NYC Gets the Scoop on Current & Upcoming Federal Real Estate Regs.

The New York City REAL Professionals Mastermind Group had the benefit of a presentation from Matt Galligan, president of CIT Real Estate Finance, who discussed the intricacies and applications of current HVCRE (a.k.a. Highly Volatile Commercial Real Estate) applications and their effect on property loans and real estate development. While these rules are rather complex, a draft of simpler regulations on HVCRE and other real estate loan activity is in the works and expected to be released sometime this year. Word is that Dodd Frank is also in line to be repealed. Mr. Galligan conveyed encouragement about the future of real estate and the U.S. economy that the current political atmosphere of loosening regulations and pro-business government portends.

Other topics covered this month included the June groundbreaking for a new office building at Hudson Yards, Affordable Housing regulations and new fair market rent revisions, the first major development on City Island in 30 years, and ongoing real estate activities in the New York Metro area.