As published in the New York Law Journal By Jack Harari, Esq. It was the mid-1970’s. The elementary school was running its annual two-on-two soccer tournament. Two of the smallest kids in the school formed an unlikely team. Not many took them seriously, thinking that they didn’t have the size or the power to beat […]
The board approval process is one of the key stages in the purchase/sale of a cooperative, occurring shortly after execution of the contract of sale. The sellers of a cooperative unit generally have some experience with the board approval process, having gone through the process themselves at some point. Buyers may not have a similar […]
Many small buildings, especially in challenging financial times, prefer to save on the expense of retaining an outside management company. Often in such instances, unit owners perform some of the building related tasks, ranging from maintenance of the building to accounting and record keeping services. Such self-managed buildings pose unique challenges to brokers and attorneys […]
A few of our recent closings include: 120 Greenwich Street, NY, NY $702,500.00 Condo Purchase 60 Remsen Street, Unit, BK, NY $1,415,000.00 Coop Purchase 60 Pineapple Street, Brooklyn, NY $2,500,000.00 Coop Sale 140 Seventh Avenue, NY, NY $1,388,888.00 Condo Sale 100 West 119th St, NY, NY $1,300,000.00 Condo Purchase 81 Ocean Parkway, Brooklyn, NY $455,100.00 […]
The New York State Department of Taxation and Finance has made several important revisions to Form TP-584. Form TP-584 is filed with each conveyance of real property and is used to comply with the filing requirements of the real estate transfer tax, the tax on mortgages, and any applicable exemption from estimated personal income tax […]
An important ethics opinion recently weighed in on the practice of some real estate professionals of “grossing up” the contract of sale and providing an equivalent credit at closing to offset the grossed up price. The opinion says that when the purchase price in a contract is “grossed up” and combined with an equivalent seller’s concession, […]
As you begin your hunt for a place to call home here in New York City, you might need a brush-up course in the differences between co-ops, condos, and cond-ops. The following short article from Curbed may answer some of the more common questions. Click Here for Curbed Article Of course, if you have other […]
Real estate investors might be interested in the information recently provided by a 1031 Exchange Agent unaffiliated with our firm. Check out the changes in their newsletter: First American Exchange Company Newsletter
Prospective purchasers looking to obtain financing should be aware of the new mortgage lending rules that just went into effect. An easy to understand article on the topic can be found at: Article: CNNMoney-New Mortgage Lending Rules
As a participant in a new public offering of interests in a condominium, it is important to understand the recent changes to escrow regulations which went into effect on March 1, 2013. The amendment to the escrow regulations will have an effect on both new offering plans as well as on some existing offering plans. […]