Our client, a shareholder in a landmarked, prestigious cooperative apartment building faced a unique challenge:the cooperative was responsible for maintaining the windows in his unit that were installed in mid-century and pivoted in and out. However, the cooperative failed to maintain the windows and a leaking condition ensued. When the shareholder sought to have the Full Article…
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Sprinkler System Leases the New Letter of the Law
By: Adam Leitman Bailey & Dov Treiman October 9th, 2014 A new sprinkler system law coming into effect December 3 could leave landlords guessing about their obligations. Effective December 3, 2014, all residential leases in New York State require a notice to the tenant about the presence or absence of sprinkler systems in the “leased Full Article…
Clarified Rules for Earning Brokerage Commissions
By: Adam Leitman Bailey & Jeffrey Metz October 8th, 2014 After years of uncertainty and fact-based decisions, the Appellate Division, First Department, in a thoughtful decision authored by Justice Rolando Acosta, clarified the guidelines for earning a real estate broker’s commission in Manhattan and the Bronx. This article devotes considerable time to Acosta’s decision and Full Article…
How To Overcome Tenant Resistance To An MCI Application
By: Adam Leitman Bailey & Dov Treiman September, 2014 Part I: How To Overcome Tenant Resistance To An MCI Application I. General Overview Major Capital Improvement Increases (MCI’s) are a concept that parties can contract for if they are not subject to rent regulation. However, generally speaking, unregulated residential tenants rarely do contract for them. Full Article…
Housing Development Fund Corporations: Is Now The Right Time to Privatize?
By: Adam Leitman Bailey, P.C. September 1st, 2014 In the 1970s the City created HDFCs via Land Disposition Agreements (LDAs) to promote developing blighted and underdeveloped areas into affordable housing. The LDAs transferred land to cooperative housing corporations in exchange for the promise that those cooperatives would adhere to strict principles to create and maintain Full Article…
High Rent Vacancy Not a ‘Get Out of Jail Free’ Card
By: Adam Leitman Bailey & Dov Treiman August 22nd, 2014 Throughout the residential housing industry, there is dangerous ignorance of the amendments promulgated this year, amending the Rent Stabilization Code. All owners should be reading as much as possible about these amendments. Business is simply not the same as it was. One of the massive Full Article…
Courts Rule on Underfunded Condominium Reserve Funds
By: Adam Leitman Bailey, P.C. Sponsors of condominium conversions really only have two material obligations: to convert the form of ownership and fund the reserve fund. The formula for determining the amount of the reserve fund is set forth in New York Administrative Code Section 26-702(b) (the “Reserve Fund Law”). Historically, sponsors have interpreted the Full Article…
Court Grants License To Change Licensing Law Rules
By: Adam Leitman Bailey & John M. Desiderio August 13th, 2014 Since at least as early as 1849, in the case of Dolittle v. Eddy,1 New York law has defined a license as the “authority to enter on the lands of another, and do a particular act or series of acts, without possessing any interest Full Article…
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