Invest, improve, finance, develop, build, lease, sell. Whatever your role in a real estate project, we help identify your best opportunities and cut through red tape to expedite and close transactions of any size.
Tarter Krinsky & Drogin’s Real Estate Group represents owners, tenants, institutional and private lenders, developers and asset managers in office, residential, industrial and retail transactions and operations.
Leasing and Asset Management
We represent owners, tenants and asset managers in leasing their office space, retail and properties. We negotiate commercial leases, subleases, assignments, alterations agreements, brokerage agreements, service contracts and other related agreements.
Finance and Restructuring
Successful real estate transactions often hinge on financing. From conventional acquisition to more complex lending needs, such as construction loans, purchases of co-lending interests and loan workouts, our attorneys bring deep experience to every deal.
Development and Investment
We assist clients in all aspects of a project’s development, including assemblage, acquisition, financing, construction, partnership and joint venture arrangements, and the negotiation of agreements with architects, construction managers and contractors. Partnering with our corporate and tax attorneys, we also draft and review offering memoranda and structure transactions to achieve the most favorable tax treatment available.
|Arsenis, Spyros Counsel||Counsel||212.216.8064|
|Beller, Brian J. Partner||Partner||212.216.1173|
|Block, Caryn J. Associate||Associate||212.216.1186|
|Camporeale, Michael E. Counsel||Counsel||212.216.1162|
|Cohen, David E. Associate||Associate||212.216.1172|
|Cohen, Perry L. Partner||Partner||212.216.1165|
|Farrell, Edward Partner||Partner||212.216.8090|
|Galante, Victoria Associate||Associate||212.216.1196|
|Greenberg, Lester A. Counsel||Counsel||212.216.8033|
|Kilduff, Patrick J. Partner and Chair of Compliance and Administrative Law Practice and Outdoor Advertising Practice||Partner and Chair of Compliance and Administrative Law Practice and Outdoor Advertising Practice||212.216.8019|
|Ofsevit, Samuel M. Partner||Partner||212.216.1144|
|Piazza, Gina M. Partner and Co-Chair of Italy Practice||Partner and Co-Chair of Italy Practice||212.216.1129|
|Ptak, Saree R. Partner||Partner||212.216.1164|
|Schwimmer, Karen Associate||Associate||212.216.1184|
|Sonnenklar, Orly Paralegal||Paralegal||212.216.1178|
|Tarter, Alan M. Managing Partner||Managing Partner||212.216.8010|
|Troup, Steven Partner and Chair of Cooperative and Condominium Practice||Partner and Chair of Cooperative and Condominium Practice||212.216.8020|
|Tumulty, Christopher Counsel||Counsel||212.216.8096|
|Weisner, William W. Partner and Chair of Real Estate Practice||Partner and Chair of Real Estate Practice||212.216.8095|
|Zagorsky, Arthur Partner||Partner||212.216.8030|
|Zipkowitz, Eric Partner||Partner||212.216.8088|
apple seeds LLC is a growing organization that provides indoor playground facilities, classes, birthday parties and other activities. As an emerging and growing business, apple seeds needed a business-minded legal partner who understood the challenges of being a middle market business. They needed help building the company from the ground floor up, and providing a solid foundation for future growth.
Entrepreneur Matthew Viragh approached David Pfeffer, Chair of Tarter Krinsky & Drogin’s Construction Practice, for legal and business counsel relating to a new and unique cinema to be opened in Williamsburg, Brooklyn.
Historically an industrial waterfront, Long Island City has become a site for luxury residential condominium and rental buildings in recent years, and is now becoming an active office district. Built in 1926 and originally used by Macy’s as a furniture warehouse, The Factory is one of Long Island City’s newest and premier workspaces. A 1.1 million sq. ft. multi-tenanted industrial office and retail building owned by Atlas Capital Group, in partnership with Square Mile Capital and Invesco, the building covers an entire city block from 47th to 48th Avenues and from 31st Street and 30th Place in Queens.
Managing partner Alan Tarter was quoted in an Am Law Mid-Market Report article, "Chasing Financial Gains? Bigger Scale Doesn't Mean Bigger Growth.” The article delves into promising takeaways for mid-size firms within the Am Law 200, which include specializing, streamlining and pivoting.
Alan told the publication that mid-size firms like Tarter Krinsky & Drogin are are adept at adjusting to market pressures, citing rate flexibility and alternative fee arrangements as reasons why. Alan also said that talent acquisition and retention is also easier when the firm can quickly implement attractive talent development and business development programs.
Several news outlets, including The New York Law Journal, Bloomberg Big Law Business and Real Estate Weekly reported on the arrival of Real Estate and Commercial Leasing counsel Spyros Arsenis.
Real Estate and Construction lawyer Michael Camporeale’s recent promotion to counsel was featured in ENR New York, a publication covering the New York and New Jersey construction industry.
Tarter Krinsky & Drogin, a leading mid-size, full-service law firm, announced today that Spyros Arsenis has joined the firm’s growing Real Estate and Commercial Leasing Groups.
Real Estate partner Brian Beller, Real Estate associate Karen Schwimmer and Construction associates Cathleen Cassidy and Sean Scuderi have been named to Real Estate Weekly’s 2019 Rising Stars list for their outstanding contributions to their field.
Construction chair David Pfeffer and partner Eric Zipkowitz have been named to Euromoney’s Legal Media Group's 2019 Construction & Real Estate Expert Guide, a reference used by in-house counsel worldwide for more than 20 years. This recognition is based on independent research, telephone interviews and general nomination by legal practitioners in more than 90 jurisdictions.
Leading mid-size, full-service law firm Tarter Krinsky & Drogin is pleased to announce the promotions of two associates to counsel, Michael Camporeale in the Real Estate and Construction practices and Joel Rosner in the Litigation practice.
Tarter Krinsky & Drogin managing partner Alan Tarter was featured in a Law360 Law Firm Leaders interview in which he discussed the business and practice of law, the growth of the firm under the 17 years since he founded the firm in which it grew from having just six lawyers to 80 lawyers today and what makes Tarter Krinsky & Drogin a unique place to work, among other topics
Tarter Krinsky & Drogin’s Construction, Real Estate
Thirty lawyers from Tarter Krinsky & Drogin have been named to the 2018 New York Super Lawyers and Rising Stars lists as top lawyers in New York. The annual Super Lawyers list recognizes the top five percent of lawyers in New York for their professional achievements. Lawyers are selected through a process that includes independent research, peer nominations
Tarter Krinsky & Drogin is pleased to announce that three of its lawyers have been named to the 2019 Best Lawyers in America list. Richard Steer (Litigation - Labor and Employment), Alan Tarter (Real Estate Law) and Richard Williamson (Commercial Litigation) have each once again been recognized in the guide in their respective practice categories.
Bill Weisner is a partner and the chair of the Real Estate practice at Tarter Krinsky & Drogin. With more than 25 years of experience representing a wide range of commercial real estate matters for lenders, developers, investors, landlords and tenants nationwide, as well as not-for-profit entities, his practice encompasses a wide array of financings, workouts and restructurings, leases, partnerships and joint ventures, and development projects. Bill has worked at the full range of law firms - Big Law, small law and mid-size law, and he says he finds mid-size firms - particularly Tarter Krinsky & Drogin - to be the right place for him. Read on to find out why.
Real Estate partner Saree Ptak and Construction partner Laurie Stanziale were named to Real Estate Weekly Leading Ladies 2018 list.
Managing Partner Alan Tarter was featured in ALM’s April 20 Mid-Market Report article on how mid-size firms are striking a balance between work and life. The article focused on how firm leaders of mid-size firms are ensuring that their lawyers can find work-life balance.
Tarter Krinsky & Drogin continues to strategically grow its market-leading Real Estate practice to meet the growing needs of its clients, welcoming senior associates Caryn Block and David Cohen to the firm.
We proudly honor the impressive women of Tarter Krinsky & Drogin as part of our series in recognition of Women’s History Month. In this installment, learn more about Real Estate paralegal Orly Sonnenklar.
GlobeSt.com noted the recent lawyer promotions of Brian Beller and Scott Schneider to partner in the Real Estate practice; Jing Xia to partner in the Intellectual Property practice; and John Rondello to counsel in the Construction practice. GlobeSt.com is an online commercial real estate content platform.
Real Estate Weekly highlighted Tarter Krinsky & Drogin’s recent lawyer promotions, noting that Brian Beller and Scott Schneider were promoted to partner in the Real Estate practice; Jing Xia became a partner in the Intellectual Property practice; and John Rondello was promoted to counsel in the Construction practice.
The New York Law Journal’s On the Move column noted the recent promotions of Tarter Krinsky & Drogin lawyers Brian Beller and Scott Schneider, who were promoted to partner in the Real Estate practice; Jing Xia, who became a partner in the Intellectual Property practice; and John Rondello was promoted to counsel in the Construction practice.
Bloomberg's Big Law Business highlighted Tarter Krinsky & Drogin’s recent lawyer promotions in its Wake Up Call column.
Tarter Krinsky & Drogin is pleased to announce the promotions of four lawyers, three to partner and one to counsel. The firm's new partners are Brian Beller (Real Estate), Scott Schneider (Real Estate) and Dr. Jing Xia (Intellectual Property). John Rondello (Construction) was promoted to counsel.
Construction practice chair David Pfeffer was quoted in a Real Estate Weekly article, "U.S. Opioid Crisis Putting Focus on Construction Sector Drug Testing.” The article explores the issue of adding mandatory drug testing to the NYC Council’s construction safety bill as part of improved training standards for construction workers, but this remains a tension point between organized labor and merit shop workers.
Globest.com noted the arrival of Karen Schwimmer to the firm in its Northeast Middle Market Digest. The article notes that Karen joined the firm as an associate in the Real Estate practice and that she represents owners, operators and developers in the acquisition, financing, leasing, development and disposition of property.
Tarter Krinsky & Drogin is pleased to announce the arrival of Karen Schwimmer as an associate in the Real Estate practice as we continue to grow to meet client needs. Karen represents owners, operators and developers in the acquisition, financing, leasing, development and disposition of property. She also assists lenders with commercial real estate loan transactions, and cooperative and condominium boards with governance issues.
Construction chair David Pfeffer was recently quoted in a Commercial Observer article, "Putting on Developers’ Hard Hats, Private Equity Managers Break Risky New Ground.” The article discusses the increase in real estate private equity funds that are making ground-up development a prominent part of their business strategy.
Tarter Krinsky & Drogin’s Construction, Real Estate and Labor and Employment practices have been named to the 2018 U.S. News Best Law Firms list. The U.S. News Best Law Firms rankings are based on an evaluation process which includes client and lawyer evaluations, peer review and review of information submitted by law firms in the formal submission process.
Several notable Brooklyn development projects have one thing in common – middle-market, full-service law firm Tarter Krinsky & Drogin has helped the principals avoid various legal potholes and set the projects on the road to completion. The firm’s top-ranked Construction practice partners with clients on some of the most significant development projects in New York and elsewhere across the United States.
Tarter Krinsky & Drogin continues to strategically grow its practices to meet the growing needs of its clients. Michael E. Camporeale joined the firm as an associate in the Construction and Real Estate practices, and Tara McDevitt and Sean Scuderi joined the firm as associates in the Construction practice.
Tarter Krinsky & Drogin announced today that Kevin Groarke has joined the firm as a partner in its Real Estate practice. His arrival bolsters the firm’s core strengths in complex real estate transactions for domestic and international clients.
This year, 28 lawyers from Tarter Krinsky & Drogin have been named to the 2017 New York Super Lawyers and Rising Stars lists as top lawyers in the state. The annual Super Lawyers list recognizes the top five percent of lawyers in New York for their professional achievements. Attorneys are selected through a process that includes independent research, peer nominations and peer evaluations.
Four Tarter Krinsky & Drogin attorneys were ranked on the Rising Stars list, which recognizes the top 2.5 percent of lawyers who either are under the age of 40 or have been in practice for 10 years or less.
Leaders in the Law recently featured two of Tarter Krinsky & Drogin’s recent high-profile construction matters in a recent article, "Tarter Krinsky’s Construction Practice Leads Cultural Revivals in Brooklyn and Queens.” The highlighted matters reinforce the firm’s focus on advising the development community behind the latest hotel, residential, retail and arts projects in cutting-edge New York City neighborhoods.
Tarter Krinsky & Drogin continues to grow its dynamic and top-ranked Construction practice to serve the needs of our clients. We welcomed senior Construction associate Tara McDevitt, whose practice focuses on construction litigation claims and disputes. She also provides legal assistance with drafting negotiations, contracts and agreements.
Managing partner Alan Tarter and Labor & Employment partner Richard Steer were named to the Best Lawyers® 2018 list. Alan was recognized in the real estate law category, and Richard Steer was recognized in the labor and employment litigation category.
We are representing ScreenBid in the acquisition, lease and reconstruction of the famous 1930 Vogue Theatre on Hollywood Boulevard. This is a significant move for Screenbid as it is the web-based company’s first foray to a 'bricks-and-mortar' premises, particularly as retail has moved from the street to the web. The deal will breathe new life to the thriving Hollywood theatre district and restore this iconic theatre back to its original splendor.
On April 13, 2017, the Appellate Division, First Department affirmed the August 2016 decision of the New York County Supreme Court in which TKD secured a victory on behalf of our client, 152 W. 58th Owners Corp., where our client was awarded license fees for access by the petitioner, as well as reimbursement of our client’s engineering and legal fees and a per diem penalty of $500 if the work was not completed during the court-ordered license term.
This April, we represented a German mortgage bank in the sale of a $50 million note to a REIT.
This March and April, we represented Delshah Capital in its acquisition of a defaulted loan secured by a first mortgage on an office building on Second Avenue.
Real Estate Weekly featured the recent promotions of Gina Piazza and Christopher Tumulty in its Deals and Dealmakers section.
Tarter Krinsky & Drogin recently announced the promotions of three lawyers, David Kleinmann and Gina Piazza to partner, and Chris Tumulty to counsel.
Tarter Krinsky & Drogin is pleased to announce the promotions of three lawyers, two to partner and one to counsel.
Our client, Williamsburg, Brooklyn-based Nitehawk Cinema was featured in The New York Times for blazing the trail to repeal a Prohibition-era law banning the sale of alcohol in movie theaters.
Tarter Krinsky & Drogin was featured in a Law360 article for representing Princeton International Properties Corp.
Managing partner Alan Tarter and partner Richard Steer were named to the Best Lawyers® 2017 list.
Tarter Krinsky & Drogin LLP is pleased to announce Daniel J. McGrath has joined the firm as an Associate in the Real Estate Practice.
Scott Schneider wrote “Between the term sheets: Don’t get too cozy until the deal is done” for Real Estate Weekly.
In the wake of the recent Legionnaires' disease outbreak in the Bronx, the City of New York has adopted amendments to the Administrative Code requiring the registration of all cooling towers with the Department of Buildings (DOB).
Tarter Krinsky & Drogin represented the landlord of The Factory in Long Island City, Queens, in the leasing of office space to Macy’s.
Tarter Krinsky & Drogin represented the landlord of The Factory in Long Island City, Queens, in the leasing of office space to Applied Research & Consulting, a data analysis company.
Tarter Krinsky & Drogin represented the owner of 55 Gansevoort Street – a 25,000 square foot building in the heart of the Meatpacking District neighborhood of Manhattan – in leasing the entire property to Restoration Hardware, an upscale home furnishings company.
Tarter Krinsky & Drogin LLP is pleased to announce the addition of Alex Spizz, Perry L. Cohen, Arthur Goldstein, Paul Richard Karan and Jill Makower.
Tarter Krinsky & Drogin represented the landlord of The Factory in Long Island City, Queens, in the leasing of office space to TEI Group Inc., an elevator solutions company. TEI Group Inc. signed a 12-year lease to relocate its headquarters to the Long Island City building.
Tarter Krinsky & Drogin LLP is pleased to welcome Partner Samuel M. Ofsevit and Associate Brian J. Beller to our Real Estate Practice. Prior to joining Tarter Krinsky & Drogin LLP, Samuel and Brian were in the Real Estate Practice at Phillips Nizer LLP.
Tarter Krinsky & Drogin LLP is pleased to welcome Scott Schneider as an Associate in the Real Estate Practice
Tarter Krinsky & Drogin is representing Tishman Speyer in the construction of a 30-story office tower in Atlanta. The project will complete its Three Alliance Center development that already features two signature office towers and a five-star residential tower in Atlanta’s Buckhead submarket.
The firm is assisting Tishman Speyer in the design, engineering and construction agreements for its development of a luxury residential rental property on a 1.2 million-square-foot site in Long Island City. Tishman Speyer is developing the property in partnership with H&R Real Estate Investment Trust. This matter was profiled in The Real Deal article “Tishman Speyer, H&R Real Estate to develop LIC luxury rental” on June 16.
We represented Delshah Capital in the financing of its $26.4 million acquisition of an office building at 221 West 17th Street. DelShah is redeveloping the 33,000-square-foot building into luxury condos.
Tarter Krinsky & Drogin LLP is pleased to announce that Patrick J. Kilduff joined the firm as a Partner. Pat represents national and international media companies, as well as commercial property owners, developers, investment bankers and hedge funds regarding outdoor and out-of-home advertising opportunities.
Saree represents developers, landlords and institutions in their commercial real estate transactions. She handles all aspects of complex office, retail, industrial and residential mixed use projects including acquisition, disposition, development, leasing and strategy planning.
Tarter Krinsky & Drogin is pleased to welcome Raphael Tawil as an Associate in the Real Estate Practice Group. Raphael represents developers, landlords and tenants in commercial real estate transactions, including office and retail leasing, sales, acquisitions and financing and has significant experience in office and retail leasing transactions.
Tarter Krinsky & Drogin represented the capital partner in the drafting and negotiation of a joint venture agreement with the development partner of a new condominium project along the High Line in New York City, and currently represents the owner in all aspects of development of the project.
Tarter Krinsky & Drogin represented Tishman Speyer in the design and construction agreements for their three-building Green Towers Brasilia project. Banco do Brasil will occupy all 953,000 square feet of the building, which is considered to be the largest lease in transaction in Tishman Speyer’s history.
Tarter Krinsky & Drogin represented Triangle Equities in the acquisition of Triangle Plaza Hub, a $40 million two-building development in the South Bronx.
Tarter Krinsky & Drogin LLP represented Gracie Terrace Apartment Corp., a cooperative apartment corporation, against a shareholder who sought to enjoin the co-op from effective repairs to their apartment.
Tarter Krinsky & Drogin represented Cayuga Capital Management LLC, a private real estate investment firm, in the purchase, leasing and financing of the new Playland Motel on Rockaway Beach Boulevard.
Tarter Krinsky & Drogin represented Link Real Estate NYC in the acquisition of Key New York. Link Real Estate is a young, full service firm that handles residential marketing and leasing, as well as sales.
Steven Troup was featured in the Q&A section of the Cooperator’s July 2013 issue. The article, titled “Unfairly Charged” addresses the question of how a co-op homeowner should handle a dispute with management about unfair expenses incurred.
Tarter Krinsky & Drogin is representing Tishman Speyer Properties in the drafting and negotiation of the architectural and construction agreements for Lumina, a luxury condominium at 201 Folsom Street in San Francisco, CA.
Tarter Krinsky & Drogin represented Normandy Real Estate Partners, one of the largest national real estate developers, owners and operators of commercial office buildings, in the leasing of approximately 50,000 square feet at 1370 Broadway.
Tarter Krinsky & Drogin represented Savanna, a private equity and asset management firm based in New York City, in the leasing of 60,000 square feet of class A office space in their investment property located at 104 West 40th Street in Manhattan.
Tarter Krinsky & Drogin represented Cayuga Capital Management LLC, a private real estate investment firm based in New York City, in the sale of 44 Berry Street to ING Clarion Partners for $27 million on May 12, 2011.
Tarter Krinsky & Drogin recently represented PB Capital Corporation, a subsidiary of Deutsche Postbank AG, in an $85 million loan to two entities owned by Hartz Mountain Industries, Inc.
William W. Weisner, a Partner in Tarter Krinsky & Drogin’s Real Estate and Construction Practice Groups, represented a major software development company on the design and construction contracts for a 200,000-square-foot office building that recently achieved Leadership in Energy and Environmental Design (LEED) Platinum certification, the highest rating given by the U.S. Green Building Council.
Our client, a real estate developer, recently needed new funding to recapitalize a condominium project in Manhattan that was close to completion. After several days of intense negotiations with our client's new and existing lenders, Tarter Krinsky & Drogin was able to successfully modify the senior debt and close on the new subordinate loan in a very short period of time.
Tarter Krinsky & Drogin LLP recently represented Historic Hudson Valley (HHV) in contract and loan negotiations for the construction of a Regional History Center in Pocantico Hills, Westchester County, New York.
Eric Zipkowitz, a partner in Tarter Krinsky & Drogin’s Real Estate Practice Group, was quoted in the Real Deal article "Weak new development sales spur buyer guarantees."
The Appellate Division, First Department has refused to vacate a two-day trial before Judicial Hearing Officer Ira Gammerman of the New York State Supreme Court, in which JHO Gammerman found that Tarter Krinsky & Drogin’s clients were not liable to their former landlord for more than one year’s rent after they vacated their premises.
Tarter Krinsky & Drogin recently resolved a difficult matter involving the house left by our client’s deceased grandmother.
Tarter Krinsky & Drogin’s client, a New York City real estate developer, recently sold an LLC interest in a real estate development company.
Tarter Krinsky & Drogin represented a leading technology provider for the fashion industry in a 10-year lease for approximately 20,000 square feet in a historic building on West 39th Street in Manhattan.
Edward Farrell has been named Partner in the Real Estate Practice.
Tarter Krinsky & Drogin represented one of the world’s largest privately-owned steel trading companies in its acquisition of a New York and Florida-based steel service company.
Tarter Krinsky & Drogin represented a client who owns and manages an existing, successful, high-end catering business in Manhattan in the acquisition of a large competitor.
The firm represented The New York Mortgage Company in its sublease of approximately 60,000 square feet of office space at 1301 Avenue of the Americas.
New York Mortgage Trust, Inc. announced today that its subsidiary, The New York Mortgage Company, LLC, has signed a definitive agreement to acquire 15 full service and 26 satellite retail mortgage banking offices located in the Northeast and Mid-Atlantic states from Guaranty Residential Lending, Inc.
For approximately 50 years, commercial tenants in New York facing potential action for breach of lease and possible eviction have enjoyed the use of a so-called "Yellowstone injunction," which, if granted by the court, froze the contractual cure period under a lease governed by New York law.
Compliance/Administrative Law and Outdoor Advertising chair Patrick Kilduff authored an article for Advertising Week 360 on ““I Love NY”... The Wackiest Sign Story of the Year.” The article delves into the approximately 500 new "I Love NY” blue highway signs authorized for installation by the Cuomo Administration. Pat explains, “The stated goal was to promote New York State and elements of the "New York Experience.” The Federal Highway Administration clearly warned New York State that these signs did not comply with the Manual on Uniform Traffic Control Devices for Streets and Highways. Unfazed, the State proceeded, basically daring the feds to do something about it.”
Gaining access to a neighbor’s property during construction requires attempting to negotiate an access agreement and if that fails, litigating the access through an RPAPL §881 proceeding. That is nothing new. But what happens when these negotiations are about much more than just access or not about access at all? In this alert, Construction partner Laurie Stanziale explores how and whether courts will continue to entertain disputes between neighbors about construction, even if no damage has occurred and no access is required and/or whether or not the DOB will be compelled to take a more active role in these disputes.
Managing Partner Alan Tarter authored an article that was featured in the New York Law Journal’s special Partnership Report in the April 23 issue. The article titled, "The Unique Place for Midsize Firms in Today’s Legal Market,” focuses on the many opportunities that mid-size firms have in today’s legal complex ecosystem due in large part to their attractive rate structures, full-service value proposition, nimble infrastructures and ability to quickly adapt to market trends, which benefits them in recruiting, as well as client service and retention. Alan explores several concepts in the article, including leveraging agility and embracing change, the power of referrals in cultivating relationships and investing in your firm by investing in your people through professional development programs.
Construction chair and partner David Pfeffer authored an article in Law360 on "The Conundrum With Short-Term Rentals." The article explores what New York City landlords and tenants need to know about how recent regulations on short-term apartment rental services such as Airbnb, HomeAway, VBRO and Roomorama affect their properties.
In an effort to collect more than one billion dollars in outstanding fines, the City of New York is offering an amnesty program that allows participants to resolve violations
In the wake of the recent Legionnaires' disease outbreak in the Bronx, the City of New York has adopted amendments to the Administrative Code requiring the registration of all cooling towers with the Department of Buildings (DOB).
In the wake of the financial meltdown and subsequent signs of economic recovery, opportunities are becoming more prevalent for those looking to diversify and expand their investments. Luckily, there are various ways to acquire funding for development projects that are both available and underutilized. The Employment-Based visa program is one such tool, particularly the EB-5 visa category.
Delivering a crushing blow to an already distressed real estate market, New York’s highest Court recently issued a landmark decision in Roberts v. Tishman Speyer Properties, L.P. On Oct. 22, 2009, the New York State Court of Appeals ruled that the owners of the massive residential complexes of Stuyvesant Town and Peter Cooper Village improperly charged market-rate rents to tenants.
In situations where a tenant leaves leased premises before the expiration of the lease term, until recently, different results were sometimes obtained in cases involving commercial tenants versus cases involving residential tenants.
For many years, it has been standard in the real estate industry that contracts of sale for the purchase from the sponsor of newly constructed or newly renovated residential condominium units or cooperative apartments do not contain a mortgage contingency clause Accordingly,purchasers would not have the right to terminate a contract of sale if an application for financing were denied or, alternatively, if it was granted for an amount lower than the amount sought.
In today's residential real estate market, balking purchasers are a major challenge for developers. Developers have several tools to counter these increasingly common and harmful tactics and achieve their primary objectives of avoiding costly disputes, capitalizing on their investment and compelling balking purchasers to comply with the agreements they signed.
How hard do the parties to a contract have to work to meet their obligations? Under New York law, every contract contains an implied covenant of good faith and fair dealing that requiresparties to cooperate so that neither party is deprived of the right to receive the benefits of their agreement. Typically, many contracts also include provisions requiring each party to use “bestefforts” in performing their contractual obligations.
A recent court decision regarding secondhand tobacco smoke from the Housing Court in Manhattan has possibly wideranging ramifications to apartment buildings, cooperatives, condominiums and rentals alike.
There are many issues encountered in selling real estate when one or more of the owners have died. At the inception of the transaction, prior to the execution of a contract of sale, we must ascertain (i) how title to the property was held: individually, by tenants in common, asjoint tenants with rights of survivorship, or as tenancy by the entirety between husband and wife; and (ii) whether the decedent died with a will or without. In all cases, a copy of the death certificate is required.
There is a general uncertainty within the real estate community with respect to the requirements for conveying clear title to individually owned condominium and cooperative apartments when one or all of the record owners are deceased. This article will discuss what a seller's attorney must do prior to closing to assure that the seller can deliver on his or her obligation to convey clear title at closing, as well as to satisfy the title agent and the managing agent of a cooperative corporation, that all of the necessary documents are in place in order to effectuate a transfer of good and clear title of the unit.
When shareholders of a cooperative or unit-owners of a condominium vote to elect members of a board, balloting may be done in secret or in the open. Secret ballots, as the term implies, are private. In open balloting, both the fact of voting and the person for whom the ballot is cast are public knowledge.
There has been a significant consolidation of residential real estate service providers nationwide in the past few years, and this trend has recently been gaining momentum in New York.