To continue to mitigate against the devastating economic effects of COVID-19, Freddie Mac provided further relief for multifamily landlords and tenants by revising its existing Multifamily COVID-19 Forbearance Program (Forbearance Program) in response to the enactment of the CARES Act. Under the existing Forbearance Program, property owners with a fully-performing Freddie Mac Multifamily loan can
New Rules and Legislation
New Requirement to Post NYC DOB Violations in Residential Buildings
By Christopher J. Caslin on
Posted in New Rules and Legislation
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…
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…
Appellate Ruling Impacts Availability of Yellowstone Injunctions
By Nolan Shanahan & Adam H. Morsy on
The ability to obtain a “Yellowstone” injunction has long been a saving grace for commercial tenants faced with a disputed default under their lease. A recent decision of the New York State Appellate Division, however, could shift the balance of power in commercial landlord/tenant relationships.
Typically, when a landlord notifies a tenant of an alleged…
NYC Council Modifies Commercial Rent Tax
By Adam H. Morsy on
The New York City Council approved a bill on Thursday, November 30, that impacts thousands of small business owners located south of 96th Street in Manhattan. The bill modifies the threshold that businesses must meet in order to be exempt from paying the 3.9 percent New York City commercial rent tax, which is…