY

NYC DOB: Homeowners Night

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News

3/27/2020 Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package—New York Times

The federal government’s planned $2 trillion economic rescue package includes financial aid for individuals and industries that are struggling to survive the coronavirus pandemic. It also includes a potential bonanza for America’s richest real estate investors.
Read full story

3/26/2020 City could to lose up to $6B—Politico

City Comptroller Scott Stringer predicted Monday that the economic effects of the coronavirus outbreak will cost the city up to $6 billion through the end of the next fiscal year.
Read full story

3/26/2020 City offers to help property owners with tax payments—Real Estate Weekly

he New York City Department of Finance offers several programs to assist property owners who face hardships making their property tax payments.
Read full story

3/26/2020 People are still putting their mansions on the market—Business Times

Bill Grabowski, the owner of Healthstar Inc a pharmaceutical machinery business, has lived with his wife on the same piece of land in Quincy, Massachusetts, for more than 30 years. Now, with US equities imploding and states of emergency being declared across the country, Mr Grabowski has decided to list his four-bedroom, four-bath house for just under US$2.7 million. "The worst thing that happens is, nobody buys it," he says.
Read full story

3/25/2020 How To Minimize Taxes On NY Co-Op Sales—Lawyers.com

New York “co-op” apartments are unique to the State of New York. When a person owns a co-op apartment, they own a share of a “corporation,” which is the apartment complex itself. But, at the same time, the owner of the co-op also owns a piece of real estate. That is, at least from a legal perspective. Historically, courts support the notion that co-ops are technically real estate. That’s why many co-ops are eligible for use in 1031 exchanges.
Read full story

3/25/2020 How Coronavirus Is Impacting Luxury Real Estate—Forbes

In the final quarter of 2019, luxury real estate in the U.S. rallied both in sale volume and price. The segment posted double-digit sales growth year-over-year for the first time in 2019. The entry price rose by 2.1% to $1.27 million, according to the realtor.com’s latest luxury report.
Read full story

3/25/2020 New York’s Millennial Homeowners and Where to Find Them—New York Times

On a police officer’s salary, Jakia Morton, 29, bought a brand-new townhouse last year for $265,500 in East New York, Brooklyn, near shopping, public transit and a community of first-time buyers.
Read full story

3/23/2020 New Development: Sales launch at LIC waterfront condo—Real Estate Weekly

Sales have launched for 8 on 5th, a new building designed with sustainability in mind, adding eight two-bedroom units to Long Island City’s waterfront. Queens-based brokerage Modern Spaces is exclusively handling marketing and sales for units ranging in price from $810K to $1.28M.
Read full story

3/23/2020 Permits Filed For 172-02 Hillside Avenue In Jamaica, Queens—New York YIMBY

Permits have been filed for a seven-story mixed-use building at 172-02 Hillside Avenue in Jamaica, Queens. Located at the intersection of Hillside Avenue and 172nd Street, the corner lot is a couple blocks from the 169th Street subway station, serviced by the E and F trains. Ben Kaftari under the Elanot LLC is listed as the owner behind the applications.
Read full story

3/23/2020 Construction projects plug away even with city shutting down—Crain's New York Business

For now, construction continues. As the coronavirus outbreak quiets New York City—closing offices, idling taxis and shuttering bars—workers in bright-yellow reflective vests, hard hats and steel-toe boots are still showing up.
Read full story

3/23/2020 Coronavirus is Forcing Real-Estate Agents to Adapt. Will They Sink or Swim?—Mansion Global

On Tuesday, March 10, real-estate agent Joanne Greene got a call from a fellow agent bringing buyers to one of her listings, a roughly $2 million three-bedroom co-op on New York’s Upper East Side. The buyers and agent, Ms. Greene learned, would be wearing gloves and masks.
Read full story

3/18/2020 Home Closings Are Going Virtual In New York City—Forbes

On Monday, as New York City grappled with school and restaurant shutdowns in response to the COVID-19 pandemic, real estate attorney Steven Matz embarked on uncharted territory for real estate professionals in the five boroughs—a remote closing.
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3/18/2020 How Coronavirus Has Affected Real Estate—The New York Times

The coronavirus has changed the way we live our daily lives and it has upended countless business sectors, including the New York real estate market. Brokers, buyers and sellers are struggling mightily to do business when it’s anything but business as usual. Open houses are being eliminated, or at least circumscribed; brokers are doing FaceTime apartment tours for clients who are worried about being out. And, in the suburbs, they’re scrambling to find short term rentals for clients who feel the walls and everything else closing in on them in the city.
Read full story

3/18/2020 Hollywood’s A-Listers Are Flocking to the Quiet Streets of Downtown Brooklyn—Variety

When A-list showbiz types like Matt Damon, Emily Blunt and Daniel Craig arrive in a neighborhood, you can usually expect explosions, drama and big box office numbers. But only thing blowing up in the historic Downtown Brooklyn area, where all these stars own multimillion-dollar homes, are the real estate sales figures.
Read full story

3/18/2020 New York luxury homeowners confident of finding buyers amid coronavirus-induced market rout—South China Morning Post

Luxury homeowners and developers in New York are putting multimillion-dollar abodes on sale, confident that deep-pocketed investors will pay top dollar for exclusive property, even as the coronavirus pandemic threatens to push the US economy into a recession.
Read full story

3/18/2020 ‘You cannot go on with life as normal’: St. Paul woman with COVID-19 sounds the alarm—The Daily Republic

Alexandra Nelson followed all the recommended protocols: Wash your hands. Use hand sanitizer. Don’t touch your face. Spray everything with Lysol. The St. Paul resident still contracted COVID-19, the disease caused by the novel coronavirus. She tested positive on Sunday, March 15, during a trip to Chicago.
Read full story

3/16/2020 New York Residential Building Managers Scramble as Everyone Shelters at Home—The Wall Street Journal

Massimo D’Angelo walks up five flights of stairs in his Upper East Side co-op rather than take the elevator. He cleans his hands with an alcohol spray in the lobby and wipes his cellphone with swabs provided by the building.
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3/16/2020 The Rich Have a Coronavirus Cure: Escape From New York—New York Times

By Thursday afternoon, texts and emails circulating among New York’s professional class warned that perhaps it was time to leave. The city was going into lockdown, or at least that’s what people were saying — probably by Friday morning. No one really knew this but now, you did.
Read full story

3/16/2020 Moby’s Central Park penthouse asking $5.75M—NY Post

A glam Central Park West penthouse — which was once owned by musician and animal-rights activist Moby (right) — is about to hit the market for $5.75 million.
Read full story

3/16/2020 Condo Developers Adopt Apartment Model to Save Properties—GlobeSt.com

Some condo developers have abandoned selling units because they’ve only been able to sell 10 percent of the property to which they resort to renting the remaining 90 percent. This trend hearkens to weakened demand for condo units, especially in markets where there is a large affordability gap between high-end apartments and affordable housing, Marc Heller partner at law firm Akerman, tells GlobeSt.com.
Read full story

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