Insufficient-Return Hardship Application

N.Y.C. Admin. Code § 25-309

N.Y.C. Admin. Code § 25-309 lets an owner request a certificate of appropriateness to demolish, alter, or reconstruct an improvement on a landmark site or in a historic district on the ground that the property cannot earn a reasonable return (defined as a net annual return of six percent of its assessed valuation), serving as a hardship safety valve against an unconstitutional taking. If the Landmarks Preservation Commission makes a preliminary determination of insufficient return, it may pursue a plan involving tax exemption or remission, or arrange alternatives to demolition such as a purchaser or tenant, before issuing a notice to proceed authorizing the work.