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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About Adam Leitman Bailey
Actively at the helm of the law firm he built from scratch, Adam Leitman Bailey, Esq. practices residential and commercial real estate law. Among New York’s most successful and prominent real estate attorneys, Mr. Bailey is one of two attorneys from a law firm with less than 30 attorneys that has been ranked in Chambers & Partners, honored with a Martindale-Hubbell “AV” Preeminent rating, rated by Best Lawyers for himself and his law firm, and selected by Super Lawyers as one of New York’s “Top 100” attorneys, a list that included only five real estate law firms’ attorneys that year.
One New York State Judge wrote that Adam Leitman Bailey “was the best trial lawyer I saw in my nine years as a Judge in New York City” while another stated that he had known Bailey for fifteen years and “that he is a brilliant lawyer and innovative who always worked zealously on behalf of his clients.” The Commercial Observer named him as one of New York’s Most Powerful Real Estate Attorneys. Real Estate Weekly recognized him as “one of the most respected commercial real estate attorneys in not only New York City, but arguably the country.”
The New York Times referred to his legal strategy and legislation proposed in one case as “novel,” in addition to remarking on another case in which “Adam Leitman Bailey fought on…grinding through excruciating detail and obscure Perry Mason moments.” After Mr. Bailey’s firm used a forgotten statute to prevail in a landmark case, the Wall Street Journal quoted a prominent New York developer’s attorney who called the holding a “game changer” affecting real estate nationwide. Dateline NBC referred to Mr. Bailey as “aggressive, tenacious and smart” in asking him to share his negotiating secrets on its nationally syndicated television program. Mr. Bailey’s advocacy has prevailed in numerous important trials and cases before various courts and trial venues, including Housing, Civil, and New York State Supreme and Federal Courts, as well as various New York Appellate tribunals.
Adam Leitman Bailey has successfully defended a number of leading title companies and lenders in the nation and prevailed in numerous trials and settlements involving commercial and residential building owners, tenants, real estate developers, real estate brokerages, insurance companies and cooperative and condominium boards. In addition, Mr. Bailey has favorably represented a number of tenant and homeowner associations as well as commercial and residential tenants, garnering millions of dollars in compensation and rent abatements for these associations and individuals. For clients facing landlords who leave buildings in disrepair, Mr. Bailey has an unusually successful track record of getting those residential towers, apartments, and stores repaired and all services restored.
Adam Leitman Bailey has also applied his expertise in closing various real estate deals and commercial leases. He has been named to the Board of Editors for Commercial Leasing Law & Strategy and has a regular real estate column in the New York Law Journal. Bailey’s lease-drafting skills received national attention when BlumbergExcelsior, the nation’s leading form distributor, responsible for over 70 percent of the residential leases signed in the United States, tapped Bailey to draft a new set of residential and office leases for purchase nationwide. BlumbergExcelsior’s principal remarked that Bailey’s lease drafting skills were “remarkable.”
His success as cooperative and condominium general counsel earned Adam Leitman Bailey recognition in “Who’s Who in Real Estate” by Habitat Magazine. Mr. Bailey authored his first book, Finding the Uncommon Deal: A Top New York Lawyer Explains How to Buy a Home for the Lowest Possible Price (Wiley, 2011). This guide through the purchasing process for first-time home buyers became a New York Times bestseller and is available for purchase worldwide. Mr. Bailey has also been elected a Fellow of the American College of Real Estate Lawyers (ACREL), where he serves on the Insurance and Title Insurance committees, and is a former member of the American College of Mortgage Attorneys (ACMA).
Adam Leitman Bailey’s Personal Website
Adam Leitman Bailey, P.C. Youtube
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…
Distributing the Assets of a Limited Liability Corporation
By Adam Leitman Bailey By John M. Desiderio In New York, Limited Liability Corporations (“LLC[s]”) are governed under the Limited Liability Company Law. LLCs have “perpetual existence” but may dissolve without judicial intervention as otherwise provided for in Limited Liability Company Law, §701. Nevertheless, upon the petition of a member, or someone acting on behalf 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…
Act Fast and Consider Payment Plans
When unpaid fees strain a co-op or condo’s budget…act fast and consider payment plans. Arrears, if let linger, can seriously impact a building’s operating budget and reserve funds. Dealing with arrears involves navigating legal protocols, initiating communication with delinquent residents and, in some cases, setting up payment plans. The course of action may be different 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…
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