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New York City’s Annual Income and Expenses: Statement Filing Requirement – a Land Mine for the Unwary Purchaser or Owner of Real Property

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dc.contributor.authorMcCaffrey, Ryan A.
dc.contributor.authorLichy, Albert D.
dc.date.accessioned2020-09-04T19:28:14Z
dc.date.available2020-09-04T19:28:14Z
dc.date.issued2014-07-01
dc.description.abstractSince 1986, New York City law has required owners of incomeproducing properties in New York City to file an annual income and expense statement, colloquially referred to as an RPIE statement, with the Department of Finance. The general purpose of an RPIE statement is to assist the Department of Finance in assessing the value of income-producing properties.1 To this end, the owners of income-producing properties are required to submit annually a statement that outlines “all income derived from and all expenses attributable to the operation of such property.”2 Despite the draconian penalties for non-compliance - ranging from 3% to 5% of the assessed value of the property - a systemic failure of the City of New York to enforce non-compliance over the subsequent decades following the regime’s enactment has led to a general unawareness of the RPIE statement filing requirements in New York City. As a result, potential purchasers of real property have failed to adequately protect themselves - in both the due diligence process and the acquisition agreement - from the consequences of a seller’s historic non-compliance with the RPIE requirements.
dc.description.legacydownloads2014_46_51_McCaffrey_Lichy.pdf: 819 downloads, before Aug. 1, 2020.
dc.identifier.other6049993
dc.identifier.urihttps://hdl.handle.net/1813/70736
dc.language.isoen_US
dc.relation.ispartofseriesCornell Real Estate Review
dc.rightsRequired Publisher Statement: © Cornell University. Reprinted with permission. All rights reserved.
dc.subjectCornell University
dc.subjectreal estate
dc.subjectRPIE statement
dc.subjectowners
dc.subjectincome- producing
dc.subjectproperties
dc.subject1986
dc.subjectDepartment of Finance
dc.subjectassessing
dc.subjectvalue
dc.subjectNew York City
dc.subjecttax
dc.subjectrecords
dc.subjectcollection
dc.subjecttitle
dc.subjectinsurance
dc.subjectpurchaser
dc.subjectlien
dc.subjectmortgage
dc.subjectdocuments
dc.subjectproperty
dc.subjectowners
dc.subjectincome
dc.subjectfile
dc.subjectrental
dc.subjectco-ops
dc.subjectnet-lease
dc.subjectcommercial
dc.subjectcondominiums
dc.subjectgovern
dc.subjectclaims
dc.subjectexclusions
dc.subjectpenalties
dc.subjectdue process
dc.subjectpurchase
dc.subjectfiling
dc.subjectprotections
dc.subjecttenant
dc.subjecttimeframe
dc.subjectstatute
dc.titleNew York City’s Annual Income and Expenses: Statement Filing Requirement – a Land Mine for the Unwary Purchaser or Owner of Real Property
dc.typearticle
local.authorAffiliationMcCaffrey, Ryan A.: Sullivan & Cromwell LLP
local.authorAffiliationLichy, Albert D.: Sullivan & Cromwell LLP
schema.issueNumberVol. 12

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CRER Vol. 12 (2014)