Real Estate Update

Adam Leitman Bailey and Dov Treiman

Understanding Single-Room Occupancy Laws

By Adam Leitman Bailey and Dov Treiman |

In their Housing Law column, Adam Leitman Bailey and Dov Treiman explain the laws of single-room occupancy buildings standing in the shoes of the purchaser or owner attempting to turn these dwellings into one-family or multi-family housing without restrictions.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'BT Holdings v. Village of Chester,' where, finding no attorney-client relationship in an Article 78 proceeding, the lawyer and firm were not disqualified, and 'Olivero v. NYCHPD,' where a succession claim to a New York City apartment was overturned.

3 Columbus Circle

Marketplace: Nordstrom Signs Lease to Expand 57th St. Retail Space

By Monica Paquette |

Nordstrom Inc. has signed a 23-year lease with SL Green Realty Corp. and The Moinian Group for 43,000 square feet at 3 Columbus Circle in Manhattan.

Warren A. Estis and Michael E. Feinstein

The Exhibiting Requirement in Post-Foreclosure Evictions

By Warren A. Estis and Michael E. Feinstein |

In their Landlord-Tenant column, Warren Estis and Michael Feinstein discuss the case 'Deutsche Bank v. Dirende,' which held that "exhibiting" the referee's deed in a post-foreclosure eviction requires personal delivery.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'Baez v. NYCHA,' dealing with a class action alleging NYCHA's failure to abate mold and excessive moisture problems, and 'Mauriello v. Flocco,' where factual issues were raised if the doctrine of estoppel applies barring a usury defense claim.

1251 Avenue of the Americas

Marketplace: DLA Piper to Reconfigure Rockefeller Center Offices

By Monica Paquette |

DLA Piper and Mitsui Fudosan America Inc. have developed plans for a major transformation of the law firm's office space at 1251 Avenue of the Americas in Rockefeller Center. Also, Dropbox has signed a five-year lease in the Flatiron district that nearly triples the size of its New York City office.

Anthony S. Guardino

Case Law and Statutes Govern Landmark Designations

By Anthony S. Guardino |

In his Zoning and Land Use Planning column, Anthony Guardino explains that under well-established New York law, local governments must consider the benefits of landmark designations as well as the burdens imposed on property owners.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'Berkowitz v. 29 Woodmere Blvd. Owners,' where an apartment owner showed that a co-op board had discriminatory motive to reject purchasers, and '30 East 18th, LLC v. Mitchel,' where the Civil Court properly dismissed a petition for a landlord's attempt to collect an overcharge.

100 Park Ave.

Marketplace: Philly-Based Firm Expanding NYC Office

By Monica Paquette |

Stradley Ronon Stevens & Young is doubling the size of its New York City office at 100 Park Ave., near Grand Central Terminal. Also, Expedia Inc., a leading global online travel company, has found a fitting location for its New York City office at one of the world's most iconic tourist destinations, the Empire State Building.

Richard J. Reilly, Jr. and Jeffrey B. Steiner

Emergence of a New Approach to Financing Commercial Loans

By Richard J. Reilly, Jr. and Jeffrey B. Steiner |

In their Financing column, Richard J. Reilly, Jr. and Jeffrey B. Steiner describe some of the key structural features of post-crisis CRE CLO transactions and how they differ from pre-crisis CRE CLO transactions.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews "1515 Macombs v. Jackson," where, absent proof of arrears, summary judgment dismissing nonpayment action was granted, and "Matter of New Creek Bluebelt, Phase 4," where the court awarded the claimants attorney fees under Eminent Domain law.

20 Broad St.

Marketplace: Developer to Turn NYSE-Adjacent Building Into Luxury Apartments

By Monica Paquette |

Metro Loft Management has acquired the leasehold interest at 20 Broad St. in lower Manhattan from Vornado Realty Trust for $185 million. Also, Equinox Holdings Inc. will open a new fitness club, its 28th in New York City, at 315 Park Avenue South.

Todd E. Soloway and Joshua D. Bernstein

Arbitration Provisions in Hotel Management Agreements

By Todd E. Soloway and Joshua D. Bernstein |

In their Hospitality Litigation column, Todd Soloway and Joshua Bernstein examine the course that hotel owners and operators may chart in determining which, if any, alternative dispute resolution clause will apply to the parties' dispute.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews decisions involving the contract provisions governing supervision of home construction by an architect on behalf of the homeowner, a landlord's attempt to quash a tenant's subpoena of documents from the NYS Division of Housing and Community Renewal and a minor's succession rights to a Section 8 apartment.

Major improvements are slated for DoubleTree Suites at 1568 Broadway.

Marketplace: Developer Acquires Leasehold Interest for Times Square Hotel

By Monica Paquette |

Maefield Development has acquired the entire leasehold interest for DoubleTree Suites by Hilton-Times Square, at 1568 Broadway, from a subsidiary of Sunstone Hotel Investors Inc., for $540 million. Also, Bergdorf Goodman will have more retail space at its flagship store at 754 Fifth Ave. through an expansion and relocation of its executive offices to an adjacent building at 4 W. 58th St.

Warren A. Estis and Jeffrey Turkel

The Altman Conundrum

By Warren A. Estis and Jeffrey Turkel |

In their Rent Regulation column, Warren Estis and Jeffrey Turkel discuss vacancy luxury deregulation in light of the cases 'Altman v. 285 West Fourth, LLC,' 'Aimco 322 East 61st Street v. Brosius,' and 'Dixon v. 105 West 75th Street.'

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews 'Beacon 109 204-206 v. Leon,' where a landlord failed to support its claim that the tenant caused leaks that damaged the lobby, and 'Deutsche Bank v. Dirende,' where the court found the petition in a post-foreclosure summary proceeding to be fatally defective.

Architectural renderings of the proposed Marketplace at Empire Outlets on Staten Island.

Marketplace: Joint Venture Seeks to Bring Culinary Market to SI Waterfront

By Monica Paquette |

Brooklyn-based BFC Partners, in collaboration with Gansevoort Market, will launch a new culinary market at BFC's Empire Outlets on the Staten Island waterfront along Richmond Terrace, next to the Staten Island Ferry terminal in St. George.

Adam Leitman Bailey and Dov Treiman

The State of Cooperative and Condominium Law in 2015

By Adam Leitman Bailey and Dov Treiman |

Adam Leitman Bailey and Dov Treiman review the significant changes that took place in cooperative and condominium law this past year.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews cases involving a Yellowstone injunction, a broker's commission and breach of fiduciary claims, and a landlord's claims that a tenant was allowing a rent-stabilized apartment to be used for illegal purposes.

The Teacher's Retirement System is upgrading its headquarters at 55 Water St.

Marketplace: One of Country's Largest Pension Systems Renews Downtown Lease

By Monica Paquette |

The Teacher's Retirement System of the City of New York has renewed its lease with New Water Street Corp. at its 55 Water St. headquarters.

Ezra Dyckman and Daniel W. Stahl

Just Kidding? IRS Requires Rent Allocations to Have Teeth

By Ezra Dyckman and Daniel W. Stahl |

In their Taxation column, Ezra Dyckman and Daniel W. Stahl discuss the tax issues presented to both a landlord and tenant when the landlord receives a payment of prepaid rent.

517-523 West 29th Street..122115

Marketplace

By Monica Paquette |

Six Sigma NYC, a boutique design and development firm, has plans to create a new luxury condo building in Chelsea. The site, currently a Tuck-It-Away Self-Storage facility at 517-523 W. 29th St., was acquired for $54.75 million from Nick Sprayregen, the president of Tuck-It-Away.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews 'Jobin Organization v. Bemar Realty', 'Clinton Hill Holding 1, v. Kathy & Tania,' and 'U.S. Bank National Assoc. v. Glusky'.

255 Greenwich St.

Marketplace: Target to Open 2nd Manhattan Store on Greenwich Street

By Monica Paquette |

Minneapolis-based retailer Target has signed a long-term lease with Jack Resnick & Sons Inc. for 48,242 square feet at 255 Greenwich St. Also, a Long Island City commercial property at 48-18 Van Dam St. has been acquired by Local Union 813, a member of the International Brotherhood of the Teamsters Pension Fund and its affiliate, Local 27 Pension Fund, for $20 million.

Bruce J. Bergman

Foreclosing Multiple Mortgages in One Action: No Longer an Issue

By Bruce J. Bergman |

In his Foreclosure Litigation column, Bruce J. Bergman writes: If a lender holds more than one mortgage with the same borrower secured by the same parcel(s), and if there are no intervening liens, can those mortgages conveniently be pursued in one action? A recent case clearly says "yes."

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews “In re September 11 Litigation," where the Second Circuit clarified the recovery scheme for WTC leases.

Warren A. Estis and Michael E. Feinstein

Yellowstone Injunctions: Timeliness Is Critical

By Warren A. Estis and Michael E. Feinstein |

In their Landlord-Tenant column, Warren A. Estis and Michael E. Feinstein discuss the case 'Riesenburger Properties v. PI Associates' to highlight the critical importance of filing a motion for Yellowstone relief prior to the expiration of the cure period.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews cases involving a failure to commence a foreclosure action within six years, whether a defendant in a summary nonpayment proceeding waives all jurisdictional defenses as a consequence of interposing unrelated counterclaims, and an alleged chronic rent delinquency.

A ribbon cutting with, from left, founding partners Greg Rinckey and Mathew Tully; managing partner Peter Charnetsky; COO Graig Cortelyou; Broome County legislator Kim Myers; state Assemblywoman Dona Lupardo; and Vestal Town Supervisor John Schaffer.

Marketplace: Upstate Law Firm Expands Near Binghamton

By Monica Paquette |

Albany-based, full-service law firm Tully Rinckey has expanded into New York's Southern Tier region with a new office in Vestal. Also, a joint venture of Dalan Management and Avenue Realty Capital has acquired four properties in Alphabet City for $16.75 million.

Todd E. Soloway and Joshua D. Bernstein

Marriott/Starwood Merger: Good for Brands, Not Owners

By Todd E. Soloway and Joshua D. Bernstein |

In light of Mariott's aquisition of Starwood Hotels, Todd E. Soloway and Joshua D. Bernstein explore the provisions of hotel management and license agreements which define the standards by which a hotel operator must run the owner's business, and they analyze an owner's rights and remedies when presented with issues of brand loyalty.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'P&T Management v. Aponte', where an issue of the reasonableness of cigarette smoke coming from tenant's apartment was found to be a question of fact for trial; and '1644 Broadway v. Jimenez', where it was held that the property owner properly "exhibited" a copy of the deed of foreclosure.

4 World Trade Center

Marketplace: SNY to Move to 4 World Trade Center

By Monica Paquette |

SNY, also known as SportsNet New York, plans to move its midtown Manhattan headquarters and studio to 4 World Trade Center, where it has scored a 17-year lease with Silverstein Properties Inc. for 83,000 square feet. Also, Houghton Mifflin Harcourt is again increasing the size of its New York City office at 3 Park Ave.

Anthony S. Guardino

Ruling Against Sign Code Has Implications for New York

By Anthony S. Guardino |

In his Zoning and Land Use Planning column, Anthony Guardino discusses how a decision by the U.S. Supreme Court is likely to force local governments to reconsider many of their sign ordinances.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews "Commandeer Realty v. Allegro," where the court found that a first-filed annexation request gets priority over competitors; and "92 Bergenbrooklyn v. Cisarano," where the acceptance of rent by the landlord after commencement of a holdover proceeding vitiates the termination notice on the tenant.

51 Astor Place

Marketplace: 51 Astor Place Gets 3 New Tenants

By Monica Paquette |

Edward J. Minskoff Equities Inc. at 51 Astor Place has signed several retail contracts recently with Flywheel, Chop't Creative Salad Company and Bluestone Lane Coffee.

Jeffrey B. Steiner and Jason R. Goldstein

Pitfalls in Negotiating Special Purpose Covenant Recourse

By Jeffrey B. Steiner and Jason R. Goldstein |

In their Financing column, Jeffrey B. Steiner and Jason R. Goldstein summarize some of the key issues related to substantive consolidation and one of the principal loan documentation points that frequently becomes the focus of negotiation.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'Trump Village v. Bezvoleva,' where the court found that a defamation claim brought by a co-op president against defendant shareholders was allowed to proceed; and 'MID Bronx HDFC v. Paulino,' where a tenant was denied dismissal of her landlord's nuisance holdover proceeding.

30 Hudson Yards is expected to be completed in 2019.

Marketplace: Investment Firm Moving HQ to Planned Hudson Yards Offices

By Monica Paquette |

Global investment firm KKR & Co. LP has announced that it is acquiring 10 office floors at 30 Hudson Yards, a proposed 90-story tower being developed by Related Companies and Oxford Properties Group.

An architectural rendering of Manhattan West

Marketplace: Companies Partner in Development of $8.6B Manhattan West Complex

By Monica Paquette |

A subsidiary of Brookfield Property Partners has formed a joint venture with Qatar Investment Authority in the development of Manhattan West. Upon completion, the estimated value of the five-building, mixed-use complex, is anticipated to reach $8.6 billion. Also, Kaufman & Company, a Cleveland-based law firm, has moved its New York City offices to 420 Lexington Ave.

Warren A. Estis and Jeffrey Turkel

Non-Primary Residence: Tenant Perjury No Longer Permitted

By Warren A. Estis and Jeffrey Turkel |

In their Landlord-Tenant column, Warren A. Estis and Jeffrey Turkel write: Until recently, courts in non-primary residence holdover proceedings turned a blind eye where tenants previously made statements in their tax returns—under penalty of perjury—that contradicted their claims of primary residence. That all changed with the ruling in 'Ansonia Assoc. Partnership v. Unwin.'

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews 'Galil Kineret v. Chin', '229 West 113th Street v. Lamb', and 'New York Shun on Realty Development v. Mathieu'.

Ezra Dyckman and Daniel W. Stahl

Taxpayer Wins NYC Transfer Tax Aggregation Case

By Ezra Dyckman and Daniel W. Stahl |

In their Taxation column, Ezra Dyckman and Daniel W. Stahl discuss 'Matter of the Petition of Jonis Realty/E. 29th Street, LLC,' writing: The ALJ's decision in 'Jonis' should serve as a reminder that the presumption that transfers made within a three-year period are related can indeed be rebutted—even when all of the transfers are made to the same transferee.

Architectural renderings of 30 Hudson Yards, taller building at left, and 10 Hudson Yards. 10 Hudson Yards plans to open early 2016

Marketplace: Social Media Agency Expands With Hudson Yards Lease

By Monica Paquette |

VaynerMedia is optimizing its reach by expanding the size of its Manhattan headquarters by nearly 20,000 square feet with a new lease at 10 Hudson Yards. Also, Thor Equities has acquired a 257,000-square-foot, mixed-use property at 180 Livingston St. in Brooklyn for $136 million.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'Airport Mart v. Westchester County', where the court found that the tenant lacked standing to challenge Westchester's determination to terminate a license agreement; and 'Nalea Realty v. Quinonez', a case involving a claim of identity theft where the court found that notable differences in signatures cast doubt on the plaintiff/landlord's claim for breach of lease.

Peter E. Fisch and Mitchell L. Berg

Real Estate Provisions in M&A v. Real Estate Transactions

By Peter E. Fisch and Mitchell L. Berg |

In their Transactional Real Estate column, Peter E. Fisch and Mitchell L. Berg write: Real estate practitioners should be aware that conventions governing merger and stock purchase agreements in M&A transactions differ in certain significant respects from those that apply to purchase and sale agreements in real estate transactions.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews "Faison v. Lewis," where the Court of Appeals addressed the issue of whether a plaintiff's claim, which sought to set aside and cancel a defendant bank's mortgage on the grounds that the money had been lent in reliance on a forged deed, was time-barred; and "Howard Avenue Development v. Richardson," where it was found that the subject license agreement provisions were akin to a lease.

155 West 23rd St.

Marketplace: Complex Deal Includes $268M Sale of Midtown South Office

By Monica Paquette |

In a series of complex transactions, a joint venture of the Kaufman Organization and AIMS Real Estate closed on a 99-year ground lease with Extell Development Company at 155 W. 23rd St. for $45 million. Afterwards, Extell, through its affiliates, sold the 82,000-square-foot vacant office building and four other buildings, for which Kaufman also holds 99-year ground leases, to affiliates of Edison Properties.

Adam Leitman Bailey and Dov Treiman

The Most Significant Title and Foreclosure Cases of 2015

By Adam Leitman Bailey and Dov Treiman |

Adam Leitman Bailey and Dov Treiman analyze three decisions: 'Faison v. Lewis,' where the Court of Appeals eliminated the statute of limitations from one entire category of cases; 'Flushing Savings Bank v. Bitar,' where the court explained the rules for determining the proper deficiency judgment amount and appraisal requirements; and 'Jesinoski v. Countrywide Home Loans,' a unanimous decision from the the U.S. Supreme Court that the authors believe will also negatively affect the stability of residential real estate transfers and lending.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews a decision where the court, balancing equities, restored a previously incarcerated tenant to his former premises, and a second holding where it was found that the tenant had no legal basis to reject default notices sent by an agent on the landlord's behalf.

One World Trade Center

Marketplace: Moody's to Lease 75,000 Square Feet of 1 WTC

By Monica Paquette |

Expanding its downtown operations, Moody's Investor Services Inc., a leading provider of credit ratings and analysis, has finalized a lease with the Durst Organization at One World Trade Center.

Warren A. Estis and Michael E. Feinstein

Failure to Cite Lease Provision in Notice to Cure Is Fatal

By Warren A. Estis and Michael E. Feinstein |

In their Landlord-Tenant column, Warren A. Estis and Michael E. Feinstein discuss 'Fabria Houses Assoc. v. Fontanetta,' writing that the case serves as a reminder that the failure to identify in the notice to cure the specific lease provisions being violated will have fatal consequences.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews '111 Hudson St. Condominium v. 111 Hudson St,' where condominium owners were allowed to proceed with their breach of contract claims against the sponsor and its members, and 'Clemente v. Liberato,' where the court declined to dismiss the petitioner's licensee holdover suit, stating that it saw "no inherent reasons why a family member could not simultaneously have licensee status."

Empire State Building, 350 Fifth Ave.

Marketplace: BNP Media to Open New Empire State Building Office

By Monica Paquette |

Michigan-based BNP Media has signed a seven-year lease for 13,171 square feet at Empire State Realty Trust's iconic tower.

Kenneth M. Block and Joshua M. Levy

Sales Taxes on Construction Projects

By Kenneth M. Block and Joshua M. Levy |

In their Construction Law column, Kenneth M. Block and Joshua M. Levy discuss the tax laws for construction projects in New York, and stress the importance of owners and contractors having a thorough understanding of the rules governing sales tax on construction projects to ensure that the owner is not overpaying for the work.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews "For The People Theaters of N.Y. v. City of New York," where a city zoning amendment governing adult establishments was found to be unconstitutional.

2 Pierrepont St.

Marketplace: Brooklyn Law Sells Building for $35M

By Monica Paquette |

Brooklyn Law School has sold 2 Pierrepont St. in Brooklyn Heights, a 12-story building serving as a rental-housing facility for students and faculty, for $35 million. Also, carpet manufacturer Shaw Industries Inc. will be opening a state-of-the-art showroom at 853 Broadway on Union Square.

Anthony S. Guardino

The Public Trust Doctrine Is Brought Into Focus

By Anthony S. Guardino |

In his Zoning and Land Use Planning column, Anthony S. Guardino writes how recent opinions by the New York Court of Appeals should serve as a reminder to local governments, developers, and property owners of the importance of the common law public trust doctrine.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews cases involving a rent-stabilized apartment allegedly not used as a primary residence, a tenant's alleged knowledge of illegal activity in his apartment, a not-for-profit organization's attempt to establish a residence for recovering addicts, and more.

31 East 31st St., one of the apartment buildings sold in a 24-building portfolio.

Marketplace: Blackstone, Fairstead Capital Partner to Acquire 24 NYC Buildings

By Monica Paquette |

Marking one of the largest residential deals in New York City in the past decade, a joint venture of Blackstone Real Estate Partners VIII and Fairstead Capital closed on the acquisition of a 24-building portfolio for $690 million. Also, Gaia Real Estate in a joint venture with Acro Group has acquired 416 W. 52nd St. for $156.5 million.

Jeffrey B. Steiner and Jason R. Goldstein

Construction Loan Remedies, and Lender Borrower Relations

By Jeffrey B. Steiner and Jason R. Goldstein |

In their Financing column, Jeffrey B. Steiner and Jason R. Goldstein use case law to demonstrate the challenge presented to lenders in the construction financing context to balance the need for frequent communications with the borrower against the risk of such communications becoming discoverable in court proceedings. They further discuss the unique remedies to which borrowers are entitled in the construction loan context.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'ACE Securities. v. DB Structured Products,' where the court clarified the window of time to sue over mortgage repurchase deals, and '124 Meserole v. Recko,' a holdover proceeding where the court held that the tenant's use of commercial space in the building did not make the space a "lawful housing accommodation."

17 West 125th St.

Marketplace

By Monica Paquette |

Boutique litigation firm Holwell Shuster & Goldberg has signed a new sub-sublease for more than three years with Mishcon de Reya at 750 Seventh Ave. Also, Thor Equities LLC has purchased a five-story residential building at 17 W. 125th St. in Central Harlem for $29.6 million.

Adam Leitman Bailey

Discharge of Ancient Mortgages in New York

By Adam Leitman Bailey |

Adam Leitman Bailey discusses Section 1931 of the Real Property Actions and Proceedings Law—an obscure statute that allows mortgagors to discharge "ancient mortgages," which would otherwise potentially cloud title.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews '201 West 54th St. Buyer v. Rodin,' where the trial court was found to have properly afforded tenant a chance to cure a breach; 'Richstone v. Board of Managers of Leighton House Condominium,' where a board was granted reargument, leading to dismissal of trespass claims and attorney fees; and 'SDF9 COBK v. AF & AR,' where restraints on the transfer of title to a foreclosed property were extended pending appeal.

420 Lexington Ave.

Marketplace: Metro-North Expands Offices at 420 Lexington

By Monica Paquette |

Metro-North Commuter Railroad Co. has added 24,982 square feet to its offices at 420 Lexington Ave., at East 43rd Street. This is the third expansion by the Metropolitan Transportation Authority with SL Green Realty Corp. It brings the tower's occupancy to nearly 100 percent, of which Metro-North leases more than 20 percent.

Warren A. Estis and Jeffrey Turkel

New Legislation on Tenant Buy-Out Offers

By Warren A. Estis and Jeffrey Turkel |

In their Rent Regulation column, Warren A. Estis and Jeffrey Turkel write that buy-outs of rent regulated tenants can benefit both tenants and landlords, but sometimes a landlord makes repeated offers and refuses to take no for an answer. They discuss three bills passed by the New York City Council intended to address this problem.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews "Rodriguez v. Village Green Realty," where the Second Circuit revived a Fair Housing disability bias lawsuit involving a child with autism spectrum disorder and epilepsy.

95 Linden Boulevard

Marketplace: Akelius RE Acquires Six Brooklyn Buildings for $125.5M

By Monica Paquette |

Brooklyn has been bustling with a number of notable real estate deals, including several transactions involving Akelius Real Estate Management LLC and Madison Realty Capital.

Ezra Dyckman and Daniel W. Stahl

California Approves Tax-Free Real Property Exchange

By Ezra Dyckman and Daniel W. Stahl |

In their Taxation column, Ezra Dyckman and Daniel W. Stahl discuss a recent California case that dealt with tax-free like-kind exchange of real property under Section 1031. The authors conclude: "While the state's Board of Equalization's step transaction analysis is interesting, its more important holding is the determination that the holding requirement can be satisfied with respect to replacement property that is contributed to a partnership."

125 Park Ave. South

Marketplace: Pandora, IMG Expand Park Avenue Offices

By Monica Paquette |

Two multimedia tenants of SL Green Realty Corp., Pandora Media and IMG, are expanding their offices at 125 Park Ave. and 304 Park Ave. South, respectively.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews "Peters v. Smolian," a case involving claims concerning a right of first refusal embodied in various deeds.

Todd E. Soloway and Joshua D. Bernstein

Using Self-Help to Remove Unwanted Hotel Management

By Todd E. Soloway and Joshua D. Bernstein |

In their Real Estate Litigation column, Todd E. Soloway and Joshua D. Bernstein write: Though hotel managers typically argue otherwise, under New York law hotel owners are permitted to effectuate the removal of their managers by using self-help without the need for judicial intervention.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews "860 Fifth Avenue Corp. v. Ender," where the landlord was barred by the statute of limitations from bringing a holdover action against lessee; and "Lakeland Bank v. Neziri," dealing with an equitable mortgage.

The Otis Elevator Building, at 260 11th Ave.

Marketplace: Vornado Signs Lease on West Chelsea Office Space

By Monica Paquette |

Vornado Realty Trust has signed a 99-year ground lease at 260 11th Ave., the Otis Elevator Building. The lease also includes an option to purchase the land for $110 million.