Assembly Bill A565

2015-2016 Legislative Session

Requires developers to deposit a portion of the total estimated project cost into an escrow account for damage caused to neighboring properties during construction

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Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A565 (ACTIVE) - Details

Current Committee:
Assembly Cities
Law Section:
New York City Administrative Code
Laws Affected:
Add §§28-103.25 & 28-201.5, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2009-2010: A3752
2011-2012: A706
2013-2014: A1413
2017-2018: A1894
2019-2020: A1659

2015-A565 (ACTIVE) - Summary

Requires developers to deposit a portion of the total estimated project cost into an escrow account for damage caused to neighboring properties during construction; provides that any work on a project shall be stopped until repairs are made on the adjoining property; provides that the New York city department of buildings shall develop a procedure whereby individuals who suffer damage as a result of the construction may be reimbursed within a period of sixty days.

2015-A565 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   565

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by  M.  of  A. LENTOL, MARKEY, COLTON, BRENNAN, ROSENTHAL --
  Multi-Sponsored by -- M.  of A. AUBRY, COOK, DINOWITZ, GLICK,  HIKIND,
  PERRY -- read once and referred to the Committee on Cities

AN  ACT  to  amend  the  administrative code of the city of New York, in
  relation to establishing escrow accounts to protect neighboring  land-
  owners and tenants from damage due to construction

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The administrative code of the city of New York is  amended
by adding a new section 28-103.25 to read as follows:
  S 28-103.25 DEVELOPERS' ESCROW ACCOUNTS. 1. ANY DEVELOPER WHO PLANS TO
CONSTRUCT  ANY BUILDING WITHIN THE CITY SHALL, PRIOR TO THE COMMENCEMENT
OF ANY CONSTRUCTION, DEPOSIT TEN PERCENT OF THE TOTAL ESTIMATED  PROJECT
COST INTO AN ESCROW ACCOUNT.
  2.  AN  ESCROW ACCOUNT ESTABLISHED PURSUANT TO SUBDIVISION ONE OF THIS
SECTION SHALL BE USED TO SETTLE CLAIMS OF PROPERTY OWNERS WHOSE PROPERTY
IS DAMAGED DURING ANY CONSTRUCTION, OR THE CLAIMS  OF  TENANTS  WHO  ARE
DISPLACED  FROM  THEIR RESIDENCE AS THE RESULT OF DAMAGE TO THE PROPERTY
FROM THE CONSTRUCTION. A DEVELOPER SHALL BE HELD STRICTLY LIABLE FOR ANY
DAMAGE  OR  RELOCATION  EXPENSE  THAT  OCCURS  AS  A   RESULT   OF   THE
CONSTRUCTION.
  3.  IN ADDITION TO THE REQUIREMENTS IMPOSED BY SUBDIVISION ONE OF THIS
SECTION, IF ANY DAMAGES OCCUR TO AN ADJOINING PROPERTY, ANY AND ALL WORK
ON SUCH  PROJECT  SHALL  BE  STOPPED  UNTIL  SUCH  DAMAGED  PROPERTY  IS
REPAIRED.
  4.  THE  DEPARTMENT  SHALL  ESTABLISH  A  CLAIM PROCEDURE FOR PROPERTY
OWNERS AND TENANTS WHO WISH TO FILE CLAIMS AGAINST THE MONEY  SET  ASIDE
PURSUANT  TO  THIS  SECTION. SUCH PROCEDURE SHALL PROVIDE FOR A COMPLETE
RESOLUTION OF A CLAIM WITHIN SIXTY DAYS FROM THE DATE OF  ITS  COMMENCE-
MENT.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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