Category : Views

Inheriting mom’s regulated apartment? Not so fast, say courts
ResidentialViews

Inheriting mom’s regulated apartment? Not so fast, say courts

REW Staff
by REW Staff1746
By David M. Skaller Belkin, Burden, Wenig & Goldman LLP Rent regulated apartments are often viewed as “inheritance assets” by family members of tenants. Given the liberal succession provisions in the Rent Stabilization Code, when family members make succession claims after a tenant has moved out or died, an owner...
Banking Crisis and Wall Street job cuts will have little or no effect on Manhattan office market
Editorial SupplementsViews

Banking Crisis and Wall Street job cuts will have little or no effect on Manhattan office market

REW Staff
by REW Staff990
By Joseph Armano Vice President, UGL Services – Equis Operations The New York financial services industry continues to be severely impacted as a result of the European debt crisis and turmoil in the financial markets. It is estimated that the industry could slash another 10,000 jobs by the end of...
Amidst the chaos, Manhattan still a stable investment
ResidentialViews

Amidst the chaos, Manhattan still a stable investment

REW Staff
by REW Staff1055
By Karen Heller, Halstead Property Every quarter, the largest Manhattan residential real estate firms gather their internal data and look back on closed sales, average prices, and trends. Interestingly, the last quarter saw striking accord amongst the firms (including Halstead/Brown Harris Stevens, Corcoran, Stribling, and Prudential Douglas Elliman). Their conclusion:...
ResidentialViews

Foreign buyers beware: Closing and carrying costs in co-op and condo apartments

REW Staff
by REW Staff965
By Melanie A. Capobianco, Belkin, Burden, Wenig & Goldman LLP The combination of our current depressed economy, a low dollar exchange rate, and a high inventory of available real estate, makes investment in New York City co-op and condo apartments particularly attractive now to foreign investors. A prudent foreign purchaser...
NYC’s new heating oil rules: What will it cost you?
Editorial SupplementsViews

NYC’s new heating oil rules: What will it cost you?

REW Staff
by REW Staff2864
By Valerie Corbett, IntelliGreen Partners In April 2011, New York City adopted a new heating oil regulation requiring owners of nearly 10,000 buildings to phase-out the use of #6 and #4 heating oil. Existing boilers must switch from #6 oil to a cleaner fuel before their current permits expire starting...
Decrease estate taxes with Real Property Deficiency Study
Editorial SupplementsViews

Decrease estate taxes with Real Property Deficiency Study

REW Staff
by REW Staff869
By Mark de Stefanis, SCSP President, Construction Cost Recovery Being the beneficiary of a prized piece of real estate comes with a heavy price tag now that the estate tax and generation skipping transfer taxes have been reinstated. However, counsel can significantly reduce the IRS take by recommending a Real...
Views

New law bringing big changes for design biz

REW Staff
by REW Staff1055
By C. Jaye Berger, Esq. Law Offices of C. Jaye Berger As a construction attorney, I can say that it is rare that a change is made in the law which revolutionizes the design industry. Up until now, the laws in the State of New York only allowed architectural and...
Editorial SupplementsViews

Condominium conversion reserve fund obligations

Adam Leitman Bailey
by Adam Leitman Bailey1251
By Adam Leitman Bailey and Leni Morrison CumminsWhile sponsors of new construction condominiums have extensive obligations regarding the physical construction of their projects, Sponsors of condominium conversions really only have one material obligation (other than actually converting the form of ownership) — to provide sufficient funds to create reserves for capital repairs, improvements, and replacements required for the residents’ health and safety.
Views

New rent guidelines won’t dim demand for multifamily

REW Staff
by REW Staff2439
Demand for rent stabilized multifamily buildings in New York City has generally been unaffected by the new rules issued by the Rent Guidelines Board. A quick study of the demographics affecting stabilized apartments shows just how insignificant the guidelines are when it comes to the value of multi-family buildings to those who specialize in that segment of the commercial real estate market. Most of the people who buy stabilized buildings are not looking for quick conversions. They are attracted by the virtual guarantee of stable and steady. But the right building in the right location at the right time can sometimes offer the potential of a big pay day.
Views

Risks and rewards of electronic signatures

REW Staff
by REW Staff1099
By Howard Rubin and Scott SimonCreating a paper trail for every real estate transaction is the mantra of most brokers. But there are risks as well as rewards to the practice in today's electronic age. When it comes to e-signatures, the area of the law has evolved with such velocity that professionals’ expectations as to what constitutes a contract may already be outdated.