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Navigating New York’s new TCO process

The pinnacle of any construction project is the issuance of the Certificate of Occupancy (CO), albeit temporary or final. These documents, distributed by the NYC Department of Buildings (DOB), grant the legal occupation of a new development or an existing building under construction in NYC. The process can be daunting and lengthy, but extremely necessary to not only protect residents and workers, but also to make the project financially viable. Developers do not see any money until the building is occupied.

On December 10, 2020, the New York City Council passed Intro. 2033 creating Interim Certificates of Occupancy (ICOs) for NYC buildings. Starting in April 2021, this new type of temporary certificate of occupancy can be used in place of a traditional Temporary Certificate of Occupancy (TCO) to allow specific floor(s) of qualifying buildings to be partially occupied before full completion of construction work.

Real Estate Weekly

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