NEWS

When Letters of Intent For Commercial Leases Are Binding

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 language reserving the parties’ right to walk away from a deal, the LOI may be enforceable. In this article, we define the term “letter of intent” with respect to a commercial lease, set forth the general law as to when terms within LOIs are, and [...]

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Board Confidentiality

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 attorneys includes: David L. Berkey, Gallet Dreyer & Berkey & Kenneth R. Jacobs, Smith, Buss & Jacobs.

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When Is a Repair Structural or Nonstructural Under a Commercial Lease?

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 whether a repair is structural or nonstructural by providing the general test to be applied and a review of representative decisions, focusing on recent ones where possible.

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Yellowstone Injunctions Are Applicable to Residential Leases

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 notice to cure, and enjoin the landlord’s termination of the lease, until the merits of the alleged default is determined by a court. When a tenant fails to obtain the injunction prior to the expiration of the noticed cure period, the lease terminates and, under [...]

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Jack Malley, Esq. featured in the Westchester County Business Journal

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 and the landlord is not willing to negotiate a concession? What legal procedures come into play and what strategies can landlords and tenants utilize with respect to thoseprocedures to protect their interests?

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Ruling clarifies rights of residential tenants

Westchester County Business Journal By: Jack Malley A recent decision by the Appellate Division, second department, in Goldcrest Realty Co. v. 61 Bronx River Road Owners Inc. has made it clear that in Westchester attempts to terminate a residential tenant’s lease may be enjoined by the order known as a “Yellowstone Injunction” until a lawsuit between the tenant and landlord determines whether the tenant is in default of his lease obligations. This is significant because the test for obtaining such an injunction, which is typically issued with respect to commercial leases, is less onerous than the usual test for the [...]

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NY Times Real Estate Q & A

Selected Articles from Jay Romano's New York Times Real Estate Q & A Section featuring Kenneth R. Jacobs, Esq.

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General Counsel to the Riverbay Corporation

Smith Buss & Jacobs, in its capacity as General Counsel to the Riverbay Corporation, home to 55,000 individuals and the largest affordable housing cooperative in the United States, has issued the attached report of its investigation into the allocation of affordable housing units at Coop City.   The report finds that the existing system is not in compliance with State regulations governing Mitchell-Lama Cooperatives.

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Jeffrey D. Buss and Thomas W. Smith elected for New York Super Lawyers – Metro – 2010

Partners, Jeffrey D. Buss and Thomas W. Smith, were selected as Super Lawyers in General Litigation and Real Estate, respectively, for the Metro New York Area.  Their biographies were featured in the September 2010 issue of New York Super Lawyers - Metro Edition magazine, a special advertising supplement in the New York Times Magazine on October 3, 2010 and they can also be viewed on the Super Lawyers website.  Congratulations to Jeff and Tom!!  Click below to see their listings on Super Lawyers. Jeffrey D. Buss Esq. Super Lawyers Thomas W. Smith, Esq. Super Lawyers

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Emma Lupu, Esq. featured in Habitat Magazine

When she bought an apartment in the Gleam Tower Condominium in Flushing, Queens, in April 2008, Jing-Jing Hu was thrilled with her new home. she was, however, unaware of a few crucial things. she did not know, for instance, that this 27-unit building was self-managed. or that the board members paid themselves a salary for running the building. or that the condo had run up a whopping unpaid water bill. or that the parents of one board member were living in a communal space that had no certificate of occupancy. or that a major jump in common charges was [...]

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