Buying and selling real estate in New York City can be a costly endeavor. One way that cost-conscious buyers and sellers can keep costs down is by arranging an assignment of mortgage. The mortgage recording tax paid by the borrower at closing ranges from 0.75-2.8% of the loan amount depending on the location and type […]
Commercial leases typically include a “fixed rent” or “base rent” as well as a provision for “additional rent”. The base rent is a pre-determined amount paid each month, and additional rent includes other charges that tenants may be responsible for throughout the lease term, such as real estate taxes, utility charges, and insurance premiums. However, […]
In June 2019, New York State passed a sweeping reform of landlord/tenant laws called the Housing Stability and Tenant Protection Act (“HSTPA”). The blanket reforms of the HSTPA, whether intentional or not, included New York Cooperative apartments since Co-Op apartments create a landlord/tenant relationship by virtue of the proprietary lease between the Cooperative Corporation (landlord) […]
The stakes for residential leasing in New York State are high, ever since the Housing Stability and Tenant Protection Act was passed in 2019. We have been highlighting the consequences when landlords fail to follow the law, and a recent court case regarding a rental in the Hamptons shows just what can go wrong for landlords when they don’t follow the law. Now we […]
Today Governor Cuomo signed an extension of the COVID-19 Emergency Protect our Small Businesses Act of 2021. The law extends the moratorium through August 31, 2021. The law passed today mirrors the law which was passed on March 9th and which we wrote about on our March 11th update, available HERE. A New York State based commercial tenant, […]
Beginning April 1, 2021, all owners or managing agents of residential property in New York State are obligated to provide notices to all residents of their rights to accommodate disabilities by virtue of an amendment to New York Executive Law Section 296. Though there is some ambiguity, the law provides that an individual with a disability may make […]
On March 9, 2021, Governor Cuomo signed the COVID-19 Emergency Protect our Small Businesses Act of 2021. Instead of continuous executive orders, the law codifies an extension of the commercial eviction moratorium under certain circumstances through April 30, 2021. A New York State based commercial tenant, employing fifty or fewer individuals, that is independently owned and […]
This blog post will provide information regarding the Consolidated Appropriations Act that was enacted into law. More specifically, we address the provisions which affect the Payroll Protection Program, grants which are now available to certain venue operators, and the expansion of the tax deductibility of meal expenses. Payroll Protection Act For any entity that has received a loan less […]
As Labor Day approaches, many New Yorkers are contemplating a return to the City driven in part by the (now delayed) plan for reopening New York City public schools. This latest client alert will address what commercial tenants need to incorporate in their reopening plans as well as the status of New York’s ongoing eviction […]
New York State recently enacted the New York Forward Loan Fund (NYFLF) which is designed to assist businesses and landlords through COVID-19. The New York City Council enacted Int 1932-2020 “COVID-19 Relief Package – Personal liability provisions of leases for commercial tenants impacted by COVID-19” in order to protect commercial tenants, which is scheduled to be signed […]