New York State imposes a tax on the recording of mortgages. The tax is calculated based on the amount of a loan. Loans that are $500,000 or less will have a tax rate of 2.05%. The tax rate increases to 2.175% for loans that exceed $500,000. Borrowers are always responsible for paying the mortgage recording Full Article…
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RPL 235-J – Bedbug Notification Requirements
By: Solomon Chouicha Governor Hochul recently signed into law an amendment to Real Property Law Section 235-j concerning landlords’ duty to notify its tenants of bedbug infestations. Previously, the law required landlords to notify tenants of such infestations within 24 hours of the landlord receiving knowledge of an infestation. The amendment modifies the notification requirements. Full Article…
Lender Representation, CEMAs & Section 255 of the NY Tax Law
Adam Leitman Bailey, P.C. represents multiple prominent lenders in the real estate industry. Recently, the firm’s transactional department represented a lender in a deal that involved a Consolidation, Extension, and Modification Agreement (“CEMA”). A CEMA is an agreement between an individual’s current lender and their new lender. A seller can assign their mortgage to a Full Article…
Adam Leitman Bailey, P.C. Defeats Motion to Dismiss Petition for Dissolution of Real Estate Holding Company
In a heated disputed between two members of a real estate holding company, Adam Leitman Bailey successfully defended their client’s petition against a procedural motion to dismiss, thereby leaving only respondent’s baseless merits arguments. The LLC at issue was originally formed in 2013 between petitioner and respondent to purchase and manage a commercial property, with Full Article…
Adam Leitman Bailey, P.C. Fights to Recover Property from Baseless Rent Control Succession Claims
Adam Leitman Bailey, P.C. is on the verge of securing a landlord’s property over hotly contested, false claims of succession by the former rent-controlled tenant’s grandson. After three days of trial with 12 claimant witnesses in play, final closings are set so that, as appears inevitable, the Court can finally reject claimant’s specious assertions and Full Article…
Adam Leitman Bailey, P.C. Successfully Defeats Challenges to Co-Op Board and Their Ability to Commence Necessary Building Repairs
After a coordinated campaign of harassment against a Co-Op board, attempts to ignore and undermine that board’s legitimate actions, and efforts to hold illegitimate meetings to unseat lawfully elected board members, Adam Leitman Bailey, P.C. successfully defended the board’s rights, squashed the illegitimate actions, and ensured that the board can carry on with its duty Full Article…
Adam Leitman Bailey, P.C. Prevails on Motion to Vacate Tolling of Statute of Limitations
Adam Leitman Bailey, P.C. successfully moved to vacate the tolling of the statute of limitations on potential claims against a client, as provided for in prior orders of the court, persuading the presiding judge that he had acted beyond his authority in having earlier tolled the statute of the limitations. In 2024, the New York Full Article…
Adam Leitman Bailey, P.C., Obtains Dismissal of HP Proceedings and Wins Access Holdover Proceeding Against Nightmare Rent Controlled Tenant
In New York City, residential leases generally require tenants to provide their landlords access to apartments to inspect, or to perform needed repairs and improvements. The Housing Maintenance Code prohibits tenants from refusing an owner or their agents access to an apartment to make repairs or improvements or to inspect the apartment to determine compliance Full Article…
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