Establishing ‘Time Is of the Essence’ and Performing at a ‘Time Is of the Essence’ Closing

As the authors noted in our first article on Time of the Essence (TOE) Closings, “real estate closings may be the most basic and common real estate experience, but the familiarity ends once a provision of the contract of sale has been breached.” See Bailey and Desiderio, Enforcing the Contract—Obtaining Down Payment or Specific Performance (New York Law  Full Article…

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Recovering Damages From Water Diversion

The history of real property law is replete with litigation over how one property owner’s assertion of its rights to control and adapt their property impacts their neighbors. These cases usually involve damage to a neighboring property resulting from acts of so-called trespass—which might better be termed a nuisance—one of the most common being damage  Full Article…

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Coop Estate Requirements

By Rosemary Liuzzo Mohamed Our firm represents several Coop buildings in New York City in connection with closing the sales of their units. When the seller of a unit is the shareholder’s estate, we are often asked for coop estate requirements to sell. Here is a brief but thorough summary of what most coops will  Full Article…

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One of the Bedrocks of Real Estate Transfers: The Statute of Limitations Cannot Be Extended By State Courts in New York

In their article, Adam Leitman Bailey and Jeffrey Metz discuss how, in New York, courts generally lack the authority to extend statutes of limitations, with only narrow exceptions permitting tolling which reinforces the importance of timely legal action in real estate matters. Real estate markets require certainty. Lenders, developers, and all real estate actors require  Full Article…

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NY Real Property Law § 339-ee

NY Real Property Law § 339-ee allows for a tax credit to developers of condominiums. When a sponsor is developing a condominium they will pay a mortgage tax on the underlying construction or blanket mortgage that is used to develop and build the condominium. Purchasers will receive a credit for the mortgage tax paid by  Full Article…

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Lawful Source of Income Anti-Discrimination Laws as Applied to Rentals

Both New York State and New York City, as well as other municipalities within New York State, have laws on the books that prohibit discrimination by owners and managers of housing accommodations against prospective tenants based on the source of the tenants’ income. The New York State and New York City versions of these laws  Full Article…

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How To Win a Board Election

It may seem counterintuitive, but the person who wins a seat on their co-op or condo board is often not simply the most popular person to throw their hat into the ring. Before the votes are cast at the annual meeting, candidates eyeing board seats who are truly serious about serving their building community will  Full Article…

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New York State Court Holds Statute Prohibiting Housing Discrimination Based on Lawful Source of Income Is Unconstitutional as to Section 8 Housing

By Brandon Zlotnick In a case of first impression, Supreme Court, Cortland County has held that a provision of New York State law that prohibits housing discrimination based on lawful source of income is unconstitutional, as a violation of the Fourth Amendment, to the extent that it requires landlords to accept vouchers under the federal  Full Article…

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