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 […]
The New Norm: REBNY’s Revisions To NYC Real Estate Practices Read More »
Navigating the world of real estate in New York City requires not only a keen eye for investment but also smart asset management. When it comes to securing your financial future and protecting your valuable assets, a trust can be a powerful tool. In this client alert, we will highlight some of the benefits of
Privacy, Control, and Flexibility: The Trust Advantage For Real Estate Read More »
Commercial property often involves complex leasing arrangements. One such arrangement is when a tenant becomes a sublandlord by subleasing their space to a subtenant. While this arrangement can surely offer benefits to the parties involved, it can also create certain challenges. In this client alert, we will address some of the challenges that arise when
What Happens If A Sublandlord Goes Bankrupt? Read More »
On Aug. 3, 2023, the New York City Council passed a recently revised bill that will allow restaurants to continue to offer patrons outdoor dining year-round, something that became commonplace during the pandemic thanks to the emergency outdoor restaurants program. The now-permanent legislation permits restaurants outdoor dining options, including year-round sidewalk dining or dining in
Al Fresco All Year: NYC’s Latest Legislation Reshapes The Dining Landscape Read More »
In 2021, New York State enacted its new Cannabis Law, creating a new licensing structure for cannabis retailers. The Cannabis Control Board issued its first licenses under the new law in November 2022, and in the following months, New York City has seen a proliferation of cannabis retailers setting up shop. In response to growing
What to Know About Cannabis Leasing Restrictions Read More »
On April 18, 2019, the New York City Council passed the Climate Mobilization Act, with the goal of making the city carbon neutral by 2050. In our prior alerts What Does A Building’s Energy Efficiency Grade Really Mean? and Understanding Local Law 97: The Energy Efficiency Law Poised to Shape New York Real Estate we
Proposed legislation introduced to the New York City Council today would regulate residential leasing commissions. If this sounds familiar, a bill introduced to the New York City Council in February of 2019 would have limited the amount a residential broker hired by an owner could collect from a tenant to one (1) month’s rent, though
New Bill Introduced Today Affecting Residential Leasing Commissions Read More »
On Friday, March 31, 2023, the Southern District of New York decided Melendez v. City of New York, a case affecting commercial lease guaranties. In this alert, we summarize the decision in Melendez and what it means for commercial tenants and landlords. Courts generally treat guaranties like any other contract, applying ordinary principles of contract
Understanding the Current State of Commercial Lease Guaranties Read More »
On April 18, 2019, the New York City Council passed the Climate Mobilization Act, with the goal of making the city carbon neutral by 2050. In our last alert What Does A Building’s Energy Efficiency Grade Really Mean?, we addressed Local Law 33, a predecessor to the Climate Mobilization Act. The energy efficiency grades pursuant
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
Attorney Escrow Deposits in Light of Financial Instability Read More »
