Legal

In New York City, Co-Op apartments comprise a significant portion of the housing stock. Approximately 4,800 buildings in New York are Co-Ops, more than half of which are located in Manhattan. Co-Ops are corporations in which each apartment owner is both a shareholder and tenant of that corporation. The shareholder tenants elect a board of […]

Named for the Internal Revenue Code § 1031 in which it appears, like-kind exchanges have been a popular tool for real estate investors since they were first added to the tax code over a century ago.* “1031 exchanges” or like kind exchanges are used to defer taxes due on capital gains from the sale of

In New York City, the term “pied-à-terre” commonly refers to an apartment used as a non-primary residence. Pied-à-terre rentals can often be found in Condominium and Cooperative buildings as well as townhouses. Over the past few years, New York State has enacted legislation which significantly affects rental units. This client alert will address the Housing

New York County is the most densely populated county in the country, with over 70,000 inhabitants per square mile. Developing real property in this dense cityscape poses logistical and legal challenges when the need to access a neighboring property arises. Access agreements are contracts between property owners that grant permission to enter another’s property to

For many years, a common form of guaranty of commercial leases in New York has been a limited guaranty colloquially referred to as a “good guy guaranty.” Under a full guaranty, the guarantor takes complete responsibility for the tenant’s obligations under the lease, so that if the tenant were to default, the guarantor is liable

Recent amendments to New York’s Property Condition Disclosure Act (the “Act”) went into effect March 20, 2024, as we indicated in our last client alert, available HERE. The Act requires a seller of residential real property to provide a “Property Condition Disclosure Statement” to their buyer or buyer’s agents prior to signing a contract of sale.

Residential transactions tend to increase as spring approaches. This year expects to be no different. Whether you plan on buying, selling, or leasing residential real estate in the coming season, this client alert will provide a summary of the recent changes to residential real estate laws that may affect your transaction. Flood Risk Disclosures In

Local Law 97, also known as the Climate Mobilization Act, is a groundbreaking piece of legislation aimed at reducing carbon emissions from large buildings in New York City. With ambitious emission reduction targets, Local Law 97 has significant implications for both existing and new buildings. For more background on Local Law 97, please refer to

Flood risk is a major concern for landlords, tenants, and other stakeholders in New York City real estate because the city’s geographical location makes it vulnerable to extreme weather conditions such as heavy rainfall, coastal storm surge, tidal inundation, or river overflow. Legal Requirements For Flood Disclosure In response to the increasing dangers associated with

The Real Estate Board of New York (REBNY) is set to make significant changes to broker fees starting January 1, 2024. These revisions will ultimately alter the Universal Co-Brokerage Agreement (UCBA), which governs both REBNY and the Residential Listing Service (RLS) in NYC. The main change REBNY outlines is that they will ban listing brokers