Coops and condo associations in New York City hire individuals and businesses to perform various services. Some are professional businesses with a service contract to fix and replace HVAC, wash windows or care for the landscape. Others may be individuals doing one-off...
New York Real Estate Legal Blog
What if the building next door’s HVAC is too loud?
Loud neighbors come in many forms, ranging from college students to music lovers to loud talkers. While those renting an apartment in the City of New York are expected to tolerate a certain amount of noise that flows from city living, no one is required to suffer an...
A home buyer’s look at mortgage rates and purchase prices at the start of 2023
At the top of the long list of considerations for most home buyers who are determining whether or not they can afford to purchase a home are mortgage interest rates and purchase prices. These two factors are so interrelated, that given last year’s market, purchasers...
Buildings need to address the battery-charging issue
Last year, Lithium-ion batteries in e-bikes were found to be the source of multiple fires, injuries, and deaths throughout New York City. But these batteries are not new, and they can be found in commonly used and necessary items such as cell phones, laptops, tools,...
Can parents leave a co-op to their children?
Parents often find peace of mind by setting aside significant assets like property or homes when making their estate plans. However, the co-op board may have other ideas about whether the heir can move into or stay in the shareholder’s apartment. In many cases, the...
NYC real estate predictions for 2023
The real estate market in New York and elsewhere has been a critical reason for the Federal Reserve to raise its interest rates four times in 2022, going from 3% in some cases to as high as 7%. This rise led to a price decline, particularly as we noted in a previous...
Inflation, interest rates impact NYC co-op and condo sales
After reaching a 32-year high in the fourth quarter of 2021, New York City condos and co-op sales took a drastic drop beginning in late spring, shortly after the Federal Reserve began raising interest rates. The Fed hopes the increases will ease rising inflation and...
Key components for New York cooperative apartment renovations, part 2
This is Part two in a two-part series on New York cooperative apartment renovations. You can read Part 1 here, where we discuss the importance of having a well-formed renovation plan. Continue reading for more information the application process and other components...
Key components for New York cooperative apartment renovations, part 1
Anyone who has been involved in a renovation of an apartment in New York City knows how complicated and possibly contentious this endeavor may be. It is critical to understand the apartment alteration process in order to avoid conflicts and potential lawsuits which...
What New York co-op boards need to know about reverse-mortgage law changes
Reverse mortgages have, until recently, been available only to owners of one to four family homes and condominium apartments. Shareholders in co-ops, however, were unable to take advantage of reverse mortgages as they did not own a real property interest that could...