Legal

Attorney Escrow Deposits in Light of Financial Instability

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In light of recent instability among financial institutions, companies of all sizes are evaluating how cash balances are maintained. This is especially relevant for lawyers engaged in real estate transactions who are holding escrow deposits. This client alert will highlight the responsibility of attorneys acting as an escrow agent in real estate transactions. The Federal […]

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Summer Rents Are Made in the Winter: What Owners Need To Know About Their Leases

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Some people may be hitting the gym in anticipation of summer, but landlords also need to get in shape for the summer rental season. In this alert we will address the current rental market, what owners need to do to prepare for the upcoming rental season, and other issues for seasonal summer rentals. Rents in New

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Proposed Legislation to Reshape New York City Co-Op Purchase Process

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On Thursday, February 2, 2023, Public Advocate Jumaane Williams and Bronx Councilwoman Pierina Sanchez introduced three new bills which would require New York City Co-Op boards to provide a rationale for denying a purchaser’s application, to make financial disclosures to prospective purchasers, and to provide standardized applications. These bills are the first to be introduced

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What Does A Building’s Energy Efficiency Grade Really Mean?

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On April 18, 2019, the City Council passed the Climate Mobilization Act. Noting that buildings account for approximately two-thirds of greenhouse gas emissions in New York City, the City Council enacted the Climate Mobilization Act and other laws with the aim to make the city carbon neutral by reducing the emissions produced by the city’s

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Securing Residential Transactions Amid Increasing Interest Rates

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Amid rising interest rates, sellers and purchasers alike have become cautious about their residential transactions. In this client alert, we provide more insight about the mortgage process, interest rates, and what it means for purchasers and sellers of residential real estate. For residential transactions, common loan products include the standard 30-Year Fixed mortgage as well

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New York Co-Ops Get Their “Teeth” Back: S-5105(C) Creates HSTPA Carveout for Co-Op’s

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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)

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