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...
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...
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...
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...
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...
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...
The Housing Stability Tenant Protection Act (HSTPA), enacted by New York State in 2019, was never met with much favor among landlords, including by the boards and management of buildings which are operated as cooperatives. The law was intended primarily to govern...
One of most common problems any landlord will face involves nonpayment of rent by their tenants. There is substantial overhead and risk involved in leasing commercial property in New York City. When a lessee is not paying rent, you could have serious problems on your...
In an earlier article, “Can a Child Occupy a Co-op Apartment if the Parent Shareholder is Not in Residence?,” we discussed TWW’s win in Queens County Housing Court in Northridge Cooperative Section III, Inc. v. Bonilla. The question presented there was whether it is a...
While the COVID-19 pandemic has caused numerous problems in all financial sectors throughout the world, New York City has been hit uniquely hard. Financially, perhaps no groups have been more affected by the pandemic than commercial landlords and tenants. The...
