There has been a lot discussion about the effects of COVID-19 on real estate in New York City. This client alert will address the obligations of commercial tenants and landlords as well as the requirements of residential landlords. How to allocate risk in the face of COVID-19? Commercial tenants are asking for abatements or deferrals […]
Amid Covid-19, businesses of all sizes are re-evaluating their real estate needs. Whether it be for office, retail, or showroom space, the current environment will likely see a reduced footprint for many companies. As such, we are issuing this advice to sublandlords and subtenants as a reminder of issues to consider during this time. We will […]
Below is the text of an alert that we sent to our clients. We are re-posting on our blog. Dear Clients and Friends, On March 13th, we provided advice about preserving commercial lease obligations through COVID-19: https://www.coopersmithandcoopersmith.com/2020/03/13/preserving-your-commercial-lease-through-covid-19/ On March 23rd, we wrote about the current state of rent and mortgage payments: https://www.coopersmithandcoopersmith.com/2020/03/23/making-sense-of-rent-and-mortgage-obligations-amid-confusing-times/ The purpose of […]
Below is the text of an alert that we sent to our clients. We are re-posting on our blog. Dear Clients and Friends, Last week we sent an email about preserving your commercial lease. If you missed the email it has been reproduced on our blog and is available here: https://www.coopersmithandcoopersmith.com/2020/03/13/preserving-your-commercial-lease-through-covid-19/ There has been a lot […]
Below is the text of an alert that we sent to our clients. We are re-posting on our blog. Dear Clients and Friends, These are no doubt trying times for all of us personally and professionally. While there are many items to focus on, the purpose of this email is to address your commercial lease obligations and […]
In New York City, the 15% residential brokerage commission feels almost like a rite of passage. For tenants paying one of the highest rents around the country, paying the brokerage commission at lease execution can feel like a punch to the gut. Of course, residential brokers work very hard to facilitate a transaction and are […]
We are pleased to announce the launch of our podcast called Broker’s Angle. Broker’s Angle will focus exclusively on real estate brokers and the issues most important to them and their businesses. In Broker’s Angle we will interview top brokers to provide insight into the current real estate market and how these brokers have built […]
Today, New York State Department of Taxation and Finance quietly changed the disclosure requirement for condominium purchases. A link to The Real Deal article with more color on this change can be found here: https://therealdeal.com/2019/11/07/state-quietly-removes-mention-of-condos-in-llc-law/ As previously noted in our blog, the interpretation of Senate Bill S1730 led to some tumult among a certain segment […]
On September 13, 2019, Governor Andrew Cuomo signed into law Senate Bill S1730. The law amends New York State Tax Law Section 1409 and NYC Admin Code Section 11-2105 to require disclosure of all members of a limited liability company when a limited liability company purchases or sells residential property consisting of 1 to 4 family […]
In recent years, there has been a lot of talk about the retail apocalypse due in part to noteworthy bankruptcies, massive store closings, and the unprecedented number of store vacancies across New York City. Real estate giant Brookfield Property Partners made headlines in 2018 when the firm acquired seven storefronts on vacancy-ravaged Bleecker Street in […]