NEWS

The Cooperator Expo 2017

Please join us at this year's Co-op Expo on November 2, 2017. Partners Ken Jacobs & Domenick Tammaro are teaming up for a seminar at 2:30 to speak on the do's and dont's of dealing with problem residents.   Seminar Invite

Categories: News|

Hon. Sylvia G. Ash Enforces Purchase Contract Executed by Attorney Only

Real estate veterans are well familiar with the court order known as aYellowstone injunction, which is sought by a commercial tenant to stop a landlord’s termination of its lease. In order to obtain the injunction, a tenant must demonstrate that: (1) it holds a lease, (2) its landlord served a notice to cure, (3) the tenant sought the Yellowstone injunction prior to the expiration of the cure period, and (4) the tenant has the ability and desire to cure the alleged default. In Prince Fashions, Inc. v. 60G 542 Broadway Owner, LLC, 149 A.D.2d 529 (2d Dep’t April 18, 2017), the landlord alleged the [...]

Categories: News, Newsletter|

Should I Get an Employment Attorney?

When it comes to your job, do you need the services of an employment attorney? There is a fine line when it comes to hiring legal guidance, but if you are still not sure after reading this article then it cannot hurt to consult an attorney. They will ultimately be able to give you the best information pertaining to your legal matters. While not every lawyer is created equal and not every lawyer you see is going to be on the same level, it is important to find a lawyer you can rely on and work with them when discussing [...]

Consulting a Commercial Real Estate Attorney About Real Estate

The world of real estate can be complicated and even be intimidating for people who are new to it. Breaking down what's going on in the field often involves figuring out where you stand in it. Zoning in on what type of real estate you would like to buy or sell will help you figure out where you're going. Whether you're going into residential real estate or commercial, real estate involves legal intricacies and details. When it comes to this, real estate lawyers might be very helpful. Consulting a commercial real estate attorney is beneficial whether you're going into commercial [...]

Categories: Real Estate Law|

Do You Need a Business Lawyer?

Do you need an experienced business lawyer on your side? For many people, it can be tough to know when you need to call an attorney. However, just like with a medical issue, if you think that you might need a business attorney then you probably do. It's better to consult with a lawyer and know for sure than to potentially face negative consequences because you needed one and didn't get it. You should be consulting with a lawyer for sure if you know that you are dealing with an issue that is going to require legal support. This could [...]

Categories: Business Law|Tags: , |

Second Department Rejects Yellowstone Application where Tenant’s Default was not Curable

Real estate veterans are well familiar with the court order known as a Yellowstone injunction, which is sought by a commercial tenant to stop a landlord’s termination of its lease. In order to obtain the injunction, a tenant must demonstrate that: (1) it holds a lease, (2) its landlord served a notice to cure, (3) the tenant sought the Yellowstone injunction prior to the expiration of the cure period, and (4) the tenant has the ability and desire to cure the alleged default. In Prince Fashions, Inc. v. 60G 542 Broadway Owner, LLC, 149 A.D.2d 529 (2d Dep’t April 18, [...]

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Appellate Division Rejects Finder’s Fee Claim

The recent decision issued by the First Department in Multi-Capital Group LLC v. Karasick, et al, 149 A.D.3d 437 (1st Dep’t April 6, 2017) provides a good set of facts to comprehend when a finder’s fee claim is viable. That case concerned the sale of the U.S. Steel Tower Building in Pittsburgh. The plaintiff submitted the winning bid to purchase the building via a letter of intent that included a $348 million purchase price. However, the plaintiff’s principal never actually intended to purchase the building. Rather, he intended to procure investors who would do so. In July 2007, the plaintiff [...]

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First Department Blesses Customary Rent Prove-Up Practice Utilized by Commercial Landlords

The recent decision in Moon 170 Mercer, Inc. v. Vella, 146 A.D.3d 537, 45 N.Y.S.2d 415 (1st Dep’t 2017) blesses the practice commercial landlords customarily utilize to prove-up the rent for which a tenant or guarantor is liable. In this case, the First Department granted summary judgment to the commercial landlord against the guarantor and held: “[t]he damages calculation spreadsheet on which plaintiff relies in its motion for summary judgment is a ledger maintained in the ordinary course of business…and plaintiff’s vice president’s affidavit explaining the calculations and the spreadsheet suffices to authenticate the document.” If a trial to establish [...]

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Commercial Division Rejects Landlord’s Application to Vacate Arbitration Award Establishing Fair Market Rent to be Paid by McDonald’s Restaurant

The recent decision by Hon. Shirley Werner Kornreich in Broadway Retail Owner, LLC vs. McDonald’s Corp., No. 651884/2014, 2017 N.Y. Slip. Op. 50011(U), 54 Misc.3d 1206(A) (Supreme Court, New York County, Jan. 9, 2017) concerned a very common provision in commercial leases, which established future rent based upon a percentage of the fair market rent (“FMV”), and provided that if the parties could not agree on the FMV, the issue would be resolved by a binding arbitration. The FMV percentage amount in McDonald’s was 90%. After the parties could not agree on the FMV, an arbitration was commenced. The panel found [...]

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Hon. Sabrina B. Kraus Orders Seller to Return Purchaser’s Down Payment

The recent decision in Gonzalez v. Char & Herzberg, LLP, 2017 WL 1031941 (Bronx County Mar. 13, 2017) concerned a dispute that frequently arises after a deal blows up - whether or not the purchaser has the right to recover her down payment. The purchaser agreed to purchase a single-family home located in Bronx County and delivered a $20,000 down payment to the escrowee. The contract of sale included a mortgage commitment contingency, which conditioned the purchaser’s obligation to close on a lender’s commitment to issue a $495,000 loan for a term of at least 30 years within 45 days. [...]

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