Governor Cuomo, Mayor Bloomberg, HUD Secretary Donovan and Wells Fargo announce closing on $621.5 Million deal to renovate and preserve Co-Op City in the Bronx. State's largest Mitchell-Lama development, home to 55,000 residents, will remain affordable for 35 more years.
Co-op City, a 15,000-unit affordable housing community in the Bronx, has secured a massive refinancing which will allow it to continue to remain affordable for many years to come.
By Kenneth R. Jacobs, Partner Smith, Buss & Jacobs for Habitat Magazine A 40-year-old cooperative had a 10 percent sublease fee in place for over 30 years. One new shareholder, now subleasing to a high-paying tenant, challenged the propriety of the sublease fee in court. Among other things, he claimed that the cooperative could impose [...]
The First Department’s recent decision (the “Decision”) in Fletcher v. The Dakota, Inc., et al., 2012 WL 2532149, overrules a prior decision that set forth an overly onerous pleading standard for discrimination claims against cooperative directors and condominium board members. Although Fletcher addresses other claims, in this article we focus on the portion of the [...]
Can an apartment be your primary residence, even if you haven’t lived there for two years? That’s the question Patricia Ingao, a board vice president at a Brooklyn co-op, is asking in this episode. Her board is grappling with a complicated and touchy situation involving an elderly rent-stabilized tenant in a nursing home, the son [...]
The New York Law Journal By Jack Malley It is customary for parties who are negotiating a commercial real estate lease to set forth terms of a potential lease agreement in a non-binding letter of intent (LOI). However, when a broker or lawyer prepares an LOI that includes material terms, and fails to include specific [...]
Twice a month, we invite a New York co-op or condo board director to ask a legal question, and we host a panel of attorneys who address it. This time, a former board president from Brooklyn, who wishes to remain anonymous, is facing a confidentiality problem involving a board election. This episode, the panel of [...]
New York Real Estate Law Reporter By Jack Malley A common question that commercial landlords and tenants face is which of them is responsible for a repair to the subject premises. These disputes often center on whether the repair is “structural” or “nonstructural.” In this article, we provide a framework for the practitioner to analyze [...]
The term “Yellowstone injunction,” which derives from the Court of Appeals’ decision in National Stores, Inc. v. Yellowstone Shopping Center, 21 N.Y.2d 630 (1968), has evolved into a universally recognized brand name among experienced New York real estate litigators. These routinely granted injunctions stay the expiration of the cure period set forth in a landlord’s [...]
THE 'YELLOWSTONE INJUNCTION' A Primer for utizing, defending the court order By Jack Malley The recession has caused decreased leasing activity in Westchester County’s commercial real estate market and landlords have responded by offering incentives and concessions to retain or attract tenants. But what happens when a tenant is allegedly in default of the lease [...]