Question: I am a sponsor and have a number of new condominium offering plans pending review with the New York Attorney General’s Real Estate Finance Bureau. Do any of the Governor’s recent Executive Orders regarding COVID-19 affect the Real Estate Finance Bureau? If not, what should be done at this critical point in time with regard to my offering plans and my business?
Answer: First, it is important to note that the government continues to operate. While New York state is essentially on pause pursuant to Executive Order 202.8, this does not apply to government. Notwithstanding, government offices are, for the most part, operating remotely, and the Real Estate Finance Bureau (the Bureau) is no exception. On Monday, March 16, 2020, the Bureau issued a notice stating that most of the staff in the Bureau are telecommuting, and that additional guidance would be forthcoming. See REF Updates email from the Real Estate Finance Bureau dated March 16, 2020.
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