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News / 10.06.20 /Kenneth R. Jacobs,Emanuela Lupu-FerranteandDomenick J. Tammaro

Town Hall: Remote Control – Managing Meetings, Elections & Shareholder Anxiety during COVID

Kenneth R. Jacobs, Domenick J. Tammaro, Emanuela Lupu-Ferrante led a Cooperator Town Hall Event on October 6, 2020. Overview Countless co-op and condo communities postponed their annual meetings this past spring thanks to the pandemic. Not only do those meetings still need to be held, but arrears are higher, sales are slower, and it looks …

Blog / 08.30.20 /Jeffrey D. Buss,Kenneth R. JacobsandThomas W. Smith

Latest Covid-19 Developments: Gyms

NEW YORK STATE AUTHORIZES GYMS TO REOPEN (SORT OF) New York State is allowing gyms to reopen as early as August 24th, unless the locality delays openings (but not later than September 2nd). Sounds like great news, until you read the details. The six-page “summary” of reopening guidelines for gyms and fitness centers appears on …

News / 08.13.20 /Eric P. BlahaandKenneth R. Jacobs

Webinar: Conducting Online Meetings – should the practice be continued?

Ken Jacobs & Eric Blaha were panelists on the webinar hosted by Hudson Valley CAI “HOAs-Discontinue Online Meetings and Voting?” held August 13th. Review the presentation materials here or watch the webinar recording here: Hudson Valley CAI “HOAs – Discontinue Online Meetings and Voting?” For more information contact: Eric Blaha at eblaha@sbjlaw.com or Ken Jacobs …

News / 07.16.20 /Kenneth R. Jacobs,Emanuela Lupu-FerranteandDomenick J. Tammaro

Webinar: Living in a COVID World – Confronting Real-Life Issues as Associations Reopen

Kenneth R. Jacobs, Domenick J. Tammaro, Emanuela Lupu-Ferrante led a Cooperator Town Hall Event on July 16, 2020. Overview Countless co-op and condo communities postponed their annual meetings this past spring thanks to the pandemic. Not only do those meetings still need to be held, but arrears are higher, sales are slower, and it looks …

Blog / 07.03.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

LATEST COVID-19 DEVELOPMENTS: NEW LAWS REGARDING EVICTIONS AND FORECLOSURES; PPP PROGRAM EXTENDED; Q&A ON REOPENING ISSUES

NEW LAWS REGARDING EVICTIONS AND FORECLOSURES; PPP PROGRAM EXTENDED; Q&A ON REOPENING ISSUES MORATORIUM ON RESIDENTIAL NON-PAYMENT EVICTIONS EXTENDED INDEFINITELY.  Last night Governor Cuomo signed the “Tenant Safe Harbor Act”, which bans issuance of a warrant of eviction against a residential tenant or other lawful occupant who has suffered a “financial hardship” during the “COVID-19 …

Blog / 05.28.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

COVID-19: Guidelines for Reopening Buildings

Guidelines for Reopening Buildings The pressure to relax the guidelines for access to condominium and cooperative buildings, including their common facilities, has been growing. Boards need to develop a plan for handling the increased risks that come with increased traffic within the premises and social interaction among owners. The following assumes that you have guidelines …

Blog / 05.26.20 /Jacob E. AmirandKenneth R. Jacobs

COVID-19: Reopening Guidance for Property Owners on Construction Projects; New NYS Small Business Loan Assistance

REOPENING GUIDANCE FOR PROPERTY OWNERS RESTARTING CONSTRUCTION PROJECTS NEW NYS SMALL BUSINESS LOAN ASSISTANCE MID-HUDSON REGION REOPENS MAY 26, 2020; LONG ISLAND TO FOLLOW MAY 27, 2020. The Mid-Hudson Region reopens for Phase One today, and Long Island reopens with Phase 1 tomorrow. Phase 1 means that contractors in these Regions can resume non-essential construction …

Blog / 05.11.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: EXECUTIVE ORDER RE SECURITY DEPOSITS AND EVICTIONS; PPP SAFE HARBOR EXTENSION; SAFE CONSTRUCTION PRACTICES; ARE YOU PREPARED FOR LOOSENED RESTRICTIONS?

Executive Order Allows Use of Security Deposits for Rent, Extends Moratorium on Evictions and Foreclosures. On May 7th Governor Cuomo issued Executive Order 202.28, which provides in part that (i) residential landlords and tenants can agree with each other to use security deposits to pay rent arrears; (ii) requires landlords to use a security deposit …

Blog / 05.05.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: PPP UPDATE; GLIMMERS OF HOPE FOR “BUSINESS INTERRUPTION” COVERAGE?

More Fun with PPP. The scramble by cooperatives and condominiums for a definitive decision about eligibility for Paycheck Protection Program loans has generated further confusion. The list of Frequently Asked Questions published by the SBA on April 24th included this one: “35. Question: Are agricultural and other forms of cooperatives eligible to receive PPP loans? …

Blog / 04.27.20 /Kenneth R. Jacobs,Thomas W. SmithandTatiana A. Shestova

Coronavirus: Dealing with Commercial Tenants Seeking Rent Abatements

Many commercial tenants are asking their landlords for rent relief due to their business losses during the lockdown. How are landlords responding? Spoiler Alert: No Magic Bullet or Standard Formula. We have consulted with landlords with billion-dollar portfolios and with only a single tenant. All of them have advised us that they are dealing with …

Blog / 04.23.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: The latest on PPP Eligibility for Co-ops and Condos; Handling Visitation Issues during the Lockdown; Sales and Closings in the Virtual Market

Latest on PPP Eligibility for Co-ops and Condos. The SBA still hasn’t changed its official position under its “Interim Rule” that cooperatives are not eligible for the PPP. However, we have spoken with the managers for at least two cooperatives (one in NYC and one in Virginia, which also treats its co-ops as business corporations) …

Blog / 04.16.20 /Eric P. BlahaandKenneth R. Jacobs

Coronavirus: CONDUCTING EFFECTIVE “VIRTUAL” ANNUAL MEETINGS

Spring Annual Meeting Season is Here! But how can associations run effective meetings without owners being physically present to participate? Even though “social distancing” seems to be slowing the spread of COVID-19, we expect that Governor Cuomo will extend the portions of Executive Order 202.8 that suspend longstanding legal requirements that ownership meetings must be …

Blog / 04.15.20 /Kenneth R. Jacobs

Coronavirus: NEW EXECUTIVE ORDER – ONGOING ISSUES

Cooperatives and condominiums appear to be adjusting to the “new normal” – limited access, leaner staff, frustration at so many halted projects, etc. Below is a status report on current and upcoming issues that we see. Face Coverings for Building Employees. Executive Order No. 202.16, finalized yesterday, requires employers to provide “face coverings,” at employer …

Blog / 04.13.20 /Jacob E. AmirandKenneth R. Jacobs

Coronavirus: BUSINESS TAX CREDITS, DEFERRALS AND DEDUCTIONS IN THE ‘CARES’ ACT

Although not given as much attention as the Payroll Protection Program, the Federal Coronavirus Aid, Relief and Economic Security (CARES) Act also provides new tax credit, deferral and net operating loss deductions which may be beneficial for your business. Section 2301 Employee Retention Credit Section 2301 gives eligible employers a tax credit against the 6.2% …

Blog / 04.08.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: CO-OP AND CONDO ELIGIBILITY FOR PPP UNDER REVIEW IN WASHINGTON, D.C.

On April 7th, one of our professional colleagues sent a well-worded request to the New York District Office for an “interpretation” of the SBA rules that initially denied eligibility to cooperatives and condominiums for loans under the Paycheck Protection Program (“PPP”). We are advised that their letter has been “kicked upstairs” to SBA headquarters in …

Blog / 04.04.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: CO-OP ELIGIBILITY FOR PPP LOANS QUESTIONED BY SBA. DOES A PPP LOAN MAKE SENSE FOR YOU?

A. SBA Questions Co-op Eligibility. In our earlier E-blast, we suggested that the SBA might take the position that Co-ops might not be eligible for PPP loans. So far that appears to be the case. The SBA appears to be basing its position on portions of its “Standard Operating Procedure” handbook for loans to businesses, …

Blog / 04.03.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: PPP FEVER- NEW APPLICATION FORMS!

PPP applications were made available on Tuesday night. By Wednesday, approved SBA lenders were overwhelmed with requests for assistance. This morning, Treasury issued new application forms that are completely different from the old ones! [CLICK HERE FOR APPLICATION] Meanwhile, we are getting the following feedback from lenders and asset managers: 1. They will give first …

Blog / 04.01.20 /Kenneth R. Jacobs

Coronavirus: Paycheck Protection Program Application Form Out!

PPP APPLICATION FORM OUT! The Treasury Department has just issued the form of Application for Paycheck Protection Program applications. The form of application is attached to this E-Mail, together with guidance from Treasury for prospective Borrowers. Who to Believe? The Borrower’s Guidance accompanying the application states that loans will have a maturity of two years …

Blog / 03.31.20 /Kenneth R. Jacobs

Coronavirus: State & Federal Updates – Who’s “Essential” Now?

STATE UPDATES The list of occupations deemed “essential” – which means that employers don’t have to close, and their employees don’t have to remain at home – is being refined daily. Doormen were excluded, only to be reinstated a day later. Landscapers have now been deemed “essential”, to the relief of many suburban communities. Property Managers are also considered essential to …

News / 03.20.20 /Kenneth R. Jacobs

BREAKING NEWS CORONAVIRUS UPDATE

Governor Cuomo Extends Lockdown on “Non-Essential” Businesses to 100% of Employees Governor Cuomo announced today that New York State would take a “pause,” requiring that 100% of employees of “non-essential businesses” cannot go to their place of employment. The “pause” included specific guidelines affecting persons over 70 and vulnerable persons under 70. We are awaiting …

News / 03.20.20 /Kenneth R. Jacobs

BREAKING NEWS CORONAVIRUS UPDATE

Governor Cuomo Announces Executive Order Imposing 90-day Moratorium on Mortgage Payments and Mortgage Foreclosures Governor Cuomo announced at a press conference this afternoon that he plans to order a 90-day moratorium on all mortgage payments and mortgage foreclosures. Mortgage payments will be suspended for three months based on financial hardship, and mortgage foreclosures will be …

News / 03.17.20 /Kenneth R. Jacobs

Habitat LIVE: What should co-ops and condos do during the coronavirus pandemic?

Practical advice for co-op and condo board directors about how to conduct themselves and their buildings due to the health crisis.

Blog / 03.12.20 /Kenneth R. Jacobs

Legal Issues Dealing with Coronavirus in Condos and Co-ops

Boards face new legal issues in dealing with the coronavirus epidemic, requiring them to balance the interests of the community against the rights of individual residents. What steps can Boards take to protect their residents against the spread of coronavirus in the building while avoiding liability for either acting too invasively or not doing enough? …

Blog / 01.21.20 /Kenneth R. Jacobs

Are Cooperative Corporations Carrying Enough “Lost Business Income” Insurance?

Imagine that your 30-unit building suffers a catastrophic fire. Maintenance charges (rent) usually abates for the affected tenants after a casualty. How certain are you that your coverage for lost maintenance, known as “Business Income” coverage, will last through the full restoration? Coverage limits are expressed in terms of maximum coverage, time and allowed expenses.  …

Blog / 09.16.19 /Kenneth R. Jacobs

Department of State Issues Guidance Exempting Co-ops from Limits on “Application Fees”

The NYS Department of State has just issued “Guidance for Real Estate Professionals” regarding the Housing Stability Act. One of the Q&A’s reads as follows: “DOES THE ACT RESTRICT APPLICATION FEES FOR RENTALS? “Yes…. Under the Act a ‘landlord, lessor, sub-lessor or grantor’ is now prohibited from collecting an application fee greater than $20.00…[However,] the …

Blog / 07.15.19 /Kenneth R. Jacobs

How the “Tenant Protection Act” Affects Co-ops and Condos: Limits on Late Fees; Recovery of Expenses in Evictions; Timetables to Cure Defaults; Ban on Escrows for Maintenance; Limits on Application Fees Charged by Managing Agents

The newly passed “Housing Stability and Tenant Protection Act of 2019” (the “ TP Act ”) makes sweeping changes expanding tenant rights in rental apartment buildings. However, since Co-op corporations also have a landlord-tenant relationship with their shareholders, many of these changes will significantly affect enforcement of the Cooperative’s rights as well. 1. TP Act …

Blog / 07.12.19 /Kenneth R. Jacobs

Legislative Update: “Prevailing Wages” Required to Receive Co-op/Condo Tax Abatements; Mandatory Garage Inspections

Most of our attention has been focused on the effects of the newly passed “Housing Stability and Tenant Protection Act of 2019” (the “ TP Act ”) on rental apartment buildings. However, several other recently enacted state and local laws also affect cooperatives and condominiums in New York City and the surrounding counties. 1. “Prevailing …

Blog / 03.15.19 /Kenneth R. Jacobs

Shareholder Meeting Requirements

SO YOU’VE CALLED your annual meeting, sent out proxies, put up reminders, and promised refreshments The big day comes – and you don’t have a quorum. What do you?

Blog / 11.15.18 /Kenneth R. Jacobs

Shareholder Meeting Requirements

A meeting of shareholders must be held annually for the election of directors and the transaction of other business on a date fixed under the bylaws. Special meetings of the shareholders may be called by the board and by such person or persons as may be so authorized by the certificate of incorporation or the bylaws.

News / 09.28.18 /Kenneth R. Jacobs,Emanuela Lupu-FerranteandDomenick J. Tammaro

The Cooperator Expo 10.11.18

Partners Ken Jacobs, Domenick Tammaro & Emanuela Lupu-Ferrante are teaming up to discuss the unique challenges of co-op and condo governance.

Community Conflicts and Capital Plans – Two Top Issues Boards Must Face

Blog / 04.01.18 /Kenneth R. Jacobs

Fine Alert!

Everybody’s talking about the new smoking regulation, Local Law 147. Ken Jacobs tackles the subject in Habitat Magazine’s April Toolkit.

News / 02.20.18 /Kenneth R. Jacobs

Ken Jacobs Presents a Lesson in Habitat U’s Latest Course

Dealing with a casualty: What do your bylaws require?