Leasehold Condominiums for Nonprofits—A Primer



Date: April 26, 2022

Time: Noon–1:00 p.m. EDT
11:00 a.m.–Noon CDT
9:00–10:00 a.m. PDT

Location: ZOOM Presentation (access instructions emailed upon registration)

Contact: Elise Chandler
echandler@nixonpeabody.com
617-345-1357

Nonprofit tenants feel the impact of New York City’s sky-high real estate taxes, paying higher rents and often bearing direct responsibility for pass-through real estate tax costs. For eligible nonprofits, forming a leasehold condominium could offer a way to offset this financial burden by unlocking the real estate tax exemption available under Section 420-a of the New York Real Property Tax Law. Please join us for a straightforward discussion on the leasehold condominium structure, and the factors that determine whether it is worthwhile for a given nonprofit. Topic areas to be covered include:

  • Minimum 30-year lease term and other eligibility requirements
  • Potential lease and condo structures and reasons for each
  • Formation process: What is involved, and how long does it take?
  • 420-a exemption requirements and timing
  • Necessary parties: landlords, architects, lenders, agencies, expeditors, and lawyers
  • General costs of formation

This will be a non-CLE discussion geared toward non-lawyers and lawyers alike.

Speakers

  • Hedwig O’Hara (Introductory comments), Legal Director, Lawyers Alliance for New York
  • Ruben Ravago, Counsel, Nixon Peabody LLP
  • Laura Mehl Sugarman, Partner, Nixon Peabody LLP
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