News / 01.21.20 /Kenneth R. Jacobs
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. …
News / 09.16.19 /Kenneth R. Jacobs
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 …
News / 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 …
News / 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 …
News / 03.15.19 /Kenneth R. Jacobs
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?
News / 11.15.18 /Kenneth R. Jacobs
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.