Archives

NYC Real Estate Attorney’s Closing Report: July 2018

January 15, 2019

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call. Property Value Transaction 415 Grand Street, NY, NY $785,000 Coop Purchase  300 East 85th Street, NY, NY $1,250,000  Coop Sale 264 Lexington Avenue, NY, NY $915,000  Coop […]

NYC Real Estate Buyers and Sellers Breathe Easier as L Train Shutdown Called Off

January 8, 2019

As reported by the New York Times, Governer Cuomo has called off a planned shutdown of the L subway track, which would have lasted 15 months. The shutdown, which was intended to repair structural damage caused by Hurricane Sandy in 2012, will be replaced by a program of gradual repairs, and will accommodate full weekday […]

Westchester NY Real Estate Attorneys Beware: Fair Housing Law Amended to Protect Co-Op Purchasers

December 19, 2018

In an effort to combat discriminatory practices by coop boards, Legislators in Westchester have amended the county’s Fair Housing Law (Article II of Chapter 700), effective immediately.  This new amendment attempts to close a loophole by which coop boards could potentially discriminate against prospective purchasers by delaying action on their application beyond a reasonable time […]

Self-Managed Buildings: Tips for Brokers, Bankers, and Clients from a New York Real Estate Lawyer

December 12, 2018

Self-management helps smaller buildings save on the expense of retaining a management company. In exchange, unit owners (or the shareholders of a coop) take on the responsibility of performing building related tasks. These can range from repair and maintenance work to accounting and record keeping services. While self-management can help buildings balance their budgets, self-managed […]

The Top 5: What Bankers Love to See From Their NYC Real Estate Attorney

December 11, 2018

Our firm has represented a multitude of lenders in NYC real estate transactions over the years, working closely with loan officers and borrowers to see all parties to a smooth and successful closing. While each lender works somewhat differently, our experience has given us significant insight into what bankers love to see from their attorneys. […]

I Bought a Condo in NYC—Do I Need to Pay for my Recorded Deed?

December 6, 2018

This is one question that we hear frequently from our former clients, and the short answer is — no. Once closing is complete, the title company is responsible for ensuring that the deed becomes public record by sending it to the county clerk for recording. Once the deed is recorded, the county clerk’s office generally […]

Updated FinCEN Geographic Targeting Orders and Their Impact on NYC Real Estate Transactions

November 22, 2018

The Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury Department, will again extend the Geographic Targeting Order (GTO) which first went into effect in 2016. This extension will last from November 16, 2018 to May 15, 2019. The GTO’s purpose is to combat money laundering schemes by identifying individuals behind companies and […]

GUEST BLOG: How Lenders and Banks Approve Coops and Condos for NYC Apartment Purchases

November 19, 2018

  By Keith Furer, Guardhill Financial Be a smarter investor by understanding how lender approvals on buildings work. Whenever someone gets a mortgage on a unit within a coop or condo, a lender must not only approve the borrower, but separately approve the building. Like the borrower, a coop or condo must also meet certain requirements […]