Thanks to Local Law 110, which took effect at the beginning of December 2019, if you are the owner of a residential building within the five boroughs of New York City, you are now required to post or distribute a copy of all summonses issued by the New York City Department of Buildings (DOB) concerning
Real Estate
New York City Building Owners: What Does #GreenNewDeal4NY Mean For You?
To combat against the harmful effects of climate change, the New York City Council recently passed the Climate Mobilization Act (CMA)[1] – landmark legislation aimed at reducing New York City greenhouse gas emissions levels by 40% by 2030 and 80% by 2050, which will have major implications for New York City building owners, prospective…
LLC Sellers and Buyers Beware: Unprecedented Reporting Requirements
By Jordan J. Metzger & Nicole Dlugosz on
Posted in Acquisitions, Real Estate
*Update: On November 4, 2019, after coming under heavy fire from New York City’s real-estate industry, the State’s Department of Finance and Taxation issued a new guidance that notably no longer requires LLC sellers and buyers of residential condominium units to disclose the identities of their members. Several sources following this development conclude this policy…
Tenant Rent Regulation Reforms
By Jordan J. Metzger & Cristina M. Riggio on
Posted in New Rules and Legislation, Real Estate
As the hours count down before the laws governing New York City’s rent-regulated apartments are due to expire, the New York Senate and Assembly have come to an agreement on permanent and far-reaching reforms which affect nearly 1 million rent regulated units. Deemed the strongest tenant protections in the history of rent regulation, this controversial…
Update: New York Court of Appeals Deals Serious Blow to Future Yellowstone Injunctions
By Nolan Shanahan & Adam H. Morsy on
Posted in Leasing, Real Estate
In a landmark decision, the Court of Appeals, New York State’s highest court, has endorsed a commercial tenant’s waiver of its right to seek a “Yellowstone” injunction, perhaps sounding the ultimate death knell for this common remedy for commercial tenants who are facing claims of default from their landlords. A Yellowstone injunction enables a tenant…