Plan to Rezone East New York Passes

The city council recently approved a plan aimed at the rezoning of East New York, according to this article from DNAinfo. The plan, which passed near-unanimously, was lauded by many for its comprehensiveness and its focus on public infrastructure and housing, while others are critical, believing that the plan does not do nearly enough to reign in gentrification in East NYC.

Proponents and critics can agree, however, that the passing of the rezoning plan will certainly alter both the area itself and the value of its real estate. How much so remains to be seen.

We are excited to share a recent article from Forbes, which includes a quote from partner Jack Harari. The article, entitled “Should You Waive Your Mortgage Contingency?,” was written by Roger Ma, and explores the risks and rewards that waiving the contingency can offer. While it can make an offer more attractive in a competitive market, it can also leave the purchaser exposed if they are unable to obtain financing. It is important to discuss the mortgage contingency or lack thereof with your attorney early on in the contract review process.

The New York Times Real Estate section recently published an an advice column with information that prospective coop buyers may find pertinent.

Two specific questions are ethical in nature: the first examines the use of “dummy money,” funds loaned or temporarily deposited into a bank account prior to closing in order to fulfill coop board financial requirements. The second examines potential loopholes in the enforcement of coop pet policies.

We suggest adhering to existing policies wherever possible in spirit as well as in letter: any attempt to exploit loopholes can have costly side-effects in the future, and leave the owner vulnerable to disciplinary action or even litigation.

For all such questions, we recommend that purchasers consult an attorney or real estate specialist.

We would like to congratulate one of our clients, Mortar Architecture + Development, on their recent profile in the New York Times Real Estate Section. The article tells the story the firm’s condominium at 324 East Fourth Street, a building with a (literally) colorful past.

Weidenbaum & Harari is pleased to represent Mortar in their efforts to populate 324 East Fourth Street with buyers who will appreciate the building’s unique charm.