New York Real Estate Law Blog
Kings County Supreme Court Finds that the Filing of Lawsuits Against Guarantors May Constitute Commercial Tenant Harassment and Impossibility Defense Allows Commercial Tenant to Avoid Liability for Payment of Rent
On March 15, 2021, the Hon. Loren Bailey-Schiffman, J.S.C. of the Kings County Supreme Court issued a Decision and Order in 267 Development, LLC v. Brooklyn Babies and Toddlers, LLC and Mary Ann O’Neil, Index No.: 510160/2020 (the “Action”) that is likely to send shockwaves through the New York State and New York City commercial real estate industry. Undoubtedly, commercial tenants will praise the ruling and landlords...more
As a result of New York City’s (“NYC”) Department of Housing Preservation and Development (“HPD”) programs, certain residential building owners must now complete an application for and receive a Certification of No Harassment (“CONH”) as a prerequisite to applying for any permit which would change the use or occupancy of their building or to demolish their building, in whole or in part. The purpose of the CONH is to protect residential...more
The Appellate Division Second Department Declined to Impute Liability to a Successor Sponsor of a Condominium for Construction Defects.
On October 7, 2020, the Appellate Division, Second Department in Bd. of Managers of Bayard Views Condo. v. FPG Bayard, LLC, 187 A.D.3d 697 (October 7, 2020) affirmed the dismissal of a breach of contract claim as against a successor sponsor’s entity, and their principals, for alleged construction defects that were pre-existing in the building.
In response to the Board commencing this action, the successor sponsor in...more
In New York City there are two types of Certificates of Occupancy: a Temporary Certificate of Occupancy issued by the New York City Department of Buildings (DOB) for portions of construction that are deemed safe for occupancy pending final approval and a Permanent Certificate of Occupancy certifying final approval for occupancy based on compliance with all applicable building codes and laws. Until now. Last Winter, the New York City Council...more
REQUIRED DISCLOSURE OF DISABLED TENANTS’ AND SHAREHOLDERS’ RIGHTS TO REASONABLE ACCOMODATIONS AND MODIFICATIONS
On December 2, 2020, New York State Governor Andrew Cuomo signed into law Assembly Bill A8149A/Chapter 311 of the laws of 2020 (the “Bill”). The Bill adds to Section 296 of the Executive Law (known as the “Human Rights Law”) subdivisions 2-b (which applies to publicly assisted housing accommodations) and 18-a (which applies to private housing accommodations) and becomes effective on March 2, 2021, ninety...more
Many people are not aware that New York City’s Department of Finance operates a website in connection with the Office of the City Register known as the Automated City Register Information System, which is more commonly referred to as “ACRIS”. (See, https://a836-acris.nyc.gov/CP/)
The ACRIS website is a free service that allows anyone with internet access to obtain public property records...more
On November 12, 2020, the Appellate Division, Second Department upheld the ruling of the Queens County Supreme Court that held the Board of Managers for a condominium had the authority to direct the unit owners to remove an exterior balcony enclosure that interfered with the condominium’s ability to perform façade construction. Board of Managers of Village Mall at Hillcrest Condominium v. Banerjee, 188 A.D. 777 (2d Dept. Nov. 12,...more
Generally, the lower courts, such as various district courts or the New York City Civil Court, have jurisdiction to preside over summary proceedings related to disputes between landlords and tenants, which are governed by Article 7 of the New York Real Property Actions and Proceedings Law (“RPAPL”). Notwithstanding, the jurisdiction of the Supreme Court of the State of New York (the “Supreme Court”) should not be overlooked as a venue to...more
When you purchase a cooperative apartment with financing, your lender will record a UCC-1 Financing Statement against the cooperative shares and proprietary lease issued by the cooperative apartment cooperation for your apartment. The share certificate and proprietary lease will then be held by the lender as collateral for the loan until such time as the loan is paid off.
The UCC-1 lien is used to by the lender to secure the collateral...more
Trial Court Rules That Covid-19 Pandemic Does Not Support A Basis To Assert the Doctrines of Frustration of Purpose or Impossibility
On December 3, 2020, the Hon. Arlene P. Bluth of the New York County Supreme Court addressed a defendant-tenant’s assertion of the frustration of purpose and impossibility defenses in opposing a plaintiff-landlord’s motion for summary judgment in 1140 Broadway LLC v. Bold Food, LLC. After considering briefs on these arcane doctrines of law, the trial court in 1140 Broadway LLC granted the landlord’s motion for summary judgment,...more
Recent Updates in Eviction Proceedings in New York State Courts in Response to the COVID-19 Pandemic
On December 28, 2020, New York State Governor Andrew Cuomo signed into law the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”), which effects residential eviction proceedings commenced in New York State Housing Court.
Subject to the below exceptions, the Act effectively stays eviction proceedings that were filed as of December 28, 2020, for a period of sixty (60) days,...more
Pursuant to Administrative Order 270.20, New York State Chief Administrative Judge Larry Marks recently adopted certain rules of the Commercial Division into the Uniform Rules for the Supreme Courts and County Courts in New York State, effective February 1, 2021.
The most notable changes to the New York State Uniform Rules include the following:
- Interrogatories will be limited to 25, including subparts.
- The number of...more
Last Month, New York State Governor Andrew Cuomo signed a bill (i.e., Senate Bill No. S3923A) into law modifying and simplifying the procedures to enter into a general Power of Attorney (“POA”) in New York State. The newly enacted law (i.e., Senate Bill No. S3923A) was sponsored by the New York State Bar Association, and goes into effect on June 13, 2021.
Previously, many people, especially the elderly and disabled,...more
Purchasers of real property must be vigilant in assessing whether they will assume a seller’s rights, obligations, and potential liabilities to third parties as part of a transaction. For example, a contract of sale may provide that the purchaser assumes certain rights, obligations, and potential liabilities that have accrued while the seller owned the real property—and is thereby required to “stand in the shoes” of the seller as its...more
As part of the $900 billion COVID-19 relief stimulus package approved by the Senate yesterday night, December 21, 2020, housing cooperatives are to be included in the Paycheck Protection Program (PPP). The bill will go to the President this week for signature, whose aides say the bill will be signed. As part of its economic relief measures, which constitutes one of the largest economic relief measures in US history, the bill provides an...more
A deed is a legal instrument that conveys an interest in real property from one party to another. As there are a few different types of deeds that are commonly used in New York State, it is important to note the differences between them. Some of the most common types of property deeds are:
1) Warranty Deed a/k/a “bargain and sale deed” – This is the most common form of deed and is generally used in real estate purchase and sale...more
On May 26, 2020, the New York City Council enacted Local Law 2020/55 in response to the financial hardships related to the COVID-19 Pandemic. Local Law 2020/55 limits the right of landlords to enforce a personal guaranty in a commercial lease made by a natural person, other than the tenant, for sums that come due under the lease between March 7, 2020 and September 30, 2020. The original timeframe in Local Law 2020/55 was extended to cover...more
Indemnification provisions are found in many types of agreements and particularly those involving real estate, such as construction and license agreements. Such provisions constitute important tools for allocating risk between the parties to the agreement. Although many gloss over such provisions, they are essential in ensuring that the indemnifying party absolves the other party from responsibility and reimburses the other party for...more
Whether you are in the market to buy, sell or refinance property that you own, it is possible that you can save money by way of a Consolidation, Extension & Modification Agreement – commonly known as a “CEMA”. If there is an existing mortgage recorded against the property and the lenders cooperate with an assignment of mortgage, you can use a CEMA to save money on the mortgage recording tax.
Under a traditional mortgage, borrowers...more
Recent Updates in Eviction Proceedings in New York State Courts in Response to the COVID-19 Pandemic
In response to the COVID-19 Pandemic, the New York State Courts have drastically changed the way that eviction proceedings are processed. These changes have been made more difficult as the Courts have been required to keep pace with the plethora of Executive Orders issued by Governor Andrew Cuomo, and laws which have been passed by the New York State legislature since the pandemic began in March 2020.
For instance, recently, by...more
Notice Requirements For Tenant Protection Plans Regarding Construction, Alteration Or Demolition In Occupied Buildings
In order for the New York City Department of Buildings (DOB) to issue a permit allowing for alteration, construction or partial demolition work to occur in a building containing one or more occupied dwelling units, the owner or applicant for the work must first submit a Tenant Protection Plan (TPP) to DOB. The TPP must provide specific details as to how the health and safety of occupants will be safeguarded, what hours and days the work may...more
If you and your spouse took ownership of a cooperative apartment prior to January 1, 1996, you may want to check your stock certificate. If your stock certificate does not state that your shares are held as “joint tenants with rights of survivorship” or as “husband and wife” then it’s possible that your shares (and effectively ownership of the apartment) will be treated as “tenants in common” by the coop’s transfer agent upon a sale of the...more
Landlords used to be free to ask for what they wanted from new renters when it came to how much money they had to put down before they moved in to an apartment or house.
Typically, that involved about three times the rent for the property -- or more. Payments took the form of the first month's rent, a hefty security deposit that could be equal to several months' rent and the last month's rent -- all paid in advance when the lease was...more
You spent a lot of time and effort looking for the perfect piece of real estate. When you found it, you made a fair offer -- and the seller readily accepted.
This is frustrating for many reasons. First, you've likely paid for the property inspection and had the title...more
Having disputes with others is something that most adults will have to deal with at some point in their life. While most of these don't amount to much, there are some instances in which the disputes have high stakes. One example is when shareholders in a private corporation or a limited liability company don't see eye to eye.
There's a lot of money to be made when you're a commercial landlord, but only if you can stay out away from expensive lawsuits. A good, solid lease is often the key to keeping out of court.
Here are some of the best tips you should keep in mind when you're making agreements with your tenants:
Make good use of screening tools: There are plenty of ways to check a...
When you own a condo and run into problems paying your mortgage, you're protected from a hasty foreclosure by a complicated set of judicial processes. That's not true, however, for those who live in co-ops.
What's the difference? Essentially, it comes down to the fact that condos are real property that are used to secure conventional mortgages. The owner of an apartment in a cooperative, however, doesn't actually own real property....more
Maybe your employer suddenly shut down or there's been a reduction in the workforce that's left you unemployed. Whatever the circumstances, your mortgage payment is looming, and you don't have enough money coming in from other sources to pay the bill.
What can you do? First, it's important to deal with the situation head-on. You have nothing to gain by ignoring the situation. A proactive approach is always the best choice.
Individuals who are going into business with each other need to ensure that there are ground rules set for the partnership. This can help to prevent issues in the future because it reduces that chance that there will be disagreements.
When there is a dispute, it must be handled carefully. These issues can cause problems for the business if allowed to fester. Having a plan for addressing times when you and your partner don't see...more
All markets cycle up and down, and real estate is no exception. Right now, commercial real estate in parts of New York is decidedly a "buyer's market" with more retail and commercial properties available than there are interested buyers. If you're an investor who is looking for an opportunity, this may be it.
As a whole, the real estate market all over the nation has been booming, particularly when it comes to suburban family homes and...more
Every business has to start somewhere. When you're first starting out, you probably don't want to invest heavily in any real estate, so that means getting a lease. It's smart to remember that leasing a piece of commercial property, however, is nothing like signing a residential lease. There's a lot more room to negotiate, you have less protection against abuses and the consequences of a mistake are usually bigger.
If you're about to...more
You genuinely appreciate all the hard work that your co-op's board of directors does. The board members clearly take their responsibilities to heart. They're also a pretty diverse lot, so there's a lot of give-and-take on the important issues -- except for that one guy.
One board member always seems to have a specific agenda and doesn't really care about anybody else's perspective. The disagreements no longer seem healthy or reasonable....more
You've noticed that it's a seller's market out there in real estate -- but you've finally found the home of your dreams. You've heard that all-cash offers make up roughly 29% of single-family home sales, and you're wondering if putting cold, hard cash on the table will convince the seller to pick your offer above all others.
Are there any risks to you? Maybe. Just like any other home purchase, you need to proceed carefully so that you...more
The title to a home defines your right to ownership, possession and use of your property. Since the person you're buying a home from is already living there and using it, why do you need a title search?
Well, because the title to a piece of property can have hidden problems or "defects" that can suddenly crop up and interfere with your right to enjoy your property in peace down the line. The seller may not have any idea that there's any...more
The past few months have been hard on the small business community here in New York City as elsewhere. Businesses that might be seeing only a slight summer slump at this point in the year may now be teetering on the precipice of bankruptcy.
While all of these factors may be completely out of your control regarding the health of your small business, one area in which you do have some control is...more
When you find a great piece of property to buy, it can be downright painful to realize that a buyer is asking too much. Sometimes, a seller is just being unreasonable -- other times, they're simply optimistic. Either way, you shouldn't walk away without trying to negotiate a more respectable figure.
You spent a lot of time looking for a new home, did your research, found the right place and made an offer. The seller accepted, and you were thrilled -- until moving day came and you realized that the seller still hadn't vacated the place.
What happens now?
Believe it or not, this happens quite often. Sometimes those holdover sellers just aren't finished moving, so instead of the home being in a "broom clean" state, the attic and...more
The New York State Attorney General's Office oversees the Real Estate Finance Bureau. That state-government agency determines what information condominium buyers and sellers and respective condo associations or cooperatives (co-ops) should include in their offering plans.
Each offering plan must include a number and description of the units and details about their ownership....more
You're getting a divorce, and your spouse wants to keep the family home. You're amenable to that, but you need to find a way to transfer the title of the property to your ex's name alone. Should you use a quitclaim deed?
Maybe. Read on for what you need to know.
What's a quitclaim deed?
A quitclaim deed is easy to execute. It generally only requires a few simple forms, a notary and a trip to the county clerk's office to...more
You hoped that it would never come to this point, but you now need to dissolve your business partnership. Problems may have been brewing for some time, or perhaps matters only recently came to light that make continuing the partnership not just unwise but untenable.
But breaking up a business partnership is a bit like getting...more
As a renter, you've always wished that you could own your own home -- but scraping together the money for a down payment is unrealistic. Maybe your credit score has suffered along with the ups and downs of the economy, as well, making it uncertain whether you can even get a conventional mortgage.
Those kinds of situations can make a rent-to-own property very...more
Commercial leases are nothing like residential ones. For the most part, it's "renter beware" when it comes to commercial leases. As a business owner, the law generally presumes that you're savvy enough to avoid getting stuck with a bad lease.
That's why it pays to be as informed as possible about key clauses...more
We'll cut to the chase and answer this one right away: Yes, your homeowners association (HOA) can stop you from renting out your own place as long as the restrictions are reasonable and uniformly applied.
Generally, one of the most common restrictions you may encounter are limits on how many residences in...more
The historically low interest rates right now have would-be homeowners out in droves. Coupled with the fact that many established homeowners aren't selling, the situation is making the median price of a home in New York City soar.
Unless you have deep pockets and plenty of spare cash, a seller's market can be difficult for buyers to...more
Many New York City homes are older. It's not uncommon for homeowners to go in and update their house when they first move in or as they live in it. Two of the more common rooms homeowners update are their bathrooms and kitchens. You must take out a permit with the city before starting any work. If you don't, then you could...more
There are laws in place that prohibit deceptive trade practices. If you have been accused of engaging in deceptive trade practices, it may be that a disgruntled competitor is fearful that they will lose customers to you and simply wishes to make a false accusation against you. While an accusation of deceptive trade practices does not necessarily mean that your business will face legal consequences, it is important that you consider how the...more
You likely put in a lot of work if you own a Manhattan apartment building. You may have dreamt about finding a way to reduce your workload but not be overly clear about how to do so. Pursing a condominium conversion may allow you to be less hands-on than you currently are.
A condo conversion is a process by which you take rental units in your apartment building...more
Sometimes life deals you some unexpected blows. You may have lost your job or gotten divorced or experienced a health problem. You may find yourself unable to meet your monthly obligations and are contemplating filing for bankruptcy. If you're worried about what will happen with your New York home, then you might find it refreshing to learn that seeking out a loan modification might be an ideal option for you to consider.
Few things are as annoying as having to deal with squatters on your New York City property. This is compounded because in this jurisdiction, squatters do indeed have rights. Learn how you can fight back and take legal possession of your property once again.
Remember, time is most certainly not on your side. In order to be considered a legal tenant, a squatter...more
If you are a senior citizen facing a housing dispute here in New York City, you should understand that you do indeed have certain protections under the law.
Suppose that you are 64 years old and have lived in your rent-stabilized apartment for the past two decades. Ownership of the building changed hands recently, however, and your landlord is trying to evict you from your rent-controlled apartment to move in a new tenant they can...more
If you own commercial real estate, a large part of your financial success will depend on how well you are able to manage the relationship with your tenants. Your tenants are in some ways your clients in business terms, but both of you must follow the terms of the contract and communicate well so that misunderstandings and disputes are avoided.
If you have found yourself having difficulties with your tenant, you may wonder what you are...more
If you own commercial real estate, your income will depend on the financial well-being of your tenants. Therefore, if your tenant files for bankruptcy, you'll be in a situation that may bring uncertainty and worry.
It's likely that you'll first learn about this when you receive a notice from the bankruptcy courts. However, you may have seen the warning signs, especially if they have been struggling to keep up with rental payments for...more
You just inherited the family home -- along with your two siblings. While you appreciate your parent's desire to provide for you, you aren't sure what happens next.
Your options after inheriting a home are pretty basic: You can live in it, sell it or rent it out. Simple enough, right?
Maybe not. Since you inherited the home with other people...more
To say that the New York City real estate market is a complex and dynamic industry is like saying that Times Square can get quite congested. In other words, it's a bit of an understatement.
Still, there are some people who unwisely try to navigate their own real estate sale or purchase without the assistance of a New York City real estate attorney. All too often, these poor souls wind up losing out on the deal of a lifetime or get...more
Finding the perfect apartment in your preferred New York City neighborhood can sometimes feel as if you are hunting for unicorns. Some claim the mythical beasts exist, yet no one has ever found one.
But even in the tightest housing market in the nation, finding a suitable apartment to purchase is indeed possible. The following...more
A business may dissolve for many reasons, but when it comes time to close the doors and the books, it is important to follow proper procedures to avoid as many potential conflicts as possible. Some business owners dissolve their businesses poorly, leading to lasting disputes and lingering financial burdens that might have been avoided with some careful planning and attention to detail.
If you face...more
You're probably looking forward to wrapping up the closing on your new home -- with good reason. Buying a home is an exciting experience.
It's also a bit nerve-wracking. There's a lot that can go wrong during any real estate closing, including:
1. Someone gets cold feet about the deal
Maybe you get nervous because the...more
Buying your first home is a thrilling (and stressful) experience. Just the same, you don't want to let the excitement and anxiety you're feeling make you forget one of the most important steps you should take now: Hiring an attorney.
What can a real estate attorney do for you that you might not be able to do for yourself? They...more
Easements are a very common type of property encumbrance. They're commonly used, for example, to give utility companies access to power lines, pipes and similar structures.
But easements can also exist for other reasons. A shared drive might give you (or your neighbor) an easement that grants unrestricted access to the road. Your convenient location next to a park system or waterfront might give your neighbors an easement that allows...more
Sometimes, when you are in the process of purchasing a piece of real estate here in New York City, you will run into a zoning problem. Often, this is a result of not doing your due diligence prior to signing the purchase agreement.
For instance, you may have thought that the property in question was zoned for commercial operations and find that it is only residential. But before chalking it up to an expensive lesson learned, it is a...more
With all the complexities involved with buying an apartment here in New York City, if you learn that the sellers are divorcing, should you give the property a hard pass? Not necessarily, as they may be doubly motivated to unload the property.
However, it's prudent to also consider how the couple's...more
All companies in the United States must adhere to certain standards. The statements that they make must be honest and clear, and they cannot deceive consumers, investors or employees through poor and false statements. If you are concerned about being involved in a legal dispute because your company has been accused of deceptive trade practices, you should take this very seriously.
It is important that all business partners have a good...more
New Yorkers have a long history of real estate disputes with their neighbors and developers. Take for instance the case of the spite house on Manhattan's Upper East Side.
In the 1880s, a wealthy and successful clothier, Hyman Sarner, had a lot he wanted to develop for an apartment building on 82nd Street and Lexington Avenue....more
Condominiums are attractive options for many city dwellers, offering the ownership rights over your space while still giving you many of the conveniences associated with apartment life. But buying your first condo can be a little bit nerve-wracking.
Here are some suggestions that may make it easier:
1. Decide if a condo is really what you want
If you plan to...more
The act of formal business formation serves multiple purposes. Business formation can offer tax benefits and protection from financial and legal liability for the individual starting the business. Corporations, in particular, are a business structure commonly used by those who don't want to incur financial liability for the failure of the business or of the products or services they provide.
When your company finds itself in a...more
Should you offer to front the money a buyer needs to purchase your home? It may sound a little crazy, but seller-assisted financing is a viable option for a lot of owners who need to unload their property and can't find a buyer quickly on the regular market.
With seller-assisted financing, you essentially become the new owner's bank. It's often done because a would-be purchaser can't qualify for a regular bank loan due to credit issues...more
The business economy has been thriving and interest rates are still quite low. That combination of factors has made commercial real estate owners, investors and lenders very, very happy.
According to the newest reports, there are plenty of reasons to rejoice....more
A short sale means that the lender is not going to get all of their money back. The homeowner still owes more than the value of the house. If you buy the house for the fair market value, the lender accepts that payment even though it does not entirely pay off the outstanding balance on the previous loan.
For instance, someone bought a home in New York for $600,000. The property dropped in value faster than they were paying it off. Even...more
You've found a lovely home, and you're seriously considering purchasing it. There's just one problem: You can tell that the home has been remodeled and you suspect (or know) that the owner never got the required permits.
Missing permits can be a big problem. Around 80% of homeowners admit that they've done remodels without applying for a permit. In many cases, they simply may not realize that they need to have one. In other cases,...more
The real estate market in 2019 in New York City had (more than) its fair share of ups and downs. Some of the more tumultuous events included deals with a tech industry giant that exploded with fanfare and then quickly died, changes to the way that rents are controlled that have landlords crying foul and sliding investment...more
Starting a business with someone is sort of like getting married and having a baby in one fell swoop. Not only do you inextricably link your finances with theirs, but you also try to produce something valuable and lasting together. Unfortunately, as with parenting a child, you may eventually have very different ideas about what the future should look like for your joint creation.
If you have the ambition to continue taking your business...more
Buying a home is great -- but building your own is often better. If you want to build, however, you first have to find someplace to do it. That means buying a vacant piece of land, however, before you can get started.
Purchasing vacant land can get a little tricky, so here are some tips that experts have passed on:
1. Get your...more
If you've invested in the right piece of commercial real estate, you may find the value going up. You may even decide to cash in and sell.
Just be careful. The Internal Revenue Service (IRS) may want a piece of the deal. Whenever you spend a little to acquire an item and resell it for a lot more, that's called a capital gain -- and it's taxable.
Getting an offer on the home you are selling is a thrilling experience -- especially if you've been trying to sell for a while. You may immediately feel a deep sense of relief now that you finally have a buyer.
Before you get too excited, you need to understand that your buyer has likely attached some contingency clauses to their offer. It's essential to know what they could mean.
What's a contingency clause?
When you buy a home, the most common thing to do is to get a brand-new mortgage so that you can pay the seller's asking price. The seller may or may not have a mortgage that needs to be paid off with part of that money.
However, some home loans are "assumable." That means that -- if you qualify - you can actually take over the existing home loan. This is particularly...more
One of the hardest things to do when you are in business with another person is breaking up your business partnership. But while it is typically unpleasant and often contentious to do so, it is often necessary to dissolve your partnership for the viability of the business to continue.
Your partner may be misappropriating funds or engaging in other conduct that...more
A good fence can protect your property from intruders, safely corral your dogs or kids in your yard and serve as a marker for the boundary between your property and another's. Bad fences, on the other hand, can be an eyesore and a detriment like no other.
We're talking about spite fences. Spite fences are designed to be inconvenient eyesores. Their owners erect them with every intention of disrupting their neighbor's peace and enjoyment...more
Investment property is a great way to develop your passive income, increase your assets and acquire financial stability -- but first, you have to make a purchase. That's not always the easiest thing to do unless you happen to have a lot of cash laying around.
Short of getting a rich uncle to loan you the money, here are some of the...more
A real estate purchase can be both a significant emotional and financial investment for a lot of people -- which means that a lot of people respond to problems with a purchase-gone-bad by filing lawsuits. Sometimes, those lawsuits are aimed at real estate agents.
So, if you're a real estate agent, how do you minimize the risk to your good professional name? Here are...more
Not just anybody can buy your share of a co-op. Housing cooperatives are quite common in New York, but the ownership interest in a co-op works very differently than owning an individual home. Taxes and repairs are shared, and there are a lot of advantages to pooling your resources -- but reselling often requires finding someone that the co-op will accept as a buyer.
That may be harder than you think. Even famous, well-connected people...more
If you've ever had "buyer's regret" after making a $100 purchase, can you imagine how bad it must feel to have buyer's regret over a whole house?
Unfortunately, it does happen. Sometimes potential buyers get so excited over one aspect of a property that they totally ignore a huge problem. Sure, the home has the perfect yard -- but the commute for the buyer is grueling. Or, maybe the buyers absolutely love everything about the house --...more
When you have what seems like an intractable conflict with an employee, a client or a supplier, it may seem like there is no way for your business to resolve the issue without going to court. It is certainly true that you need to take legal action to defend your company against illegal actions or the violation of contracts.
However, it is possible to pursue some alternative forms of dispute resolution with business partners and staff...more
The cannabis industry is experiencing a period of rapid growth -- which means that it could be a great time to invest in commercial real estate that's designed to be used for growing cannabis, processing it or dispensing it to either medical marijuana patients or (eventually, you may hope) recreational users.
It's also a time fraught with a lot of risks for those in the cannabis industry -- but savvy investors know that and know that no...more
Whether you're buying or selling, when you pick an attorney to handle your New York real estate transaction, pick carefully. Whether you're buying or selling, the wrong choice can be a disaster.
Sure, you may know an attorney who handles general legal matters and have utter confidence in his or her skills -- but every area of law has its own quirks. It's impossible for any one person to know everything.
It's important to hire an...more
You were so excited to buy your home and everything seemed perfect -- until your financial troubles set in. Maybe you got a divorce, lost a job or had a medical crisis in the family. Whatever the issue, your mortgage suddenly became more than you could handle, and you started looking for a way out of your situation. The home goes back up for sale.
Then, the bottom drops out of your world. You find out that the real estate market in your...more
When a housing development or apartment building converts to a condominium there's often a steep learning curve involved for everyone. Some of the problems you may encounter -- whether you're a developer or a resident -- can end up being easily resolved. Others will probably require some experienced legal assistance.
Our office has significant experience no matter what stage of conversion you are in or what problem you're facing. We can...more
Like any relationship, your relationship with your business partner is going to have its ups and downs. You will not always agree. You may argue. While you may have felt full of optimism and enthusiasm when you started the company, that feeling will not last forever. Things could take a turn.
If they go very badly, you could find yourself in a serious dispute with your business partner. This puts the entire company in jeopardy. You need...more
Why should New York care who buys property in the state?
For years, the ultra-wealthy have enjoyed anonymity when they purchase real estate in New York. Celebrity owners and those who inhabit the area known as "Billionaires' Row" have long favored the use of limited liability companies (LLCs) to purchase and hold property.
However, that's not the only advantage buying through an LLC offers. Wealthy buyers have been known to...more
A commercial property investor who never looks much beyond their own back door will probably end up missing out on some prime opportunities. Some of the best real estate deals you may ever encounter could be located halfway across the country -- or further.
Is investing in real estate at a distance entirely safe? No, of course not. No investment is truly safe, but there are always ways you can mitigate the risks you face. Here are...more
The popularity of do-it-yourself remodeling shows on television these days has inspired homeowners everywhere to tackle both large and small renovations on their own.
Unfortunately, sometimes they proceed to remodel without bothering to get a permit. In some cases, that's done to avoid additional hikes in the taxes (like when a second bathroom is added). In other cases, it may be done out of inexperience. Sometimes, the homeowner just...more
Developing a product and building up a brand takes a lot of time and money. You have likely invested substantially in the creation of your company over the course of many years. Unfortunately, when you do become successful, there will be many people who want to take a piece of that success for themselves.
It is shockingly common for companies to intentionally copy other products, potentially violating your intellectual property by...more
Are you thinking about buying some undeveloped land as an investment? Maybe you have plans to resell it in the future, or you're going to try to develop it yourself.
Every successful business venture has a starting point. If this is yours, take the time to read through these tips from the pros about buying undeveloped property:
1. Check for hidden...more
There has been considerable talk in the media lately about the potential of a recession in the near future. Even speculation about a recession can affect many investors' decisions about whether to put money into any commercial property.
Fears over the current trade wars, the looming federal debt, the Federal Reserve's recent decision to cut interest rates all have...more
If a contractor or subcontractor provided materials or labor for your home improvement project or remodel, they naturally expect to get paid.
You may have other feelings about the situation. Maybe their work wasn't up to your expectations. Maybe the wrong materials were used. Maybe they went well beyond the agreed-upon budget, and you feel like you are now being shaken down for the difference.
Unfortunately, if you don't end up...more
When your last surviving parent died, you probably assumed that his or her home would be sold and the equity divided among you and your siblings.
But, what happens when that isn't the case? What if the will left the home to you and your siblings in equal shares? You may suddenly be unclear what to do about the property.
Well, you do have options.
Warehouses weren't always considered a prime real estate investment opportunity -- but a lot of things of changed in recent decades.
For example, in 2016, the Urban Land Institute named industrial property as the number one commercial real estate investment for its popularity and possibility for growth.
Why the change? Mostly, it has to do with...more
You may have a business dispute that is causing you distress, and you might not be sure how to handle it. The good news is that many people who have been in your situation have found ways out, and you can, too.
As a business owner, you have a number of ways that you can handle any kind of dispute that arises, whether it's a lawsuit against you or a contract that has been breached.
One dispute that arises occasionally for business...more
Artistic cooperatives function very much like other types of co-ops. However, they limit their members to artists.
Often, an artist's co-op also has goals beyond just providing a living and working space for the artists involved. It may also serve as a business that can help artists buy materials important to their craft (like matting supplies or high ticket items like a printing press). In some cases, the co-op may also be designed to...more
You've seen the letters in the mail. They're offering you money based on the equity that you've built up in your home.
The interest rate seems attractive enough, and you could use the money. There are always repairs to be made and other expenses. So, is a second mortgage a good or bad idea?
It all depends -- but second mortgages do have...more
You just bought your first home -- so, congratulations are in order! You're excited, and you're ready to settle in!
Unfortunately, it doesn't take long before you realize that there were a few "little" things that the seller neglected to mention in the listing of the home or disclosure forms -- and you're absolutely certain that the...more
New York's real estate market is famous for a cutthroat attitude and the victor claiming the spoils. But even the most powerful and ruthless sellers and developers are restrained by the law. There are limits to how far someone may go to protect their interests in real estate.
What can a property owner do if a neighbor is exceeding the property line?
A property owner can sue in civil court for ejectment, the...more
Running a business often means that you have to find effective ways to communicate with people with whom you don't really agree on important issues. From employees disputing an aspect of their work contract to contractors or suppliers who fail to follow through with their obligations to their business, it is inevitable that your company will have to deal with some critical disputes at one time or another.
Many times, it can seem like...more
Your heart probably sank when you got the notice that one of your commercial tenants had just filed for bankruptcy protection. After all, the health of their business directly impacts that health of yours.
So what happens now?
1. First, read the notice you received carefully.
Unless the tenant is already behind on their rent, this may be the first you've learned that something is amiss. The "Notice to Creditors" you receive...more
The New York City real estate market is hitting a slump -- and that may make it harder for sellers to offload property that they no longer want or can afford to keep.
The city's real estate market has been experiencing problems for several reasons. The reforms created by the Tax...more
How can you make your home ownership dreams a reality if you don't have enough money for a down payment or don't have a great credit rating? Owner-assisted financing is one option.
Owner-assisted financing can be a viable route toward owning your own home. However, it's important to understand both the good and bad things that come along with the process.
What is owner-assisted financing?
Typically, home buyers get a...more
Housing cooperatives, or co-ops, are a unique part of the urban real estate market, particularly in New York. But, how do you know if you'll like living in a co-op?
Here are some basics that you can use to get started:
What's a co-op?
When you "buy into" a housing cooperative, you are essentially buying shares in the corporation that owns the...more
Whether your company makes physical goods that consumers purchase or provides some kind of service, you likely enter into agreements with a variety of individuals. From your employees to your clients or customers, there will be a number of people with whom you need to execute contracts.
The more time and skill you take in the creation of those contracts, the more and better protections those documents afford your business. In fact, the...more
Old liens on a property are kind of like bad pennies -- nobody seems to know how to get rid of them, and they have an annoying habit of turning up when you least expect them.
It's entirely possible for an old, long-ago (and long-forgotten) lien to cause a house sale to come to a grinding halt. If that happens, here are...more
If there's a cardinal rule to real estate development that everyone should remember it's this: Get the zoning regulations down correctly before you start building.
Anything less can lead to a situation like the one that developers are experiencing over a 30-story condo in Manhattan that could be about five stories too tall. If a city official has her way, the...more
You know where your yard ends and your neighbor's begins, right? Well, maybe not. The problem many homeowners run into is that they (and their neighbors) assume they know where the boundary lines are between their two properties, but they have incorrect information.
Sometimes neighbors will go along for years without a misunderstanding about the property lines becoming evident. Then, one of them may decide to erect a fence or build a...more
Condos have a lot of appeal to various kinds of people. For renters, condos can bring the perks of ownership without some of the hassles. For homeowners, a condo can feel like a step down without taking a step backward, especially when it comes time to downsize.
Before you buy a condo, however, here are some questions you should ask yourself:
1. Is a condo a...more
Despite the proliferation of online aids for homebuyers, realtors still largely retain control of the market -- and their 6% average commission is usually split between the seller's realtor and the buyer's realtor.
A number of different lawsuits, however, taking aim at the system used to buy and sell homes could permanently upend the status quo that's existed between seller, buyers and realtors for a long time now.
Business disputes often happen when two partners decide that it is time to stop working together. They may have started out with the same goals, a solid business relationship and even a general friendship, but things have fallen apart over time.
Unfortunately, it's not always easy to divide up these roles and obligations. Financially speaking, both people have heavily invested in the business. They may both technically want to keep...more
Six New York City bills passed as part of the Climate Mobilization Act could affect real estate sales. That's because property owners must make fixes to increase energy efficiency and cut carbon emissions or be fined.
Owners of buildings of more than 25,000 square feet must do things such as install insulation and new windows or upgrade boilers in an effort to cut greenhouse gas emissions by 40 percent by 2030 or by 80 percent by...more
Living in a condominium has its perks. You get all of the convenience of an apartment along with the benefits of ownership.
However, you also have to deal with the condo association that controls your homeowners association agreement (HOA). The board that governs your condo's HOA does wield considerable power -- and you could end up evicted if you...more
What do you do when your tenant seems to have up and vanished without any kind of warning?
Lease abandonment is a fairly common problem for landlords. You need to know how to handle the issue so that you don't end up in litigation.
Tenants usually disappear for one of several reasons:
They're behind on the rent and moving out in the middle of the...
Real estate is a big investment. In fact, for many people, purchasing a house is the biggest financial transaction they're ever going to make. Therefore, it pays to be cautious. That's where a mortgage contingency clause can come in handy.
A contingency is generally any event that has to happen prior to an agreement becoming final. In real estate agreements,...more
As a landlord, there will be certain things that you will want to ensure are within your control. These things will likely include knowledge of who is living in your property, and whether anyone is illegally gaining income from your property.
Unfortunately, illegal sublets are a surprisingly common issue that landlords have to deal with in New York and around the country, but there are things that can be done to put a stop to them. The...more
Hoarding, or collecting piles and piles of unused (and often useless) items, is an aspect of a serious type of obsessive-compulsive disorder. While the last thing you want to get into is a lawsuit over disability discrimination against a tenant, the reality is that a hoarder can put your entire property at risk.
Learn more about what to do when you have a tenant renting from you and the hoard has become a problem.
Real estate sales in Manhattan have been in a serious slump -- for quite a while. Sales fell for the sixth quarter in a row, making that the worst record in the area's history for the last 30 years.
Last year, the housing market across the nation generally favored sellers -- but conditions in 2019 are already shaping...more
A lot of people end up losing their homes to foreclosure. Sometimes, a job loss or a sudden disability makes it impossible for someone to keep up with the mortgage. Sometimes, a marriage falls apart before there's enough equity in a home to sell it successfully, and neither spouse can afford to handle the mortgage payments alone. Sometimes, the price of real estate in an area just falls through, and borrowers feel compelled to walk away from...more
Back in 2008, Abu Dhabi Investment Council paid $800 million for 90 percent ownership of the iconic Chrysler Building in New York City. It turns out, that wasn't the best of investments.
The skyscraper -- one of the most famous in the nation -- just sold for a paltry $150 million. That's more than 80 percent less than what it went for back in 2008.
However, the new owners aren't exactly getting a big bargain. The land...more
Investing in residential property is popular for a number of reasons. It's often a great way for novice investors to get started when building a real estate portfolio and lease negotiations with renters aren't nearly as complicated as the kind that comes with commercial property.
However, most residential property investors quickly learn that those "bargain" properties they see up for sale due to foreclosure or pre-foreclosure can be...more
Starting a new business in New York with a partner is exciting and it feels like the sky is the limit. Dissolving that partnership is complex and often frustrating. Not only do you have to navigate the complicated legal process, but you feel like that dream you both worked toward has died.
That said, if you have a bad business partner, your dream may have never been anything more than a dream. It just wasn't realistic. Your best option...more
Effective this year, there are some new laws that can impact residents of New York City condominiums and co-ops as well as the boards and corporations responsible for these residences. Let's look at two that are aimed at the health and safety of the people who live there.
One new law, with the lengthy title "New York City Indoor Asthma Allergen Hazards in Residential Dwellings and Pest Management," requires owners of multifamily...more
When it comes to commercial leases, you're essentially on your own to protect yourself against predatory clauses and clauses that -- while not exactly predatory -- are certainly dangerous to your pocketbook. That's why it's important to understand as much as you can about commercial leases before you start to negotiate one, including things like a continuous operations clause.
If you're renting from a landlord in a strip mall or some...more
Amazon's plans to locate its new headquarters, the "HQ2," in New York City recently went bust -- and with it went a lot of real estate hopes in Long Island City and Queens.
Amazon had been widely expected to hire 25,000 people. This would create a need for housing, restaurants, grocery stores and more. In anticipation,...more
In many ways, contracts are the foundation of modern business. They are written agreements that guide the way businesses interact with one another and create consequences for noncompliance. A written contract can give a business the confidence to move forward with the next phase of development because the work and supplies it needs will arrive as planned.
Unfortunately, not everyone...more
Your tenants generally enjoy what's known as the "right of quiet enjoyment." In part, that means that they deserve to live free from unreasonable intrusions and disturbances -- including excessive noise from other tenants.
However, noise complaints aren't always easy for a landlord to handle. You can't do much about tenants that are overly sensitive to the normal sounds of daily life in an apartment building -- but you also can't afford...more
What's the best thing to do when you're behind on your mortgage payments and facing foreclosure?
The answer can vary from person to person. There are actually several possible routes you can take -- so it's important to consider all of them before you decide on your next steps. Here are some common alternatives to foreclosure:
1. Talk to your...more
These days, everyone is looking for ways to make life more affordable. Finding ways to reduce your housing costs is one way to do that -- so that has some people looking harder into cooperative housing as an alternative to owning a home, renting an apartment or buying a condo.
But what, exactly, is a cooperative?
Cooperatives are similar to...more
Could you be paying far more than you really need to be paying on property taxes?
Most people don't actually know whether the assessment they receive from the government regarding their property's value is accurate or not. They simply accept the number that they see on the "assessed value" statement that they receive from the tax department and pay the bill.
That could be a big mistake. While only 2 percent of homeowners appeal...more
Are you hoping to make a few extra bucks renting your unused condo out through Airbnb or someplace similar? You'd better hold off -- at least until you read this article.
In New York, you aren't allowed to advertise a short-term rental of less than 30 days in any permanent residency building. (For the record, it was actually already illegal to actually rent out the majority of apartments or condos on a short-term basis if you weren't...more
In residential real estate law, issues regarding repairs and maintenance to the property are relatively simple and straightforward. For the vast majority of cases, the landlord is responsible for all major maintenance and repairs. Typically, there is a requirement that the tenant inform the landlord of necessary work in a timely manner.
Tenants may have to pay for maintenance or repairs if they are responsible for any of the damage....more
Apartment buildings, or "multifamily units," are often great investment opportunities for people looking to get into the commercial real estate market.
They can also be real duds. Residents in today's market are highly demanding, and they know what they want. Before you throw your hard-earned money into a real estate venture involving an apartment building, take a good look at what the place has to offer potential tenants.
The proverb "Good fences make good neighbors" is often true -- and a fence that's badly in need of repairs or an eyesore can spark some ugly disputes between otherwise reasonable neighbors. That's especially possible when a fence is parked right on a boundary line.
When a fence sits right on a boundary line between your property and a neighbor's,...more
The deed to a piece of property is a fairly simple piece of paper -- but it's very important. It's what's actually used to convey ownership of a piece of property from one person to another.
The most common type of deed that is used for this process is called a warranty deed. It's often used when property is being bought and sold.
Commercial real estate investments can be a great way to grow your wealth over time. However, finding the right investment property can be tricky, especially when the market is good for sellers.
However, there are some methods you can use to...more
In some ways, a business partnership is much like a romantic relationship. People tend to idealize others prior to entering into a business relationship. They may experience admiration, jealousy or any other of a number of emotions related to their new business partner.
Over time, as with a romance, reality sets in and overpowers the idealized image. You may begin to argue, or you may even realize that you have conflicting concepts for...more
Why should you have to get a permit to do renovations on your own home?
That's the reaction a lot of homeowners have when they find out they need a permit to remodel some part of their residence. Many homeowners will skip the permit, if they can for a number of reasons:
Permits are expensive. Anything you can do to eliminate a few costs when you're remodeling starts to look like an attractive option.
What happens when the "house of your dreams" suddenly seems like a nightmare proposition, and you just want to back out of the deal you made to buy it?
Maybe you found out something about the neighbors after you made your offer that causes you to cringe. Maybe you suddenly got a great job offer in another state. Whatever the reason,...more
Owning a business can be tremendously rewarding -- and stressful. No matter how good your products or services are, there are a lot of different factors that can affect the health of your business in negative ways. You constantly have to look ahead and anticipate problems so that you can try to prevent them.
That's where exclusive use clauses in commercial leases come in. They're specifically designed in anticipation of potential...more
If you live in a rental unit in an urban area that's gentrifying, you may have heard of other buildings "going condo," after new management gets involved, much to the dismay of existing tenants.
It's important to understand the process that turns an apartment building into condominiums and renters into potential owners before it happens -- in case it happens to you. There's a series of...more
Signing a commercial lease is often a more significant commitment than signing a residential lease. Typically, residential leases either go month to month or last for one year. Commercial leases, on the other hand, often last anywhere from three to five years.
If you find yourself unable to remain on the property, you may be financially responsible for the remaining rent for that period of time. A commercial lease is similar to a...more
In real estate, there are sometimes disputes between neighbors. Perhaps a fence is in the wrong location, or a neighbor keeps blocking another one's driveway with their vehicle. Whether it's zoning issues or problems with the sale of a property, it's a real estate attorney who can help.
Why work with a real estate attorney?
With any real estate transaction, the goal is for everything to go smoothly. It's encouraged that both sides work with agents and attorneys, so they know that their contracts are legally binding.
When you purchase a property of any kind, it is very important to have a solid contract with contingencies to help you get out of the purchase if something goes...more
A condominium is a property that is divided up into individual units. These units are then sold, not rented, to others. With condo properties, people who buy often have shared interests in community areas. These areas are known as common property and might include hallways, grassy areas or other parts of the property outside their homes.
In real estate, people often have disputes. It might be over the neighbor putting items on their property or because of problems with a home that were not disclosed during purchase. It's important for those who are concerned about a property to have the chance to make things right with the other party.
Often, real-estate disputes can be resolved outside of...more
If you are interested in owning commercial property, then you may wish to know the best way to do so. There are several steps you can follow to make sure you get the right property for your situation.
When you buy a commercial property, following the right steps puts you in a better position. You think clearly about...more
When you have a small business, finding out that you have a claim against you is frustrating. It may be costly as well. Fortunately, most claims don't actually reach court. You may be able to settle a claim or resolve it by working out a solution with the other party.
There are dollar limits on small-business claims, so that's one good thing about having a small business and not a larger corporation. Small claims are limited to $3,000...more
When you are purchasing a property, it's important to know what you are getting. Even with a property inspection, it is possible to find that there are problems with the house after you purchase it.
If that happens, you may have a right to negotiate with the seller to repair damage or fix mistakes they made. After all, buying a home is a long process, and it...more
Real estate transactions are extremely common in New York City. There are literally millions of people living in the city and surrounding areas, and they all need places to live and work.
Learning about recent commercial real estate transactions is a good idea because it keeps you up-to-date on the changes in your city.
For example, a six-story walk-up at 245 East 30th Street was just renovated to create 30...more
There are literally dozens of reasons why you might end up dealing with a real-estate dispute, from arguing with tenants of your building to not approving of repairs a seller made to a property you wish to purchase. In most cases, contracts stipulate what you can and cannot do when there is a dispute.
In most cases, contracts make it necessary to go...more
If you own property in New York, you may have noticed that your property taxes continue to increase. Property taxes have actually grown at three times the rate of incomes in New York. A Sept. 7 report discusses how homeownership is something that many people aspire to, but it can be a black hole of fees and taxes.
Since 2005, property tax...more
Although there are times when it is impossible to avoid a dispute, there are some tips you can follow to avoid litigation. Lawsuits are inevitable, especially when you run a business but that doesn't mean that you can't resolve them outside of court sometimes.
It is expensive to go to court, so it makes sense that businesses want to...more
It is fairly normal for people to have real estate disputes. There can be numerous reasons for them, from finding new damage to a home you just purchased and had repaired to learning that a seller did not disclose all of the known damage there was in a home.
As someone looking to buy a home, you need to do all you can to protect yourself. One easy tip to...more
In real estate, there is always a separation between the physical and digital media used to sell homes. New companies are emerging to encourage better data exchange and information for all parties involved.
Real estate used to be fairly simple. Homes would sell regionally. There would be slow transactions, and listing exposure was low. Even communicative systems were not designed well.
Today, technology is a more thorough part of...more
If you buy a home and later find that it has significant issues, you may be in a position to file a claim against the previous owner. Not all situations can result in a claim, though, just because you're unhappy with a property.
The main thing to look for is whether or not the seller provided full disclosure of known problems with the property. If, for some reason, you are not told about all the defects the home has, then you would...more
Before you sign a commercial lease, it's in your best interests to make sure you ask questions and verify what it contains. While many people sign leases under the impression that they know what's inside, that's not always the reality.
Here are four things you should do to protect yourself when you sign a commercial lease and enter a leasing agreement....more
The reality of any situation is that there is always a chance that it won't work out the way you want. Many times, disputes require you to negotiate to resolve them, even though it's your preference to have a particular outcome.
If you want to avoid court, you may need to be willing to negotiate over whatever dispute it is that you're having. Here are four things you can do...more
While you may think that a co-op and condominium are the same, the reality is that these are two very different kinds of real estate. Condominiums are real estate you can own, whereas a co-op grants you only a share of a building.
When you consider if you want to purchase a co-op or condo, consider the fees first. Condos typically have...more
As someone looking to invest in real estate, you're wondering if you should invest in commercial real estate or residential. There are benefits to both. On one hand, you're working with individuals, families and communities. On the other, you're working with big businesses and retailers.
Commercial real estate definitely has its place in your investment portfolio, but choosing the right investment is the key to success. Real estate can...more
If you're familiar with the company Overstock, then you probably know it as an online retailer that sells furniture and other goods. Interestingly, that's not all it's hoping to be known for. The company is now attempting to get into real estate sales.
The company announced that it plans to launch a...more
The home-buying process is not always an easy one, and there is always a pinch of risk that comes with a purchase. For the most part, sellers are honest and disclose when there are serious issues with a home. However, there are times when sellers don't disclose issues that they know about. For instance, a seller may try to cover up the fact that the basement leaks or that there are other serious defects in the home.
If you make a...more
For the past 20 years, you have been working hard to build your brand. It takes time, work and money. You kept telling yourself, "it's a marathon, not a sprint."
It paid off, however. You grew your brand from a local presence to a statewide force. You saw it start to expand across the country. You even began making international sales. It is everything you hoped for since you started the company.
Then, someone else sees your...more
There's good news on the horizon for renters of commercial properties, but not so much for landlords of properties. Why? New York City is seeing a drop in the cost of rent as a number of new retail locations move into the area.
That's not necessarily a bad thing, since it encourages new retail outlets to open up in the city. However, the average rental rates fell by around 12 percent, meaning that landlords had to be willing to take...more
House flipping is popular among investors, but there is a chance that any house flip could be a flop. If you don't do your research, you could end up making mistakes that lead to heavy financial losses.
With any house flip, there is the potential to make a lot of money. This strategy requires you to purchase a property, to improve it or to wait...more
Zoning laws make sure that certain types of structures are placed in a way that is beneficial to the local economy and the people who live in the area. Zoning regulations control the way a municipality is divided into commercial, industrial and residential zones.
Zoning laws are quite specific and include information about which kind of buildings can be built and for what purposes they can be used. Some people get into disputes because...more
If you're interested in buying a short-sale home, then it's very important that you understand how the process works and what it means for your investment. A short sale can be a great investment and give you a good deal. Usually, when you see a property listed for less than is normal in an area, it's likely that it's a short sale.
The majority of...more
You're interested in buying a commercial real estate property that will repay you tenfold. You've looked into multiple options and think that a strip mall might be the right choice for you.
Is it the right decision, or should you keep looking? Here are some interesting things to consider before you decide to purchase the community of shops.
What should you do to make sure a strip mall is a good investment?
The first thing to...more
If you are in the middle of a dispute or know one is about to erupt, one option is to consider mediation to resolve the issue. For the most part, people are willing to participate in mediation to avoid having to go to court.
Mediation is a good first option because it allows both parties to state their grievances and to work toward a reasonable solution. However, mediation cannot be successful if neither party is willing to negotiate or...more
When moving into an apartment, there are some mistakes you can't afford to make. This real estate transaction might not be for the long term, but it could affect you for some time if you don't do your research.
Around 20.8 percent of the population is made up of millennials, many of whom are moving out into apartments. Nationally, there is a shortage of places to rent and a hike in pricing, which makes it harder to find a place to call...more
How would you feel if you could look at an apartment and know it's really all it looks like it's supposed to be? How would you feel if that rating applied to a property you owned?
Interestingly, an apartment certification service has cropped up in New York, and it works to determine a property's grade. Like in school, apartments with quality landlords who take care of the needs of their tenants are given high scores, while those who do...more
Real estate mediation and arbitration can make a bad situation easier to handle, especially if the other party is willing to negotiate and work with you despite a disagreement. For the most part, these types of dispute resolution are appropriate when there has been no criminal conduct. Mediation and arbitration are both often used for disputes to do with inspection issues, earnest money disputes, repair issues, claims of misrepresentation and...more
There are many things that can stop a real-estate transaction in its tracks, but nothing hurts a sale more than finding out a property has awful neighbors. There are various ways neighbors can hurt a sale, like by having unkempt lawns or being nosy or noisy.
Did you know that a bad neighbor could drag down the value of your home by around 10 percent? On even a $100,000 home, that's not a number to scoff at. Of course, sometimes, you...more
Running a successful business isn't an easy thing to do. You have to manage so many different areas of the company, from daily operations to future growth. Finding and contracting with suppliers or wholesalers can be another major part of the job. Sadly, not every company that's in business is looking to do a great job and build a solid, long-term business. Some people are only trying to make a short-term profit, and they may not mind lying...more
In New York, there had been a dispute over the deregulation of a rent-stabilized unit. This dispute began in 2005 and threatened to impact all landlords and renters if the court found that the changes were unacceptable. Per the defendant, the owner had deregulated the apartment in accordance with the law.
When the tenant left the unit, the rent was $1,829.49 per month. When a 20-percent vacancy allowance was permitted, the legal rent...more
When you're interested in adding industrial property to your investment portfolio, your main concern may be finding the right property to diversify your portfolio without losing income. You want a safe bet; The goal is to find a property with a source of steady income.
If you're purchasing real estate to rent to a prospective tenant, you need to know about the...more
If there is one thing that homebuyers love, it's when they finally have the keys to their new home in their hands. Sometimes, closing a home takes much longer than it needs to, but you can take steps to make the transaction go faster.
Some easy tips for closing your home faster include scheduling an early closing, getting the title cleared quickly, working with an experienced appraiser and waiting to make any additional major purchases....more
Buying a home is often a dream of the young or newly married couples. Owning a home is a way to increase your worth and encourages you to invest your money into something solid. A home is a real asset that could become valuable as the economy improves and houses become a commodity in your local market.
In today's society, it's sometimes hard to...more
Building up a successful company and brand takes time and significant financial investment. It can require years to develop a faithful customer base and a positive reputation. During that time, you will likely grow and expand your company as much as possible. It may start with building a website and designing a company logo. Soon enough, you have a visual aesthetic for your brand that people recognize and look for when making purchasing...more
Many people dream of the day they'll buy their first homes. They want to move in as soon as possible, making it possible to enjoy a home of their own without the restrictions of apartments.
It can take quite a while to purchase a house, despite the fact that it is a relatively straightforward process. You need to account for the time it will take to buy the home, move in and move out of your current apartment or home. Here's what you...more
If you live in a neighborhood, you're probably familiar with neighbors fencing their yards. They do so to keep in pets, keep out people or animals they don't want in their yards and for decoration. Unfortunately, not all people fence their yards off appropriately, which becomes a problem for those who are affected by the fencing.more
Before you buy a co-op or a condominium, it's important that you understand the differences between the two. In a city, it's common for people to purchase one of these two types of properties. They are similar, but they're not the same in every way.
Co-ops, for example, are collectively owned and managed, which means you own a portion of the corporation itself when you...more
When it comes to real estate, there are a few red flags you need to watch out for. Not getting good responses in a fair amount of time from a buyer or seller, being surprised by calls with high emotions or note that the other party is trying to control the transaction, it's time to step back and review what you know.
It's a frustrating thing to deal with high emotions during a sale or purchase of a property. Of course, you have a right...more
Real estate disputes don't only involve small corporations and businesses. Sometimes, real estate built for commercial purposes results in disputes with larger entities, like the government itself.
Take, for example, a case taking place in New York. A March 21 report stated that Cor Development Co. is suing the state for unpaid construction bills. It is believed that the state has delayed making payments because two of the executives of...more
If you live in a community with a homeowners association (HOA), you may find that you notice disputes happen between the HOA and homeowners in the community. You might even have a dispute of your own.
Normally, HOAs are reasonable. If they ask for all homes to maintain neutral colors, then any neutral color should suffice. That isn't always the case, though. For instance, there was a case in 2003 that involved an HOA that made a woman...more
When you look at real estate, there are factors you need to consider. For instance, you need to understand how much a property is worth, not just what the owner wants to sell it for. It's also vital that you know about supply and demand. If demand is high in an area, then the seller may be able to ask for more than if he or she is selling a property when demand is low.
Remember that even if a home sold for more several years ago than...more
As someone who is aging, you may worry about being able to make your payments on time for your home. If something goes wrong, will you be kicked out of your house? Are any of your rights as a homeowner protected?
New York has homestead protection laws that could help people in that situation. According to the laws, small property owners can protect...more
Everyone has had one neighbor, at some point, who caused them problems. Maybe the neighbor was too loud, parked in a way that blocked your vision as you left your driveway or insisted on using your property against your wishes.
Whatever the issue is or was, it's important that you know that you have ways to address problems with your neighbors. Neighbors may sue their neighbors over nuisance-causing behaviors. There are two main things...more
As someone who wants to make a real estate purchase, it's important not to make mistakes that could put those investments at risk. There are several kinds of mistakes possible that you can avoid with the right knowledge and education.
If you make one of these errors, it may be difficult to save the purchase of a property. Here are a few things to look out for to protect your rights.
1. Make sure the seller has the rights to the...more
A highly successful business will attract potential lawsuits; it's almost guaranteed. However, most of these business disputes do not have to end up in court. In most cases, business owners and managers can navigate a dispute without the need for litigation.
Successfully negotiating and resolving a dispute to...more
Running a home business has always been your dream. You may not want to be the CEO of a national corporation, but you want the freedom of being your own boss.
If so, there are a few key things you should know about starting a business in your home:
Your property may need to be commercially zoned. Odds are that your current zoning is residential, which means you can't use the property for commercial pursuits. You may feel...
When you're ready to purchase a home, there are many questions you need to ask. Failing to ask certain questions could result in problems down the line, so it's important to take the time to get a full understanding of the property you're purchasing as well as when the contract to purchase can be cancelled or voided.
The first thing you should ask is how much you can afford versus how much the house is listed for. Many owners will...more
If you're looking to buy or sell real estate in New York, you need to know which markets are hot and which aren't. Right now, the hot market is in commercial real estate, while the retail market is declining.
The good news is that commercial real estate sales are booming in western New York, creating plenty of opportunities for those who want them. Commercial real estate is especially popular when involving industrial or multifamily...more
New York City and the State of New York have various zoning laws you need to know about if you plan to build or buy a property. Zoning helps keep certain structures as residences while others are created for the purposes of commercial or business activities.
One common zone is R4-1. This is a residential real estate zone. This zone allows for...more
Working with a business partner is a lot like having any other kind of relationship. Some days are going to be great, and you will see eye to eye on everything. On other days, the two of you might not be able to stand in the same room together. These kinds of ups and downs are typical in any kind of relationship, but when the operations of your New York business is in danger, it might be time to find a solution to your...more
You have a home in mind for a purchase. You have been looking for months, and you're ready to buy. That's when you realize that the title might not be clear. Someone was telling you about a problem that had come up with his purchase, and now you're concerned.
It is very likely that there is a mortgage lien on the house you want to buy, but that...more
If you're looking to invest in New York, it may be time to look into real estate in Brooklyn. A Jan. 11 report discusses the important increase in the median sales price of homes in Brooklyn. The median sales price rose to $770,000, 2.7 percent higher than in 2016. Brooklyn's real estate market has continued to improve even though the surrounding area in Manhattan faltered.
Thanks to celebrities being interested in apartment shopping in the Big Apple, New York real estate had a great year. According to a Jan. 2 news report, the real estate market had its good and bad times in 2017, but with celebrities making their homes in the city, they helped boost the overall value of homes in the area.
One of the major things...more
A tax bill approaching a vote could be positive for commercial real estate owners in New York. According to the news, the bill would provide corporations with tax cuts, which would help businesses structured as partnerships save. Others who would benefit include pass-through companies and limited liability companies. In real estate, most...more
A business law dispute that ends up in court can be very impactful on a New York company. If the business doesn't win the lawsuit, it might have to make a large payout that leaves the company bankrupt -- or significantly affects its bottom line.
Considering impactful nature of business litigation, many New York business may owners want to...more
You've found a home you want to buy, but before you can do that, you need to sell yours. You've already put in an offer on the other home, so you're looking to sell quickly. Before you know it, you get an offer; it's not from a stranger, though.
Selling your home is fraught with difficulties, but if you've already found a buyer, you're ahead of the curve. If that buyer is someone in your family, take a moment to think about how you want...more
In the city, you could run into a problem with a neighbor who takes over your sidewalk garden. Sidewalk gardens are small spaces intended to be designed and cared for by the residents whose property adjoins them. They may have a tree and a small patch of ground where the resident can plant.
Also known as a pit garden, the small area is designed to beautify the city. Since residents are intended to make each pit garden their own, they...more
When you buy a home, you expect the homeowner and realtor to disclose any issues the home has, especially if those issues are costly or could cause health problems. One such problem in a home could be the presence of toxic mold.
Mold isn't particularly uncommon in homes. Toxic mold is dangerous, though. Black mold is discussed frequently, but it's...more
One good thing about owning real estate is that even if your business begins to fail, you have an investment that could support you. This is best presented in the case of Macy's. Recognized for the Macy's Thanksgiving Day Parade and its local stores around the country, Macy's is a household name. Despite that, its sales have fallen for 11 quarters in a row, and, in 2017, its stock plummeted. Now, it's around 41 percent lower than a year...more
As a business owner in New York, you understand the importance of contract completion. You make it a point to go that extra mile for each and every one of your clients. But, what happens when one of your business contracts, e.g., a vendor, remains unfulfilled, causing both you and your clients to suffer as a result? When this happens, you might find yourself in the middle of a...more
In the majority of real estate transactions, escrow arrangements are made to guarantee funds to the seller from the buyer upon the completion of the sale. A third party holds onto the funds, so neither of the other parties has access to them until the deal is finalized or cancelled.
Sometimes, disputes do arise, and that can mean that the third-party escrow agent receives conflicting instructions. The buyer might say not to pay, whereas...more
Before you buy a home, there are a number of things you should know. Buying a home is a long-term goal for many people, and when you make that purchase, you want to know that it's the right one for your situation.
If you're ready to buy a home, remember to keep these tips in mind:
Remember that you're signing a contract
There are plenty of reasons why neighbors have disputes, but one of the most common comes from the proximity of trees to their properties. The issues caused by trees vary from blocking one neighbor's view to putting the other's home at risk.
What should you do if you think that your neighbor's tree is causing a problem? It's easy; talk to them. If they agree to trim the tree back or remove it, then you don't have a problem. If not, then...more
You've been interested in purchasing either a condo or a cooperative housing project. You have the money to put down on either, but you're not sure which one will end up making you more money in the end. You want to have an easy lifestyle there and also to obtain investors into your community.
If you're running a business, there's a chance you've run into disputes in the past and may do so again in the future. Fortunately, there are ways to keep your disputes out of court, so you can save time and money.
Keeping on good terms with your neighbors is key to success, especially in cities where space is limited. It may not be surprising that not everyone gets along. In fact, in the United States, corporations pay upwards of $20...more
You purchased a home, and now you're in shock at what you've found. Even though you had a survey of the land and home, there is mold everywhere in the basement and the foundation has cracked. You think the seller hid some of the concerns, and in the time it took to complete the sale, the house has suffered some major damage.
When the contract is signed and a home is sold, you might think you're out of luck. Fortunately, that isn't...more
You want to open your business locally, but you're not sure about the commercial leases you're being offered. Are they really what's best? Are you getting a good deal or getting ripped off?
There are several kinds of commercial real estate leases. These leases include full-service leases, modified gross leases and net leases. Understanding the benefits of each kind of lease can help you choose...more
Even in New York, there are properties that are abandoned. These properties may be inhabited by individuals who publicly move in without paying. People who do this may eventually take possession of the property through adverse possession laws.
Under adverse possession laws, someone can acquire the title to a property after a certain amount of time has passed if the person has moved in publicly and made improvements to a neglected...more
When you decide you want to rent commercial property, there are many different things to consider. One of the most important to you may be the square footage. You want to have enough room for your business to grow and thrive, and you also want it at a fair price. When you look into buildings with the square footage you want, ask how the landlord measures. Some measure from inside the room, while others measure from outside the main walls....more
A new development in West Chelsea may be of interest to you if you love swimming. This 31-unit mid-rise is meant to have 4-foot-deep pools in over half its apartments. The pools will be indoor-outdoor units, giving people the option to swim in any weather conditions. They are heated as well, making them ideal for the winter months.
How much does real estate like this cost? These apartments, specifically, cost around $3 million for a...more
Imagine purchasing the perfect property in New York City. You have beautiful views, overlook the parks and enjoy seeing sunrises and sunsets from your living room. Then, one day, you wake up with a blocked view. In the once grassy lot next to you, someone planted large trees that are impeding the view from your living room windows.
The view from your home has...more
You love spending time in your yard, but lately you've noticed that your neighbor is putting a lot of his trash on your property. At first, you thought it was just a mistake and that he wasn't aware of the property line, so you talked to him and he said he'd correct the problem.
Today, you went outside and saw even more trash in the same place and even further onto your property. Now what can you do? Prior attempts at talking with your...more
Any time you decide you want to sell a home, it's important that you work with someone who has the skills and experience to assist you. Before you decide who you want to work with, you need to ask a few questions.
You can ask these questions when you first meet the real-estate agent or attorney you plan to work with. He or she should be open to answering any questions you have about his or her history in the field.
What should you...more
Environmental issues can make a real estate transaction go south faster than almost anything else. Imagine wanting to purchase a property and getting halfway through the transaction before you find out that the land had been contaminated or that the home is essentially lined with mold. It could be devastating and ruin your prospects for...more
Condominiums, which are usually referred to as condos, are homes similar to many others on the market. They offer you a place to live and provide you with many of the rights that you'd gain as a traditional homeowner. The difference is that the development of condominiums is managed by an association, and that association makes rules for the community. The individual owners of the condominiums share ownership of common areas while the...more
If you're ready to sell a home but aren't sure you have a clear title, that's something you're going to need to work out. Without a clear title, it's going to be incredibly difficult to find someone who will be able to finance a purchase. Mortgage lenders won't want to finance a purchase that doesn't have a clear title, because problems that arise from black marks on the title could affect the value of the property.
Buyers can choose to...more
If you're interested in purchasing a property for your business, one of the things you need to be certain of is which type of zoning the property falls under. If you want a business, an area zoned for single-family homes and residences won't help you. The same is true if you're interested in living in a property but purchase a property zoned only for commercial use.
Zoning matters, because only the category listed is able to occupy a...more
You weren't worried about your neighbor's landscaping, but then you noticed that they were making their land higher than yours. There used to be a dipped area between your properties that collected water, but now, there is a hill that glides down onto yours. If your home suffers water damage as a result of this change, do you have any right to complain?
Generally speaking, neighbors aren't responsible for naturally occurring water...more
You saw a beautiful home years ago that you wanted to purchase in New York City. At the time, it was listed at $3 million in a prestigious part of town. Today, you see the same real estate is for sale, but it's at a shocking $17 million. What has changed that made its price go up so much in such a short time? How could this happen despite a market that was still in recovery until recently?
If you live in New York or would like to buy...more
If you're interested in buying property in New York City, you may have already realized that the market is close to overheating. With prices at their peak, now probably isn't the best time to buy.
If you do choose to buy, you could find that your property won't increase in value very quickly. It may even lose its value due to falling real-estate prices in the city. There are other markets that you could choose to participate in,...more
If you're interested in buying commercial real estate then you should know about the current state of real estate in New York. At the moment, real estate has come to a head with extremely high prices. Since prices have peaked, meaning that prices now are as high as they are likely to go, and they may even begin to dip. If you buy now, you could end up spending more than if you wait a short time before you invest.
In economics 101, you...more
With 2017 at the halfway mark, it's good to take a moment to look at the predictions for this year's real estate market. City Realty, for instance, predicted that 2017 would finally be the year where condos would drop in price. It would be the first time in five years that they would do so.
Even though that might be good news if you're looking to invest in residential real estate, you have to look at the 10-year average to really...more
If you're interested in purchasing property in New York City, now may be the time. A report from July 6 says that the current real estate market has taken a plunge, so bidding wars and cash deals are becoming less common. Since the market has become less urgent, sellers are having to reduce prices more than in 2016.
Despite that, cooling...more
It has always been your dream to own a cooperative. You want to be part of something that grows a community while bringing you a passive income. It's possible, but you need to be careful.
Before you purchase a co-op or condominium, it's important to consider all aspects of the purchase. The unit itself may be priced in accordance with its size, location and amenities, but it's up to you to make sure you only purchase a property that is...more
When you have a business in the city, the last thing you want to see is a neighboring business have a construction team that blocks the traffic to your store. Construction has the potential to cause you serious losses, and it's something your neighboring business owner should have talked to you about.
That's not the worst of it for you, though. In your case, the new construction around the building is now blocking the view from your...more
If you live in New York, you may be familiar with Billionaire's Row. The stretch of real estate near 57th Street and Central Park has been struggling recently. There have been two apartments in One57, a large building in the row, foreclosed on in the last two months, as of a June 26 report.
The first foreclosed unit sold for $21.4 million in July 2015, Now, this property is going to the auction block. It was purchased for $50.9 million...more
When you purchase a home, you may want to consider buying as an LLC. There are a number of reasons property buyers may want to do this, including shielding their identities from the media or the public. Some sellers may believe using a limited liability company is a little suspicious, but it's not. It's a common practice, and here are a few reasons why.
First, and LLC helps protect your identity when you make a purchase. Deeds and other...more
If you have a dispute with a neighbor, a home's seller or another party, it's important that you take steps to move on from that dispute and come to an amicable solution. While going to court is one option, there is also the possibility of involving both parties in mediation or arbitration.
In cases where you've purchased a home or structure that...more
When most business owners hear about mediation, they think about one thing: the notion of "compromise." In other words, it's common fear of business owners in the throes of a business dispute to worry that they won't get everything they want during their mediation process.
While it's true that many mediations can involve some kind of compromise, the general goal is to arrive at a fair agreement that both sides are genuinely happy with...more
Condominium living can be an exciting idea, but only if you understand what you are taking on. Is condo living really right for you? There are many things you need to consider before you make that decision.
There are some benefits to owning a condo, for example. These benefits may make it worth owning a condo if...more
Opening your own business is a day of great joy. There are several factors that have an impact on your business' success. One of these is the location where you operate the business. If your business is a restaurant, location is one of the most important factors.
You might think that you have the perfect location for a restaurant, and you just might. Before you make plans to sign the...more
If property taxes are keeping you from wanting to own a co-op or condominium, you're not alone. In fact, co-ops and condos end up paying five times more than other homeowners in property taxes, something that has long been regarded as unfair in the state.
Today, in 2017, that may finally be addressed. According to a May 22 report, a group of landlords and activists named Tax Equity Now has stepped forward and filed a lawsuit to seek...more
When you want to run a business, it's important that the property you use is zoned correctly. If it is not zoned correctly, you may be unable to use the property to perform your business' operations.
Zoning regulations were created by municipalities so that they could direct the areas of development within their borders. For example, a city might have one sector for commercial businesses and another for residential buildings.
Real estate in New York has continued to increase in value to the point that it is now setting records for its sale prices. If you're planning to buy real estate, you may want to consider a co-op, because selling prices have fallen, making them more affordable. The average price as of April 2017 is around $711,000.
Real estate on the whole has risen in price dramatically. Condo sales have driven the market, and the number of completed...more
A condominium is similar to a traditional home in that you can sell and buy it, but it's different because common areas are co-owned by the people who live at the property. Condominiums can be converted into apartments or vice-versa. Each one has the potential to be sold with an individual deed and is subject to a separate mortgage. The entire property does not need to be purchased as a whole.
As the owner of the condominium, you are...more
As a homeowner ready to sell your home, you want to make sure your home goes into good hands. One thing you may want to know is if you can legally refuse to sell your home to a willing buyer. You can, but there are times when your refusal may break the law.
There are fortunately a number of reasons you can choose to refuse to sell that are legal. For example, you could state that the offer wasn't high enough. You might also change your...more
No one likes to live next to a neighbor who is bothersome or who causes trouble for them. Maybe the neighbor is too loud, or perhaps he has started to infringe on your property boundaries. Whatever is happening, if you have a neighbor who you have a dispute with, you can take legal action to help stop it early.
There are two kinds of...more
If you're ready to open a business, you're probably in the market for some commercial real estate. Finding the right lease is important, and knowing that it works for you without putting strain on you is key.
How can you find a lease that works for you? The first thing to look at is the value of homes in an area. When home values drop, so do commercial values. Usually, when home prices go up, it means there are many people in an area...more
When you want to rent commercial real estate, you need to understand how to negotiate a lease. Commercial leases do not have a standard agreement, so it's a good idea to have your attorney look over any agreement you want to sign. Additionally, you may be able to get a number of concessions from the landlord if you take the time to negotiate the...more
As one of the world’s largest cities, New York is a complicated and expensive place to own a home, leading most residents of the city to rent their living space. Unfortunately, the fiercely competitive housing market often makes for unnecessarily combative relationships between landlords and tenants.
We all know the stereotype of the gruff, unhelpful landlord who is slow to fix maintenance issues and quick to call about rent that is...more
You want to be a good neighbor. You live in a populated area, and you paid a good amount of money for your home. Your neighbor is bothering you, though. He has started to encroach on your yard with his trees and shrubs, and he's playing music so loud you can't concentrate.
What can you do? Usually, talking to a neighbor should be enough...more
Despite the fact that real estate transactions appear as if they should be simple, the truth is that there are many ways to make mistakes throughout the process. Since there are ways a transaction can fail, it's always a good idea to work with a professional who is familiar with real estate law.
How can they help? Consider these interesting situations you could run into. Imagine trying to buy a property and discovering that you have...more
If you've always wanted to run your own restaurant, one way you could do it is by leasing a restaurant that is already empty and ready for use. If you don't have a lot of cash to start with, this is a good option. There are several benefits to leasing a restaurant space, including not having to worry about a mortgage and potentially not having...more
When you live in a condominium, there are bound to be issues that come up from time to time. There is typically a manager and board that works with members to work out issues that arise, although you can work out a problem on your own with the owner of another condominium if you two are amicable. Here are a few ways that you can work through a problem when it comes up.
First, remember that it's easier to talk to someone the first time...more
Real estate markets, especially in trend-setting areas such as New York, often rely on the power of psychology to drive buyers into a deal. Traditionally, for example, realtors might create alluring online ads to drive more people to see a property. Once they get a crowd rushing an open house, they use that as leverage to create a sense of urgency about the deal: With so many people looking, a buyer who wants the property needs to leap...more
After years of running your own bookkeeping practice, you are ready to retire and start the next chapter in your life. Unfortunately, ending a business is not as easy as locking up the office and just walking away. Many ramifications exist when you close up shop. You will have to deal with tax issues, informing your employees of your intentions, and notifying your clients.
Regardless of the type of business entity you have, there are...more
Buying a new home is something that should be done carefully, and you always want to have the proper inspections carried out to make sure you know what you're really getting. Experts warn that it's something you should not do emotionally, though one expert claimed that that's exactly what 80-85 percent of buyers do.
It's easy to understand. You've been looking for a home for a while and dreaming of finding one. You finally do, and it's...more
Mayor Bill de Blasio is asking the state legislature to enact a new "mansion tax" in order to bring more money into New York City's coffers. The goal is to help some 25,000 senior citizens throughout the city stay in their homes at prices they can afford.
The proposed 2.5 percent tax would impact homes with a sale price of $2 million and over. The current mansion tax, implemented by Gov. Mario Cuomo back in the 1980s, is 1 percent for...more
Our readers who are familiar with Chinese culture (or just enjoy a trip to Chinatown occasionally) know that 2017 is the Year of the Rooster. The rooster is considered to be the most motivated of all the animals in the Chinese zodiac. The Year of the Rooster is considered by some to be a good time to invest in real estate.
One investment professional explains, "For ancestors who had no alarm clocks, the crowing was significant, as it...more
Most people who are buying or selling a home in New York City don't need an attorney. A knowledgeable realtor should be able to guide you through the transaction. However, in some cases, it's wise to have an experienced New York real estate attorney to help avoid legal or financial repercussions later on.
Following are some cases where it's wise for people selling a home to consult with an attorney. If:
-- The owner is deceased...more
You have picked out a space for your new yoga studio, now you need to contact vendors for equipment, fixtures, and items for resale. Choosing the right vendor is very important when you start a new business. You want to do business with people that are reliable. The last thing you need is for a vendor to tell you he or she cannot deliver your order at the very last minute.
In addition to reliability, you want to choose vendors that are...more
Anyone who has an adjustable-rate mortgage knows that even a small change to interest rates can mean a big change to your monthly mortgage payments. Shortly before the end of last year, the Federal Reserve raised interest rates for the first time in awhile -- by .25 percent. The Fed has suggested that another rate hike could come this year.
While people who purchase multi-million dollar properties often don't need mortgages, first-time...more
Recently we discussed the potential problems of hiring a condo or co-op board director as a vendor. It's important, however, for the board to maintain control of who can hire vendors as well as contractors and not to give your management company authority to hire someone without the board's approval. It's also essential for someone on the board to monitor the invoices as well as the actual work on a regular basis.
If your management...more
It's not unusual for condominium or co-op board members or directors to have careers that would make them a good candidate to be hired as a vendor by the board. For example, some may want to act as a property manager for foreclosed units or for units belonging to New Yorkers who winter in Florida or spend extended periods away from home on business.
However, hiring a board member or director as a vendor, while not illegal, can result in...more
A New York City real estate agency recently published its end-of-year report on our city's residential real estate market, and the news doesn't appear to be good for those involved in luxury properties. As the president of Olshan Realty, Inc. said, we are no longer in the "golden years of new condo development," which she describes as 2013 through 2015.
Other sources, including the Federal Reserve, have reported that 2016 saw a slowing...more
In a perfect world, neighbors would always peacefully resolve their disputes. In the real world, however, things between neighbors can take a nasty turn with little provocation. Previously genial neighbors can become cold and passive-aggressive over minor things like the placement of a garbage bin or someone forgetting to mow their grass. Many times, the dispute that causes a neighborly rift may be over a tree.
Chances are, the trees on...more
New York City's housing market is always changing. The hot new affordable borough or neighborhood often becomes out of reach financially for many New Yorkers, so they move on to another up-and-coming area.
Of course, even small Manhattan apartments have been unaffordable for many people for decades. The average sale price for a Manhattan apartment is now over $2 million, according to City Realty. That's more than 90 percent higher than...more
Many condos and co-ops in New York City are adjacent to or even share buildings with businesses such as grocery stores or restaurants. Where there's food, there are often pigeons that leave droppings and build nests to start a family.
Aside from the droppings, which can interfere with your...more
New York City has long been known for its vibrant arts scene. Buildings and warehouses across the city are used as artists' lofts, galleries and event spaces -- sometimes illegally.
After the tragic fire in an Oakland, California, warehouse on Dec. 2 that killed 36 people, there's growing concern across the country about the safety of these spaces that have largely flown under the radar of city regulations.
Many young people...more
New York condominium unit owners and co-op shareholders are now going to have increased access to certain condo and co-op board documents. These include financial statements, legal documents, invoices and receipts and well as contact information of residents.
That was the decision of an appellate court in a case brought by a unit owner of a condo on 52nd Street. She's been fighting a legal battle since 2011 to gain access to her condo...more
In the age of online rentals, you may have a tenant that is tempted to sublet your rental property while he or she goes on an extended vacation. Or, perhaps your tenant has moved to a less expensive unit and is now using your property as a source of income.
Either way, subletting without your knowledge or permission can cause all sorts of problems. If you have language in your rental agreement that addresses the issue of subletting, you...more
Manhattan has long been known for its diners. Even people who have never lived or visited here likely know the infamous Monk's Cafe from the classic show Seinfeld. However, this year has seen the demise of a number of diners, some of them classics, that have been in business for decades.
There are about half as many diners in New York City as there were just two decades ago, according to the city's health department. Cafe Edison, which...more
Earlier this month, New York City construction unions and the Real Estate Board of New York reached a tentative agreement to renew a tax credit program aimed at incentivizing builders to provide affordable housing in the city. The 421-a program, which expired last year, gives developers tax credits for constructing affordable housing in certain neighborhoods. After the program expired, development throughout the boroughs fell...more
Here in New York City, many of us live in very close proximity to our neighbors -- and to their pets. Many co-ops in the city allow residents to have pets. This can present an issue for co-op boards if other residents have allergies to animals.
Just because a building is pet-friendly, that doesn't mean that residents with animal allergies must simply suffer. People with allergies to animal fur and dander don't necessarily have to be...more
Most New Yorkers enjoy transitioning from the smells of the city as they enter office and residential buildings, hotels and restaurants. To make that experience even more pleasant, many upscale condominiums and apartment buildings have partnering with companies that provide fragrances to infuse lobbies, fitness centers and even hallways. They're often brought in through the building's ducts. They see it not only as a perk for residents, but...more
As a business professional, you deal with contracts on a regular basis. While most agreements will never wind up in a dispute, it's important to remember that this could happen at some point. From delays to financial problems, you never know what could lead to a breach of contract.
Before we go any further, let's...more
Many residents of New York City co-ops pay building maintenance workers and porters to do odd jobs in their individual apartments -- anything from changing a light bulb to putting together furniture. They know these individuals and often find it easier, less expensive and safer to ask them for help rather than call a handyman service or other professional. They may also feel like they're helping these folks out with a little extra...more
Donald Trump's controversial campaign for the presidency has hurt his brand as a real estate mogul and businessman. It has impacted the New York real estate market, where he made his name. There's empirical evidence that the values of his condominiums and other products that bear his name and even that of his daughter Ivanka are in decline.
Trump's focus in his campaign, which it looks like he's going to lose, has been on working class...more
Condominium and co-op boards here in New York City have different rules around their voting processes. For some, all votes are secret. Some even use a double-envelope system. In others, there are no systems in place to keep the votes secret. That means that people on the board who collect the ballots aren't prevented from looking at them. They can conceivably retaliate against board members for their votes and even turn other residents...more
According to real estate broker Cushman & Wakefield, New York City has regained its spot as the most sought-after city for commercial real estate investment and development by foreign entities. New York dethroned London, which previously held the top spot.
Cushman & Wakefield, which has offices here in NYC, publishes an annual survey of commercial real estate investment...more
A seemingly-good New York real estate deal can have unexpected financial ramifications if you don't know which tax rules and codes apply to your transaction and which can be used to your benefit. Like all tax laws, the laws pertaining to the purchase and sale of residential and commercial real estate are constantly changing. That's why it's essential to have a team of legal, financial and tax professionals advising you so that you can take...more
What recourse does a New York co-op board have if a registered sex offender moves into the building with an occupant who has already been approved and is living there? That was a question posed recently in a real estate column in The New York Times.
According to one New York attorney, the board can't force the person who owns the apartment to sell it if there are no restrictions on having roommates or on allowing registered sex...more
There are many business structures available in today's market. These structures can provide legal protections and business advantages. One example is a partnership.
Partnerships generally involve at least two people coming together to form a business. This type of a business structure can often benefit from a partnership agreement. These legal documents can help reduce the...more
New Yorkers have seen Brooklyn go from a more affordable alternative to Manhattan to a hip (and increasingly pricey) borough. Now Queens seems to be headed in that direction. Areas such as Astoria, Sunnyside and Woodside are becoming particularly popular.
Once famous for being the home of TV's Archie Bunker and family, some of its neighborhoods are becoming among the most popular in New York City. Queens has had the second largest...more
He may not be as notorious as Donald Trump, but Shaya Boymelgreen is nonetheless a well-known and controversial figure in the world of New York real estate. Residents of his properties in the city have been complaining and initiating litigation for nearly a decade regarding construction issues and poor workmanship.
Now he has reached a settlement with Eric Schneiderman, the state's Attorney General, to fix building code violations in...more
Here in New York City, with limited square mileage, developers often build up rather than out, occupying valuable vertical real estate space. In fact, higher floor units, whether in commercial or residential buildings, often command higher prices because they come with some stunning views of the city and better natural light.
However, New York City puts limits on overall development to help ensure the livability of the city. We don't...more
Medical insurance companies are expected to meet their contractual obligations with policyholders. In some cases, these agreements work well. In others, the company may take advantage of the policyholders by failing to meet these obligations in order to make a better profit.
A recent case is gaining media attention because the policyholders argue that the medical insurance provider failed to provide proper coverage for needed...more
When you sign a lease, you hope that you'll stay put until the end of the term. However, you know that things can come up along the way.
Before signing on the dotted line, make sure you are 100 percent clear as to what will happen if you need to terminate the lease before it ends. This will ensure that you are familiar with your options, as well as the potential consequences.
If for any reason you think you need to break your...more
Apartments and other rental properties in New York City have become more receptive to residents with pets than they were in the past. However, for dog owners in particular, searching for a place that will accept your four-legged family member can still be a challenge. This is particularly true for people with larger dogs and breeds like pit bulls who are (often unfairly) deemed to be dangerous.
Dog owners have been known to shave a few...more
By staying in an Airbnb host's home, travelers can get a feel for iconic neighborhoods throughout the world, often for far less than the price of a hotel room. The home sharing company, however, has had to negotiate with state and local lawmakers where regulations for this new business model are still being crafted and debated.
The company can bring in considerable revenue to cities and states through the taxation of those who offer...more
We don't offer services that can expunge mold from your home or treat respiratory infections that come about because of mold in your building. We do, however, work with you to fight legal and financial battles that can happen because of mold.
The Centers for Disease Control and Prevention notes that exposure to environments that are damp or have mold don't always cause health concerns. Whether or not health is impacted by mold depends...more
When a large branch falls onto one person's property from a tree on another person's property, who is responsible for hauling it away? Is it the owner of the house where the tree is growing, or is it the owner of the property where it landed?
The answer is it depends on how the branch looks. If the branch appears as if it is in poor shape, then look up. If the three looks much the same way, then the owner where the rest of the tree is...more
It's no secret that New York City commercial real estate attracts investors from all over the world. Now, a number of real estate acquisitions by a Malaysian businessman and a film producer, both with ties to that country's prime minister, have been linked to a huge money laundering scheme, according to the U.S. Department of Justice.
These men, along with an Emirati businessman, are connected to a company called 1Malaysia Development...more
When real estate deals go awry, there are several options for resolving disputes. Dispute Resolution Systems is used to settle disputes without going to court. It is often a cost-effective and faster resolution than going to court.
Following are the DRS programs that are most familiar:
-- Negotiation involves the direct bargaining between parties without the help of others.
-- Mediation involves negotiating a settlement that...more
Purchasing residential real estate is an investment. This is true even when you plan to use the property as your dream home. As a result, it is wise to look at the transaction as an investment. When making an investment, it is important to review both the risks and benefits of the purchase. When it comes to purchasing residential real estate, three of...more
A short sale may be a viable alternative for homeowners who are facing foreclosure. It essentially involves homeowners selling their home themselves rather than having the lender take it over or declaring bankruptcy. However, they sell it for less than the amount they owe on their mortgage.
The lender who holds the mortgage has to approve a...more
When hundreds of thousands of dollars are at stake, the phrase "going over it with a fine-toothed comb" takes on an entirely different meaning. It is absolutely necessary to ensure that every detail of a large commercial real estate contract is tended to. This is how landlords and tenants avoid costly litigation and legal disagreements -- they make sure their contracts are clear.
Not only will a clear contract protect a New York...more
It looks like the iconic Waldorf Astoria hotel on Park Avenue will be a changed place in a few years. The Chinese company Anbang Insurance Group Co. bought the property last year for close to $2 billion — the most ever paid for an American hotel. Now it will reportedly be completely overhauling it.
Sources familiar with the plans say that 1,100 of the hotel's 1,400-plus rooms will be converted to apartments. The remaining rooms will be...more
If you're seeking to invest in a New York property that's going into foreclosure, a term you need to know is "lis pendens." For people who don't deal with Latin every day, that means "suit pending." It's the first filing in the foreclosure process. It's also known as a "pre-foreclosure."
If you find a property that you're interested in that's in lis pendens, you may find an owner who's...more
New York City is a booming metropolis. In a city that has everything to offer, it is easy to forget how the things going on outside the city borders can impact life within.
This is particularly true when it comes to international affairs. How could a vote on the other side of the ocean possibly impact things that are going on here? Well, when it comes to something like Brexit, the answer may be surprising.
When negotiating a commercial lease, you want to make sure you like the terms of the lease before signing. No matter how good the space is, it's never wise to sign something that you disagree with, just because you feel like you have no choice. Below are a few things you want to consider during this process.
1. Do you need a bail-out clause?
Essentially, this clause says that you can stop paying and leave the space before the...more
Contracts are powerful legal documents. Within these papers are clauses, provisions and legalese that can be extremely important if issues arise during a transaction. One example involves the sale of property.
How can a single phrase mean the difference between a successful deal or a failure?
This is best explained with an example: What if the seller accepts an offer but that buyer is later unable to get a loan to cover the cost...more
The New York City housing market is a unique and often challenging one. One type of housing that is more common here than in many cities is the cooperative, or "co-op." Even though co-op residents outnumber condo residents in New York City, condos are gaining via new construction.
Sometimes, people confuse co-ops with condominiums, but they're very different. It's essential for both home buyers, those interested in investing in these...more
New Yok Attorney General Eric Shneiderman has reached a deal with three real estate companies in the state that have been charged with denying apartments to people because they were receiving public housing assistance. The three firms, Crifasi Real Estate, Douglas Elliman Real Estate and Empire State Equities, market and manage hundreds of apartments in New York City as well as in Westchester and Nassau counties.
The three companies...more
Having a good board of directors is key to ensuring the smooth running of any cooperative or condominium. Without the board, any condo or co-op would be unable to function, and the happiness and satisfaction of owners and residents hinges on the board’s management of any number of different issues - yet many associations...more
A child born when a festering dispute over New York City tenancy and debt began would today be an adult. The dispute has ensnared both the low-income tenants of a Lower East Side property and a neighborhood credit union that occupies the first floor of the building.
The half-dozen tenants and the credit union have had an uneasy relationship in which the two parties share...more
New Yorkers can learn a thing or two from the sunshine state. Thankfully for New Yorkers but not so great for Floridians, these things involve what not to do.
Floridians with issues: What New Yorkers can learn
Florida is having a problem with condo association fraud. According to a recent report in the Daily Business Review,...more
Is a global economic slowdown coming? There are predictions of lean days coming, but the reality is that no one knows what the future holds.
Some observers of the New York City condominium market say that global economic uncertainty is softening the local luxury condo market. After all, those luxe condos are really part of a global market.
In an area like New York City, there are millions of people acting as landlords and tenants. While most people are able to get along with one another, there are times when a relationship takes a turn for the worse.
In addition to common landlord tenant disputes, New York City is home to a variety of unique laws related to rent stabilization and rent control. This can make an agreement much more difficult to understand.
Some of the...more
You don't want to run into any issues or hangups with a real estate transaction in New York, as they can just slow the process down or derail it entirely. However, this is a complex process where issues can arise. The tips listed below can help things go as smoothy as possible when selling a property.
1. Work with buyers who are pre-approved. Some people may want to see the property before going to the bank, but this is risky on your...more
Are you interested in leasing commercial space? If so, there will come a time when lease negotiations begin. This can be as simple or as difficult as you make it.
To avoid confusion, to ensure that you sign the right type of lease, you need to learn as much as possible about this type of real estate transaction. This means many things, including a sound understanding of the many types of commercial leases.
-- Fixed or flat...more
If you are in the process of reviewing a lease, you don't want to sign on the dotted line until you are 100 percent certain that you know what you are getting into.
These are many questions to answer with regard to a lease, all of which are important for one reason or another. Here are some that you need to address:
-- How long does the lease last?
-- Are you permitted to use the property however you best see fit, or are...more
There are many challenges associated with a real estate transaction. Even when everything is going as planned, it only takes one mix up to throw everything into a state of disarray.
Once a contract is signed, the buyer and seller are expected to abide by the terms and conditions until the deal is complete. If a seller decides to back out of a deal after signing on the dotted line, it could lead to quite a bit of trouble.
It is not...more
If you are involved in commercial real estate, you hope that every deal goes off without hitch. You also realize that this may not be the case. You know that something could go wrong at some point in the future, putting you in a bad position.
For example, a commercial real estate dispute could be associated with a lease. Maybe you are trying to break a lease early. Or maybe your landlord is attempting to change the terms and conditions...more
Any real estate transaction, regardless of the size or type, is important to both the buyer and seller. In a fast moving city, such as New York City, real estate transactions occur every day of the week.
There are times when a real estate transaction is straightforward and to the point. There is a property, a buyer and a seller. As long as everything goes as planned, nobody has anything to worry about.
Of course, there are real...more
As a real estate agent, you take great pride in helping buyers and sellers get the best deal possible. It is what drives you to get up in the morning. It is also what keeps you in an industry that is not always kind.
While it does not happen often, with many agents going their entire career and never running into trouble, it is possible that a financial dispute between real estate agents could arise.
This could be the result of: a...more
Many people who live in and around New York City are attracted to condo life. They enjoy the views, the amenities, and of course, the fact that they don't have to take care of much, if any, exterior maintenance.
It doesn't matter if you are a landlord or the person living in a condo, issues can arise from time to time.
With the right contract in place, most landlord-tenant issues can be avoided. Even so, you never know what could...more
It doesn't matter if you are signing a residential or commercial lease in New York. When it comes time to put ink to paper, you must be 100 percent confident in the decision you are making.
There are a variety of questions to ask before signing on the dotted line. Here are just a few of the most important:
-- What is the monthly rent?
-- Does the rent include utilities?
-- Does the cost of rent have the chance of...more
If you are buying or selling a home, you know one thing to be true: A contract will be signed by both parties at some point. It is this contract that outlines what is expected of both sides as the process moves forward.
As a buyer, the last thing you want is to find that a seller is trying to get out of the contract. You have your sights set on the home, but for some reason the other party is trying to stop the sale from moving...more
Some people get along with their neighbors. Unfortunately, there are others who find it difficult to coexist.
In some communities, questions regarding trees come into play. More specifically, what happens if a tree blocks one person's view?
If you find that a neighbor's tree is blocking your view, you don't have many options. However, there could be other local laws that come into play.
Generally speaking, homeowners don't...more
There may come a time when you need to end a lease early in New York. This can hold true if you are renting a home, apartment, or condo. This could also be a concern for a company that is leasing office space.
While this may sound easy enough, you need to look at the situation from the other side. The landlord may not be willing to let you out of your lease early. Instead, he or she wants you to pay until the lease ends.
When a home is being sold for less than the owner owes, it is considered a short sale. While this sounds simple enough, there are many details that can make it a challenge for both the buyer and seller.
As a buyer, you must realize one thing to be true: This is not the same as buying a home in a conventional manner. There are a variety of odds and ends that can get in your way, add stress, and slow things down.
If you have plans...more
Buying a home is supposed to be a fun process. While this is typically the case, there are times when homebuyers are surprised to learn of a problem once they move in. One of the most serious problems is a wet basement.
How can this happen if the seller is required to disclose this? While this may be a requirement, it doesn't mean the person will actually do so. In fact, he or she may go out of one's way to hide the problem in an...more
At some point, you may begin to think that foreclosure is your only option. You may become resigned to the fact that you are going to lose your home to the bank.
Before you go down this path, however, there are a few things you need to know. Most importantly, there are several alternatives to foreclosure that you need to consider.
First and foremost, you have to keep open the lines of communication with your bank. This will ensure...more
There is a lot to think about when searching for and buying a new home. Along with negotiating the best possible deal, you must make sure you are getting what you expect. This means answering the following question: Does the home have radon?
Radon is a dangerous gas that you don't want to live with for an extended period of time. This is why you want to have a home inspected for radon before signing on the dotted line.
If you find...more
Buying a condo is similar in many ways to a single family home. It is also different in a number of ways, including the inspection process.
When you decide to purchase a condo, you have the right to opt for a variety of inspections. This will ensure that you know exactly what you are getting. It will also allow you to back out of the deal if you find something you don't agree with.
Generally speaking, you have two options when it...more
When you by residential property and hire a contractor to build a home on the lot, you have a basic expectation that it's going to be built on the right lot. However, this isn't something that happens in every case.
A million dollar home in Florida was built on the lot right next to the one where it was supposed to be constructed. A home in Rhode Island worth almost $2 million was built in a park, rather than on adjacent residential...more
Has the time come to write up an offer on your dream home? If so, there are a few steps to take before you move forward. Most importantly, you will need to review the seller disclosure report in detail.
This is a great way to learn more about a home before placing an offer. It shouldn't take the place of an inspection, but it can definitely open your eyes as to the true nature of the property.
But unless you purchase and sell...more
Are you in the market for commercial real estate? Are you interested in making a purchase, but are unsure if the building or land is worth what the seller is asking?
There are many good reasons to purchase commercial real estate; however, you don't want to make this decision until you know exactly what you are doing.
While some buyers overlook the importance of an inspection, others have come to realize that this is a...more
You are excited about finding the home of your dreams. You are ready to make an offer and do whatever it takes to close the deal. Then you remember one thing: the home inspection.
Unfortunately, there is no guarantee that the inspection will go as planned. There is always the chance that something bad could turn up, making it more difficult to move forward with the purchase.
Some people would never buy a home without an...more
The customer drives the market--that's true in all types of retail, and it's also true for commercial real estate. Experienced chief executive officers and other commercial real estate gurus are pointing to business consumer trends to help predict the future of real estate transactions. For many, the future seems rife with distribution centers, open-office concepts and multi-story warehouses.
Technology is often the driving factor...more
There is a lot to think about when building a home. From the start, you will have a lot on your plate, including the process of comparing builders to ensure that you make a sound decision.
As excited as you may be about the process, it is essential that you take the necessary steps in protecting yourself. This includes many things, such as the following:
-- Making sure the builder is registered and licensed to build in your...more
Have you found yourself behind on your mortgage payments? Are you concerned that your lender will repossess your home? This is not the best position to be in, but it is not the end of the world either. There are options to consider, such as a short sale.
If you are interested in a short sale, you must first know what this is. In short, this is when the bank agrees for you to sell your home for less than what you owe.
There are people out there who love their neighbors. They enjoy everything about them, including the fact that they don't annoy them with loud noises and other nuisances. Of course, this is not the case with everybody. There are also those who face trouble with their neighbors, time and time again.
A fence dispute may not be something you have encountered in the past, but you never know what the future holds. There could come a time...more
When it comes to a condo conversion project, there is more than meets the eye. There is more to this than you may realize upfront. For this reason, it is important to fully understand what you are getting into, how to avoid trouble and how to address any challenges that present along the way.
There are many legal aspects of a condo conversion, meaning that you can spend a lot of time, money and resources on this part of the project. It...more
Are you faced with foreclosure? Are you considering the benefits of a short sale? If you are having trouble paying your mortgage but want to remain in your home, there are options to consider. One of the best is a mortgage modification.
With a mortgage modification, you can change the terms of your loan to make it more affordable. Subsequently, you are able to stay in your home without the financial stress that you have been...more
There are so many details of a commercial lease agreement that it can be difficult to stay on track. From the size of the building to the size of the business, it is important for all parties involved to understand what is going on at all times.
Commercial leases often involve the following:
-- Retail space
-- Office space
There are at least two parties...more
It doesn't matter if you are a seller interested in a short sale or a buyer looking at this type of property, you need to become familiar with the risks. On the plus side, both parties are taking on some risk with the process. On the downside, this doesn't do any good when it comes to the final transaction.
As a buyer, you need to know the ins and outs of the short sale process. You are not forced into making this type of purchase, but...more
There are many benefits of buying a short sale, including the ability to get a home at lower than market price. While this is the ultimate goal, there are many challenges that could arise along the way.
Before you get too excited about saving money, it is important to know what you are getting into. Buying a short sale is not the same as buying a property in a conventional manner.
Here are five questions to ask and answer before...more
No one wants to hear the phrase "real estate litigation," as this means something has gone wrong with a transaction or some other situation. When that happens, both parties will begin to search for a solution.
There are many situations that lead to real estate litigation, some of which are traditional. Others, however, are non-traditional, as they don't come to the forefront nearly as often. Here are some of the most common reasons for...more
Once you agree to purchase real estate and the closing day is set, you will anxiously await the big day. While doing so, it is a good idea to learn more about the closing process, including what is expected of you along the way.
The day before the closing, make sure you have all the documents you need in order to ensure a smooth and efficient process. This includes everything from the contract to the good faith estimate.
When you sign a commercial lease you are making a big commitment. You don't want to rush into anything. At the same time, you don't want to be so scared that you neglect to move forward at the right time.
Below are five mistakes that have sunk many owners in the past:
-- Opting for a long term lease. This may help you get the best deal, but...more
It does not matter if you are buying or selling a home, the last thing you want is for the deal to fall through. This means that something has gone wrong, on one or both sides, and that the future of the deal is murky at best.
When you know why real estate deals fall through, you can make changes as a buyer or seller to fight against a downturn.
Here are five common reasons for a sale going bad:
-- Financing trouble. If a...more
As a commercial tenant, there may come a time when you need to terminate a lease. You did not sign the lease with the idea that this would happen, but you never know what the future will bring.
There are many reasons for breaking a commercial lease. Maybe your business is struggling and you need to close it down. Or maybe you are doing so...more
While not always the case, most owners of a residential condominium will be a member of a private association. Known as the homeowner's association, or HOA, it can be responsible for everything from security to repairs to maintenance.
Some condo owners never run into trouble with their HOA, while others always...more
When starting a business, there will come a point when you need to find office or retail space. This should be expected. What is not expected are the many challenges that come up along the way.
If you want to negotiate a commercial property lease that suits your every need, there are a few things you should be doing:
-- Review the terms of the lease. If you are not comfortable with every detail, it is best to negotiate a better...more
When you decide to purchase a piece of real estate, such as a home or commercial property, you hope that the process will go off without hitch. At some point, however, you may run into a problem.
One of the biggest concerns among buyers is seller breach of contract. This is when the seller decides against selling the property, despite the fact that they signed an agreement with the buyer to do so.
As a buyer, you never want to be...more
When purchasing a home, it is hard to think about anything outside the property itself and the cost. Even so, you know there are other details that are just as important. This includes title insurance.
There are many reasons to purchase title insurance, all of which will make it easy for you to decide in favor of this when the time comes. Here are some of the best reasons:
-- A mortgage or deed in the chain of title could be...more
As a commercial landlord or tenant, you are likely aware of your responsibilities and obligations. Even so, questions are sure to come to the forefront from time to time. Furthermore, disputes are not out of the question.
Some of the most common types of commercial space are those that almost always require a lease between the owner and tenant, including:
In theory, buying a short sale comes with many benefits, including the ability to save money. While there are definite advantages of buying a short sale when compared to a conventional sale, you need to realize that there is a lot that goes into the process.
Moving through a short sale purchase requires a high degree of knowledge, as well as plenty of patience. Anytime you are dealing with a bank, you never know what is going to...more
Purchasing a condo and single family home are similar in some ways. However, there are some key differences to be aware of, especially during the inspection process. The primary difference is the fact that you are sharing walls with other units, while also becoming part of a bigger association. This does not hold true when purchasing a single family dwelling.
Since you are sharing internal systems, while also becoming part of a...more
The benefits of buying a foreclosed home are well known. Most importantly, you can get a great deal on the price of the property.
If you are interested in buying a foreclosure, you need to know what to expect at every turn of the road. Remember, this is not the same as a conventional real estate purchase. There are many differences, including the fact that an individual does not own the home. Instead, it is now owned by a...more
It doesn't matter what side of a real estate transaction you are on, you need to know how you fit in, what is expected of you, and which steps you can take to ensure that you don't get taken advantage of.
In New York City, for example, there are a variety of laws that govern the real estate industry, including what happens after a sale is final or...more
There are many types of real estate investments. While some people focus their time and money on residential properties, others have come to realize that commercial real estate is the only way to go.
All in all, the type of real estate you invest in should be based on your situation. How much money do you have to invest? In what areas do you have the most knowledge and expertise? Are you able to find good deals in your local...more
As you shop for the perfect home, you will come across a variety of properties. Furthermore, some are being sold in the traditional manner while others come with some "baggage."
Many prospective buyers are scared away by the thought of purchasing a short sale. While there is a lot to learn, you should become familiar with the pros and cons before you decide against this.
Before you do anything, make sure you fully understand how a...more
Cooperative and condominium boards don't always have a simple job. In fact, they can be faced with many challenges throughout the year, some of which are more serious than others.
From large buildings that are always making changes to small associations that don't run into nearly as many problems, there is no way of knowing what the future holds. Just when everything appears to be going smoothly, something comes along and makes a...more
There are times when a real estate dispute ends up in court. There is no way around this, as both parties are unwilling to "meet in the middle" via negotiations.
However, real estate dispute mediation is something that anybody in this position should consider. This is often the best way to get past a dispute, ensuring that both parties are happy with the way things worked out.
There are many steps that go into pre-mediation,...more
It is easy to believe that every foreclosed home is priced to sell; however, nothing could be further from the truth. Remember, the bank is doing its best to recover any loss incurred with the past owner.
There are steps you can take to improve your chance of getting a good deal on a foreclosed home. Here are three things to consider:
-- Learn more about the neighborhood. In addition to the price of the home, take the neighborhood...more
Everybody associated with a real estate transaction hopes the deal moves forward in a friendly and efficient manner. This ensures that everybody feels good about things when the process comes to an end.
With so many real estate transactions taking place every day, especially in big cities like New York City, there is always the chance for a disagreement. There are times when the two parties can settle a disagreement on their own or with...more
Understanding a real estate agreement is easier said than done. This is true regardless of if you are buying or selling a property.
Before you sign on the dotted line, it is essential to understand each and every point associated with a real estate agreement. If you don't, you could agree to something that is not in your best interest.
Misinterpretation can cause a variety of problems, including a burden on your finances in the...more
If you find yourself searching for the perfect residential property, you will have a lot of fun along the way. While there is sure to be a little bit of stress as well, everything typically works out in the end.
The final step of the buying process is the closing. This is when you sit down with the seller, sign all the paperwork and finally take...more
When buying or renting any type of real estate, there are a few words you never want to hear. "Mold" is among them.
There are many reasons why mold is a bad word in the real estate industry, including the fact that it can impact resale value. Furthermore, it can cause a variety of health concerns, such as headaches, stuffy nose, allergic reactions and respiratory problems.
Take for example somebody who is renting a condominium. If...more
New York City is well known for its booming real estate market. In addition to the many residential and commercial properties for sale, there are just as many being rented to tenants.
As a tenant, there are things you should and should not be doing. Generally speaking, you can turn to the terms and conditions of your lease to learn more about your rights.
No matter how hard you try, there may come a time when you are involved in a...more
It doesn't matter if you are purchasing residential or commercial real estate, there may come a time when you run into a short sale. This is when the bank has agreed for the owner to sell the property for less than what he or she owes.
As a buyer, you may not think this has anything to do with you. After all, you weren't the one who agreed to the short sale. However, this will impact the buying process.
Here are some of the...more
New York is home to one of the most robust real estate markets in the world. In addition to commercial property, such as office buildings, there are always people buying and selling residential properties. This includes single family homes, condos and townhouses.
No two residential real estate transactions are the same. This means that every buyer...more
Commercial real estate remains hot in and around the New York City area. There are people buying their first property, as well as those who are interested in expanding their portfolio.
When it comes time to compare commercial properties in an attempt to make a purchase, you should keep an open mind. This includes taking a strong look at commercial foreclosures.
Just the same as residential real estate, commercial properties can go...more
Are you in the process of buying a home? Are you selling your property? Regardless of what side of the transaction you are on, it is essential to become familiar with this word: contingency. If you are not familiar with the contingencies in a real estate contract, it could come back at you at some point in the future.
Generally speaking, contingencies are put in place so a buyer has the ability to back out of the deal in the event that...more
If you have spent any time living in or visiting the New York City area, you know one thing to be true: There are many types of real estate. This includes commercial properties, all of which give companies the opportunity to do business.
When it comes to commercial real estate leasing, there are two sides of every transaction. There is the party that wants to lease and use the space, and there is the party that owns the building. Both...more
Nobody wants to think about it when they are buying a home, but there could come a time when they are not able to make the scheduled monthly payment. If this happens, the lender will begin to consider their options, which often leads to foreclosure.
As a homeowner in financial trouble, you don't have to sit around and wait for the bank to repossess your property. There are other steps you can take, such as a short sale, that provide a...more
When a person is looking for a place to buy or rent in the New York City area, he or she will be presented with a variety of options. Condominiums continue to be a popular choice for a number of reasons.
Even though a condo is not the right choice for every buyer or renter, it is something worth considering. This is particularly true if you have already become familiar with other options, such as single family homes and...more
Anytime there is a landlord and tenant involved, there is always the chance for a dispute to arise. This doesn't always happen but being aware of potential issues is important. This holds true no matter if you are the owner of the property or the person renting it out.
New York is well known for having unusual laws related to rent stabilization and rent control. This alone can lead to a variety of issues between a landlord and...more
When it comes to residential real estate zoning, no matter if you are in a city or suburb, there are laws you need to be aware of and questions you need to address.
First and foremost, it is essential to know that residential zoning can include more than single family residences. This also includes suburban homesteads and any other type of designation such as duplexes, condos, co-ops and apartments.
Residential zoning will cover a...more
The commercial real estate market in New York City is one of the most robust in the world. Not only are there people and companies interested in buying this type of real estate, but the same holds true among those who are looking to lease.
When it comes to leasing commercial real estate, there are many steps a person must take in order to achieve success. Furthermore, there are potential roadblocks to be aware of along the...more
When a person sells a home, regardless of the location, one has the obligation to provide the buyer with a disclosure. This is meant to give potential buyers more information on the property, including issues that may have been dealt with in the past as well as those that currently exist.
Mold is one of the biggest buzz words of the real estate industry. No matter why you are facing this problem, you must realize one thing to be true:...more
Buying real estate in or around the New York City area is an expensive endeavor. While some people are excited about the prospects of buying a single family home, others realize that a condominium would be best for them.
There are many financial benefits of condominiums, with some of the following sure to sway your thinking at some point:
-- Lower down payment. While not always the case, condominiums are often cheaper than a...more
If you know anything about New York City, it may be the fact that the real estate market never sleeps. Even during downturns, the Big Apple remains active.
There are many types of commercial real estate, all of which serve a particular purpose. It doesn't matter if a person is looking to lease or buy, it is important that he or she is aware...more
Buying any type of property is a big decision. Furthermore, it is one that can lead to a variety of troubles, despite your best efforts for everything to move forward as smoothly as possible.
There are times when neighbors argue over property boundaries. When this happens, the end result is not always pretty. While there is no guaranteed way to prevent such a dispute, there are things buyers can do at the time of purchase to better...more
If you have spent any time in New York City, especially as a resident, you are well aware that there are many condominiums throughout the area. While some of these buildings were constructed as condos, others were converted somewhere along the way.
There is a lot that goes into a condo conversion project,...more
Sometimes, real estate transactions in New York can run into snags and fall apart. For sellers, this can be very detrimental, keeping a deal from going through and leaving them on the hook for more mortgage payments than they wanted to make. To see why this happens, take a look at the top three reasons that these deals fall apart.
First off, there can be issues with the financing that the buyers are attempting to get. A pre-approval...more
The New York City real estate market is unlike any other in the world. All types of real estate transactions occur regularly, with some receiving attention from the public thanks to the type and/or price.
No two residential real estate transactions are exactly the same. Even when the type of property is similar, the details and steps that make up the process will differ. This is what makes the real estate market fun and challenging at...more
As you search for commercial real estate in and around the New York City region, you will find one thing to be true: there are many properties to consider. On top of this, some of these properties may be in foreclosure.
If you are interested in a commercial real estate foreclosure, you will be faced with some unique challenges and circumstances during the buying process.
Even though this may add another level of research, as well...more
When it comes to all types of real estate, New York City is one of the most active markets in the world.
For more than 300 years, Trinity Church has owned and managed 215 acres of property in downtown Manhattan. From farmland to office space, the land has gone through many changes.
In the weeks to come, Trinity Real Estate, the property arm of the church, is going to take a new approach. It plans on getting involved with...more
Every day throughout the New York City region, people are buying and selling all types of real estate. This includes residential properties as well as commercial buildings.
Regardless of the purchase type, both the buyer and seller have a long list of things they must do to ensure that everything moves forward in an efficient manner.
Extell Development Company is one of the largest developers in the New York City area, having been involved in many deals and developments since being founded in 1989.
Up next, it appears that the company is in position to move forward with its plan for a 16-story condominium development. While the development has...more
Commercial real estate property is always trading hands in the New York City area. Along with this, landlords and tenants work together on a large scale, with most realizing the importance of respecting the other and agreeing to a mutually beneficial business relationship.
Commercial real estate encompasses buildings of all sizes, spanning a variety of industries, such as:
-- Office space
There are condominiums for sale all over the New York area. Some people purchase this type of property to live in full or part-time. Others make a purchase as they realize it will be a nice addiction to their investment portfolio.
Regardless of why you are considering a condominium, it is important to know what you are getting into, including the pros and cons when compared to a traditional single family home.
Some of the most...more
When buying a residential real estate property in New York City or a surrounding area, there are many steps you must take to ensure that things progress as intended. If everything goes as planned, there will soon come a time when closing on the property is the last step in the process.
Closing procedures differ from one area to the next, so the way you purchase a residential property in one region may not be exactly the same as another....more
The commercial real estate market in New York City never sleeps. There are always properties to purchase. There are always properties to lease. For these reasons, there are always disputes that come up along the way.
Those who are interested in leasing commercial real estate in New York City should become familiar with the finer details of the market, including their many options. Along with this, they should learn more about the...more
With residential real estate development in Brooklyn moving forward at a rapid pace, many are hoping that the commercial side of the industry follows suit. Recently, the Downtown Brooklyn Partnership and Economic Development Corp. sat down to talk about commercial growth in the borough.
It was not that long ago that the city looked at Brooklyn as a "back-office market." However, things have changed quite a bit over the past 10 years,...more
The New York City real estate market is one of the hottest and fastest moving in the world. Every day, properties change hands along with millions upon millions of dollars. With so many transactions, it is only natural for there to be disputes from time to time. In some cases, this leads to litigation.
Real estate disputes can take on many forms, with each and every situation needing to be dealt with in the appropriate...more
Real estate agents are heavily involved in helping people buy and sell homes and in doing so, they can also be in the center of some disputes that happen as a result. In some cases, the agents may be targeted by these lawsuits for what they did or what they failed to do.
For example, one agency was sued by people who bought a home in Pennsylvania -- not because of something that they told the buyers, but because of something they left...more
Real estate deals take place every day throughout the New York City area. While most go through without any trouble at all, there are always issues that can arise along the way as well as down the road.
In the event that you are unable to reach a resolution with the other party, your only remaining option may be real estate litigation. Even if this is not something you want to do, it is a necessary evil in an industry with so much money...more
When it comes to New York City real estate, you never know what is going to happen next. Even when a deal appears to be going through, somebody could swoop in at the last minute and change everything.
A growing number of investors are targeting the neighborhood on the border between Bushwick and East Williamsburg.
According to multiple sources, a Long Island company, Hornig Capital Partners, is under contract to purchase 95...more
Many people in and around the New York City area are interested in purchasing or renting a condominium. While many of these are priced too high for the average buyer or renter, some are much more affordable.
Harlem is an area that has experienced an uptick in real estate activity as of late. During the second quarter of 2014, homes in central Harlem did not sit very long, with an average time on the market of only 49 days. This was a...more
The real estate market in New York City never sleeps. This is particularly true as of late with a massive turnaround taking place after many years of a down market. SL Green Realty Corp., one of the biggest and most well-known landlords in the Big Apple, is looking into acquiring space in International Gem Tower, one of the newest towers in the city. This building, completed last year in the Diamond District and developed by Gary Barnett, is...more
There are office buildings from one side of New York City to the next. Some of these house small companies that most people have never heard of. Others, however, are home to some of the biggest brands in the world, including Google.
In 2010, Google spent $2 billion to purchase a property in Manhattan located at 111 Eighth Avenue. With roughly three million square feet of space, many people thought that this would be more than enough for...more
Bank of China may be based in Beijing, but this does not mean the financial institution has overlooked the importance of leasing office space in New York City. Many of the biggest financial companies in the world have offices in the Big Apple, and it appears that Bank of China understands the importance of taking its presence to the next level in the area.
The company is currently in talks to lease a large office space at 7 Bryant Park....more
When the real estate bubble burst shortly after the market hit its peak in 2007, many markets throughout the country took a huge hit. None were affected more than New York City and the surrounding area.
From commercial to residential real estate, things slowed down considerably. While some areas are slowly climbing their way back to pre-bubble...more
Silverstein Development Corp. is hoping to erect the highest tower yet in New York City. The only problem is that the development plans for this project aren’t quite in sync with the current zoning rules.
The current zoning calls for predominantly commercial development. However, Silverstein wants to use the property for mostly...more
No matter if you are buying or renting, when it comes to the New York City real estate market most people expect to pay a high price. This does not mean that it is impossible to find a deal. This theory was recently proven true by the retailer, Brandy Melville. The apparel brand was able to snag a lease at 499 Broadway, a top location in SoHo, under $400 per square foot.
The 8,000 square foot space is sure to help the brand take its...more
When it comes to condominium sales in and around the Big Apple, some buildings sell out faster than others. A little more than two weeks after units were first made available for purchase, roughly 40 percent of the 104 condos in Brooklyn's tallest tower, located at 388 Bridge St., have been sold.
With interest rising, owners have decided to move forward with the sale of 40 penthouses. These were not supposed to hit the market for...more
Things are looking up as far as commercial real estate in New York City is concerned, with office construction once again hitting its stride.
According to the New York Building Congress, developers are set to add 9 million square feet of fresh office space in Manhattan between last year, 2013, and the end of next year.
When you look at the data over the course of 10 years, the future is even brighter. From the period of 2010 to...more
More than 30 years ago, the Sony Building, located at 550 Madison. Ave., was constructed. Since that time, two companies, AT&T and Sony, have made it their New York home.
In the near future, this is going to change forever thanks to plans for a portion of the building to be converted to high-end condominiums....more
When it comes to real estate in New York City, condominiums are always popular. This holds true regardless of the market, as buyers realize that living in a condo in the Big Apple provides many advantages over other types of properties.
When shopping for condominiums in New York City, most people soon find that...more
Real estate transactions in and around New York City have the potential to make major waves, thanks to a large sales price.
The Rubin Museum is hoping to make out on the sale of a residential development, with thoughts that a deal could be worth more than $60 million.
The museum put a seven-story building, located at 115 Seventh Ave., up for auction. With a brokerage firm handling all the details of the sale, it will be...more
There are many types of commercial real estate projects in the works throughout the state of New York. Some are small, only attracting local investors, while others are much more involved.
Plans were recently unveiled for a $300 million casino project in Schenectady, New York. With this commercial real estate project, supporters note that...more
The real estate market in and around New York City never sleeps. Day in and day out, there are companies and individuals looking to close a deal.
Fortress Investment Group is hoping to purchase Stuyvesant Town-Peter Cooper Village, an apartment complex in Manhattan with an uncertain future due to the fact that its owners defaulted on its mortgage four years back. In order to make a deal happen, Fortress will need financing to make a...more
Real estate brokers throughout the United States have gone through a rough patch as of late, thanks to a market that took a hit due to the great recession. Fortunately, things appear to be turning around, which will put a smile on the face of any real estate broker.
A recent survey conducted by the Real Estate Board of New York shows that local...more
For many years, 5 Beekman Street has served as an office building in lower Manhattan. While development plans have been in the works many times, things always remained the same for the most part.
The building, located on Nassau Street and built in the late 1800s, was one of the first skyscrapers in the Big Apple.
Rather than leaving this as one of many...more
For more than 200 years, Bank of New York Mellon has had a large presence in New York City. While the financial company has grown leaps and bounds since day one, it is stayed true to its roots in the Big Apple. However, it appears that this may not be the case for much longer. According to recent reports, there is talk that Bank of New York Mellon could move its headquarters to neighboring New Jersey.
One of the primary reasons for this...more
When it comes to the New York City real estate market, there is always something to keep an eye on. From residential developments to commercial construction, it is easy to see why the Big Apple is known as the city that never sleeps.
According to an analysis by the New York Building Congress, overall construction spending in the city increased 6 percent in 2013 to $29.3 billion. Not only was a lot of money spent on construction, but...more
Despite the fact that the largest commercial real estate deals in New York typically happen in the Big Apple, other parts of the state are not so far behind.
During the months of January and February, the commercial real estate market heated up. The first two months of the year saw approximately $120 million in transactions throughout Erie County. This is big news for the area, being that the first two months of the year are typically...more
Residential real estate in New York can be big business. This is seen time and time again in the high prices of both residential and commercial real estate transactions.
Former governor Eliot Spitzer is unloading some of his New York residential real estate portfolio, selling 144 units his family owns on the East Side. It is believed that the transaction could reach $145 million or more.
Spitzer's father built the Corinthian, an...more
With so many office buildings for sale and lease in the New York area, it is only natural for some of the biggest names in the business world to lay down roots in the Big Apple. While Facebook has been doing business in the area for almost a year at its current location, the company has decided to take its presence to the next level by expanding its office in midtown south.
Last year, Facebook took on 100,000 square feet at 770...more
New York is well known for its high real estate prices, from residential properties to commercial properties among other types.
A Ritz-Carlton New York, Battery Park condo is set to go to auction next month, which is somewhat unique as luxury properties in the Big Apple do not often go out to bid.
When compared to other cities in the United States, residential real estate auctions in New York are relatively scarce. That being...more
When it comes to residential real estate in New York, there is always something exciting going on. Recently, it has been announced that Japanese architect Tadao Ando has been commissioned by Sumaida Khurana to design a luxury condo building in New York. This is a big deal, not only because it will bring more luxury units to the city, but because this is the first building Ando has designed in the Big Apple.
Sumaida Khurana recently...more
When it comes to the New York City real estate market, there is no denying the fact that opportunities always exist. This holds true in many sectors, including both residential and commercial properties.
Recently, a ground-floor retail condominium at 2770 Broadway was purchased by real estate firm Walter & Samuels for $20.5 million.
From New York to California and everywhere in between, the commercial real estate market is slowly picking up the pace. While things may not be moving forward as quickly as many would like, any positive change from the past will be welcomed by most.
According to a quarterly forecast published by the National Association of Realtors, this market continues to improve. The chief economist for the organization noted, "Growth in commercial...more
Finding a property in Brooklyn, New York, can be a real struggle. In a place where residential property can be exceedingly expensive, it's no wonder that people jump on what they call "unicorns," or deals that seem too good to be true. According to a 32-year-old man who runs a niche blog on the subject of the real estate market in brownstone Brooklyn,...more
According to the Real Estate Board of New York's Fourth Quarter New York City Residential Sales Report, the demand for residential real estate in the city's five boroughs is strong.
While this is good news, digging deeper turns up a variety of details that are worth paying attention to. Not only are buyers beginning to once again show confidence in the New York City real estate market, but they are being rewarded with property values...more
The commercial real estate market in New York City never rests. There may be slow times, such as during the last recession, but most investors realize that things will pick back up sooner rather than later.
As of late, due to small returns in Manhattan, many commercial real estate giants are looking to the outer boroughs, including Staten Island and the Bronx.
RXR Realty is one of the largest players in the Big Apple, often...more
In today's day and age, developers and architects are always looking for the next big thing. They are always looking for a way to take their design to the next level. This is particularly true in forward thinking areas such as New York City.
One of the most recent trends is the addition of penthouse condominiums...more
There used to be a time not long ago when the New York City real estate market was down and out. This held true both with residential and commercial properties. However, things have taken a turn for the better with a strong showing in many areas, including Brooklyn, at the end of 2013.
Brooklyn showed big time growth at the end of last year, both in terms of sales and rentals. For example, the median price of a Brooklyn home reached an...more
In large cities throughout the world, including New York City, commercial real estate is big business. While there is no denying the fact that many markets have struggled over the last few years due to the economic downturn, things are beginning to look up.
New York City commercial property sales have the potential to reach a high this year thanks to increased interest in outer boroughs as well as rising prices. In fact, many believe...more
Two unique real estate locations in New York City will line the pockets of a developer with an extra $20 million if he gets his asking price. Even though the man is asking what some would call an exorbitant amount, the uniqueness of the property may let him set the bar so high.
The properties in question are two...more
When it comes to the residential real estate market of New York City, even when there is a slow down local sales still outpace comparable cities throughout the United States. In 2013, many factors played into the uptick in activity in New York City. With this in mind, some are beginning to wonder if the momentum will last into the future or if it will fade away as 2014 gets up and running.
Last year, a rising demand for Manhattan condos...more
The fact that commercial real estate deals in New York City often reach hundreds of millions of dollars is no surprise at this point. With each passing year, real estate transactions in and around the Big Apple never cease to amaze.
One of the most talked about transactions of the year will be the purchase of the 13-story Tribeca building by the Peebles Corp., and Elad Group for $160 million. The building, located at 108 Leonard St.,...more
While many people dream of buying a home in New York City, some never have the chance to do so. Celebrities often set up their primary base in the Big Apple, with many others purchasing a home that they can use as a second property while on the east coast.
Cameron Diaz, one of the most popular actresses in the world, recently purchased a condominium in the Chelsea neighborhood of New York City at a cost of $9 million. Condominiums are...more
Like the city itself, the New York City real estate market never sleeps. There is always something going on, from commercial developments to retail to residential developments and much more.
Nordstrom is one of the most well-known fashion retailers in the world, so it only makes sense for the company to spend more time and resources gaining a stronghold in New York City. The company is closing in on a lease for a Nordstrom Rack in...more
In many parts of the United States, such as New York City, residential and commercial property development is watched closely. This is particularly true in the Big Apple, as some of the biggest names in the industry are major players in the city.
Well-known real estate developer Steven Witkoff has partnered with Jynwel Capital, an equity partner out of Hong Kong, to purchase the Park Lane Hotel for $660 million. While this is a big deal...more
Throughout New York City and surrounding areas, there are vacant plots of land that have sat dormant for many years. Despite the fact that the property value of these lots has increased over the years, owners continue to sit back and do nothing.
Due to the fact that many of these properties are zoned for residential use only, it is assessed the same way as low-density single family dwellings. Subsequently, owners are paying a very small...more
In New York City, there are office buildings from one side of the area to the next. Within these buildings are companies of all sizes and industries. While rent can be high in the Big Apple, there is something to be said for having an office in the city that never sleeps.
As is the case in every city throughout the country, some...more
With the real estate market beginning to turnaround, it is safe to assume that new residential developments will be planned in the months to come. This holds true in many parts of the United States, including some of the biggest cities, such as New York.
Residential real estate is always hot in the Big Apple, as many people are interested in living in this city. For this reason, the planned expansion of the Blatt Billiards building...more
When it comes to commercial real estate, many cities throughout the United States come to mind. These include, but are not limited to, New York City, Houston, Chicago and Miami.
According to a recent report by the NAIOP Research Foundation, Texas is no longer at the top of the list with the most commercial real estate development activity....more
Although the residential real estate market is making a comeback in many parts of the U.S., this is not true across the board. Instead, many areas are still dealing with the decline that has taken place over the past few years.
Our New York readers may be happy to hear that residents are once again beginning to look favorably upon the local market....more
In many cities big and small, such as New York City and Allentown, real estate zoning issues come up time and time again. Even though it makes sense that zoning regulations would be set in stone, for the most part, this is not always the case. In some situations, zoning issues impact commercial development. In other instances, it is residents of a...more
We have discussed the role on the internet when it comes to landlord-tenant disputes before. The last time it came up, we were talking about a landlord suing a tenant for a negative Yelp review.
However, this most recent story flips the script, and the circumstances of the lawsuit are tragic and truly sad.
Many people in New York City may be looking for a new place to live as the winter approaches. Instead of looking at an apartment or trying to buy a home, many New Yorkers may consider applying for a place in a co-operative or a condominium. Each of these residences comes with its own set of challenges when applying. For a co-op, the process is very difficult. The background check is extensive, and you may even feel it borders on...more
Imagine you are searching for a new place in New York, and you find the perfect place. It doesn't allow pets, but that's no worry -- you don't have one. For a few years, you live happily in your apartment.
Then, one day, you suffer a medical setback. It could be that your vision dramatically decreases; or you begin suffering from clinical depression. In an attempt to curb the effects (or to directly help you get through the day), you...more
Imagine you recently moved in to a new apartment on your own. It's your first time living by yourself, and you really like the place. Over the next few months, you get accustomed to the layout and your expenses begin to stabilize. Paying rent, utilities and other bills becomes routine.
One day, your landlord stops by, just to check in on a previous issue the place was having. The landlord brings a camera to document the problem; but as...more
While most of our residential real estate conversations on this blog center on condominiums and co-ops, the market for homes is still a vastly important (and growing) area of real estate in New York City. And according to a real estate broker, the New York residential real estate market is still wildly successful, even if it hasn't been as strong as in...more
Many people all across the country -- from San Francisco to New York City -- are aware of a real estate phenomenon that results in very few buildings listing a 13th floor. Though the building has a literal 13th floor, there is no reference to it in marketing materials; or on a map in the lobby; or on the buttons in the elevator. Instead, the building just skips from the 12th floor to the 14th floor.
The reason for this design quirk is...more
Commercial real estate has a bright future in New York. What has traditionally been deemed a safe investment took a serious beating in the last recession; but since then it has seen steady growth as the national job market improves. As a matter of fact, a recent report by the National Realtors Association suggests that rents for commercial real estate are primed for growth for the remainder of 2013 and into 2014 as well.
Earlier this month, we wrote a blog post about a pair of copper apartment towers that could be constructed in New York City's Midtown East as early as 2016. We, along with many others, marveled at the architectural renderings for the towers, which looked unique and refreshing. The architectural renderings are a key piece for...more
As if any more evidence was needed to show that the New York City housing market is frenetic, evolving and ever-expanding, new data on the first two quarters of the year show that the housing market is still growing; and condominiums seem to be at the center of the growth.
The new data shows that "new development inventory" experienced a dramatic 148 percent jump over the course of the first two quarters of the year; but that was offset...more
The relationship between a business and the landlords that oversee the company's lease (if the business does not have its own space) can be a tenuous one. Some of these commercial real estate relationships are strong, and the tenant and landlord are able to work through their differences. But if the two parties have a strained relationship, then any dispute is likely to turn south in a hurry.
Take the case of an owner of the New York...more
Disputes between landlords and their tenants are as old as time (well, at least it feels that way). Two major factors that can cause these dipsutes are rent issues (either nonpayment by the tenant or the alteration of rent by a landlord) and the general conditions of the real estate the tenant occupies (and the landlord is responsible for).
Particularly in New York -- city or state -- rent issues can be complex, frustrating and very...more
A portion of Midtown East in Manhattan, New York has been underdeveloped for a while now. The relatively vacant area of the city will be a major target for real estate development in the coming years; and one of the first stones has been cast.
Two copper apartment towers, intended to be high-end residential property, have finally broke ground in a...more
When you hear about a major real estate transaction, you probably don't put much thought into what went on behind the scenes to make the deal happen -- and that's okay, because the details of such a real estate purchase are not exactly interesting. But they are important for those looking to sell or purchase real estate, even if they lack excitement.
Many things come into play when a piece of real estate is on the market, especially in...more
Far to the north of New York City lies Watertown, a quaint city near the Canadian border. As you can imagine, Watertown's real estate situation is predominantly residential. The town wants to protect its residential neighborhoods and ensure that the residents of their city are keeping in line with the city's housing codes.
Over the past year,...more
As we mentioned in our last post, the major difference between a co-op and a condominium is the lack of property ownership for the buyer. With a co-op, the buyer gets stock in the company that owns the co-op, while also being allowed to lease housing there; meanwhile, someone who purchases a condo actually owns that particular piece of...more
Many New York City residents know the difference between a cooperative and a condominium; but most may not realize all of the work that goes on behind the scenes of these types of housing units -- especially co-ops -- that allows the buildings to properly function.
With a condominium, a potential buyer is actually acquiring real estate. Their condo is their property -- though they still have to pay a monthly condo fee to the collective...more
New York residents are all too familiar with the expensive nature of moving to a new apartment. While the physical cost of moving (hiring a company, using gas, renting trucks, buying new furniture) is high enough, we are talking about the massive payments a new tenant must make to secure a new apartment: first and last month's rent, plus a security deposit, are common requests made by landlords.
The security deposit can be particularly...more
New York City residents are very familiar with the Stuyvesant Town and Peter Cooper Village, the largest apartment complex in Manhattan. In fact, some of our readers may have even applied for an apartment there in the past few years. Given a recent story, and depending on how that application turned out, you may be thrilled you didn't get that apartment; or cursing that you did.
The Stuyvesant informed more than 1,000 of their tenants...more