New York City's real estate market has always been a dynamic beast, but the introduction of Local Law 18 in September 2023 sent shockwaves through the industry. This controversial legislation aimed to tackle the city's housing crisis by cracking down on short-term...
Renovating a condo or co-op unit in New York City can be complex, often governed by clearly defined guidelines set by the building's board. The board drafts these guidelines to ensure that renovations are carried out by licensed and insured contractors safely,...
Earlier this year, we discussed how the National Association of Realtors' $418 million settlement involving 20 brokerage houses upended the commission structure across the United States. The changes went into effect on August 17, 2024. The seller no longer pays the...
An annual meeting is a crucial event for condo associations and co-op boards. It serves as a platform for members to discuss important issues, review the past year’s activities, and plan for the future. Typically, these meetings include the election of board members,...
The short answer is that “flip taxes” are legal so long as they were properly adopted. Flip taxes, also called transfer fees, were often implemented in the 1970s and 1980s. However, a co-op board can only impose a flip tax if permitted in the original offering plan or...
Co-ops and condominiums have historically placed various restrictions on residents to maintain a certain standard of living and community decorum. One of the benefits of community living is being able to establish the rules and polices under which everyone lives. ...
When living in a cooperative or condominium, residents inevitably face special assessments. The boards levy these special fees on shareholders or unit owners to cover unexpected expenses or significant repairs. It's common for owners to react with frustration to these...
In a historic move, the National Association of Realtors (N.A.R.) has agreed to a $418 million settlement in a series of lawsuits filed by home sellers, challenging the traditional broker commission structure. This agreement, pending federal court approval, proposes...
As one of the world's most dynamic and competitive real estate markets, New York City is constantly evolving and changing. In 2024, there are several key trends that prospective buyers, sellers, and investors should keep an eye on when it comes to the residential real...
Film and Broadway producer Scott Rudin recently made real estate news when he and his neighbor jointly put their matching West Village Greek Revival townhouses built in 1845 up for sale. The initial asking price for the two four-story properties is $37 million. In the...
