On February 28, 2023, the New York Senate passed Bill S8430A to amend the New York Real Property Actions and Proceedings Law Section 881 (“RPAPL 881”). The amendment bill has significant support in the New York State Legislature and has already passed in the Senate by a near unanimous 62-1 vote. The bill is currently in the legislature’s Assembly Committee. If this amendment is adopted, it will significantly impact the construction industry in New York City.

Click here for the full client alert.

Lawrence Bartelemucci

Construction Chair, Larry Bartelemucci

Real Estate Co-Chair, Scott Newmark

Real Estate Counsel, Matthew Quirin

with contributions by Fordham University J.D. Candidate Marie A. Kessel, take a look at the current rule and the proposed amendment and its impact on the construction industry.