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 […]
What Does A Building’s Energy Efficiency Grade Really Mean? Read More »
In the post-covid era, many commercial tenants have excess office space as a result of flexible or remote work arrangements. Often a commercial tenant’s first thought in this situation is to sublease its premises. However, some tenants are not aware of the ability to license their space as an alternative to a sublease. In this
When Not To Sublease Your Office Space Read More »
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
Securing Residential Transactions Amid Increasing Interest Rates Read More »
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
Lowering Real Estate Transaction Costs Through Mortgage Assignments Read More »
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,
How Commercial Tenants Can Overpay Their Rent Read More »
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)
New York Co-Ops Get Their “Teeth” Back: S-5105(C) Creates HSTPA Carveout for Co-Op’s Read More »
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
Ripped from the Headlines: Holdover in the Hamptons Read More »
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,
New York Eviction Moratorium Extended Read More »
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
What You Need to Know About New York State’s Disability Accommodation Law Read More »
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
What You Need to Know About New York’s Commercial Eviction Moratorium Read More »
