Assembly Bill A706

2011-2012 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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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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2011-A706 (ACTIVE) - Details

See Senate Version of this Bill:
S991
Current Committee:
Assembly Cities
Law Section:
New York City Administrative Code
Laws Affected:
Add ยงยง28-103.23 & 28-201.5, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2009-2010: A3752, S6175
2013-2014: A1413, S2273
2015-2016: A565
2017-2018: A1894
2019-2020: A1659

2011-A706 (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.

2011-A706 (ACTIVE) - Bill Text download pdf 

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

    S. 991                                                    A. 706

                       2011-2012 Regular Sessions

                      S E N A T E - A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

IN  SENATE  --  Introduced  by Sen. MONTGOMERY -- read twice and ordered
  printed, and when printed to be committed to the Committee on Cities

IN ASSEMBLY -- Introduced by M. of A. LENTOL, MARKEY,  MILLMAN,  JACOBS,
  COLTON,  BRENNAN,  ROSENTHAL  -- Multi-Sponsored by -- M. of A. AUBRY,
  COOK, DINOWITZ,  GLICK,  HIKIND,  PERRY,  PHEFFER  --  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 28-103.23 to read as follows:
  S 28-103.23 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02374-01-1

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