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 […]
Making Sense of Residential Leasing Commissions Read More »
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
Announcing Broker’s Angle Podcast! Read More »
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
Return of the LLC for Condominium Purchases Read More »
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
Are you down with LLC? LLC disclosure for residential real estate transactions Read More »
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
There was a lot of attention around Kenneth Griffin’s $238 Million apartment purchase at 220 Central Park South. By setting a record as the most expensive home purchase in the United States, the news brought a lot of issues to the forefront, one of the many being the “pied-à-terre” tax which has been introduced annually
Shedding a Pied a “Tear” Read More »
As a real estate attorney, I am thinking about what retail concepts succeed and what don’t since I often find myself working on transactions at the beginning and end of a store’s lifespan. There was a lot of talk about how within the span of 48 hours several large retailers announced they would be closing
Where Retail Works Read More »
This Wall Street Journal Article about WeWork: WeWork’s CEO Makes Millions as Landlord to WeWork has been stuck in my head ever since it was published. I’ve been involved in transactions involving WeWork, but you don’t need to be a practitioner to see the truly transformative effect of the company on the way people use
WeWork and Real Estate Read More »
Amazon has announced it is establishing a presence in Long Island City, in addition to the 360,000 square feet it currently rents in Hudson Yards. Today, we take for granted that New York is a vast resource for technology talent but that is the culmination of a lot of effort not the least of which
Amazon in the City Read More »
It is obvious that there is a lot of retail vacancy in New York City. This article in the Atlantic that portends a dark future for retail received a lot of attention (my favorite part is the Tennessee Williams quote), and the New York City Council is debating a bill to institute arbitration for commercial
Retail is Dead. Long Live Retail. & Opportunity Zones Read More »
