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.
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 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.
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.
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 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.
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.
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.
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'.
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.'
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.
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 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.
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 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.
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 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, 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.
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.
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 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."
Michigan-based BNP Media has signed a seven-year lease for 13,171 square feet at Empire State Realty Trust's iconic tower.
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, 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.
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.
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 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.
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.
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 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."
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 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 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.
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.
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 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.
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.
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."
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, 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.
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 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.
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.
Kenneth M. Block and Joshua M. Levy caution against the use of incomplete and ambiguous lien waivers.
Scott E. Mollen reviews cases involving a landlord-tenant dispute over a duplex's remediation after it was water damaged, attorney fees under a commercial lease, and development rights under RPAPL §1602.
KCG Holdings Inc., a leading independent securities firm, will relocate its global headquarters to downtown Manhattan from Jersey City. Also, publisher Houghton Mifflin Harcourt is expanding its office at Three Park Ave.
In their Landlord-Tenant column, Warren A. Estis and Michael E. Feinstein discuss the case 'Bryant v. Casco Bay Realty,' and advise residential landlords to make sure that rent demands are sufficiently specific and demand only such amounts that are due as "rent" under the parties' lease, avoiding ancillary "non-rent charges."
Scott E. Mollen reviews '265 West 34th Street v. Chung,' where a landlord sufficiently stated a claim to pierce the corporate veil; and 'Board of Managers of the Carlyle at Lawrence Condominium v. Fortuna Fries,' where a scrivener's error of notice of lien misidentified the fee owner.
LinkedIn Corporation has increased its operations at the Empire State Building with a 130,000-square-foot expansion. Also, the 79th Street Acquisition Group has purchased 211 E. 79th St., the site of the DeWitt Rehabilitation and Nursing Center Inc., for $105.5 million.
Scott E. Mollen reviews 'Multi Capital Group v. Karasick,' where a developer's $2 million finder's fee was determined invalid; and 'Bank of America v. Maeder,' a foreclosure action where the court held that ownership of a note may be established by an undated endorsement in blank.
Adam Leitman Bailey examines the different methods of extinguishing an easement.
The law firm of Polsinelli, which has substantially expanded its New York City presence on several occasions since opening an office in 2003, is more than doubling its space this time around in its move to 600 Third Ave. Also, the Nonprofit Finance Fund is relocating its headquarters downtown to 5 Hanover Square.
In his Zoning and Land Use Planning column, Anthony S. Guardino discusses 'East End Eruv Association v. Town of Southampton,' a ruling of apparent first impression, where the court determined that strips affixed to utility poles to create an eruv did not fall within the meaning of a town ordinance regulating signs.
Scott E. Mollen reviews 'People v. Ft. George Apt. Corp,' where a motion to dismiss the attorney general's special proceeding to dissolve a corporate sponsor was denied; and 'ELT Harriman v. Assessor of Town of Woodbury,' where the court held that the three-year moratorium on tax certiorari proceedings under RPTL 727(1) was not unconstitutional as applied to a successor property owner.
A personal injury law firm has purchased two floors of office condominium space at 820 Second Ave. for more than $15.9 million from the United Synagogue of Conservative Judaism, which will relocate to 120 Broadway.
Rivkin Radler will be relocating its New York City office a short distance to 477 Madison Ave. from 555 Madison, where it has been a tenant since 2005. Also, two Lower East Side mixed-use buildings known as Gotham Court have sold for $29.1 million.
Scott E. Mollen reviews 'Pastor v. DeGaetano,' where the issue on appeal was whether a buyer can be forced to conclude a purchase of real property where the seller has not definitively resolved a third-party cooperative's challenge to the buyer's right of exclusive use over a portion of the property.
In their Financing Column, Jeffrey B. Steiner and Jason R. Goldstein discuss the state of the law in New York with respect to a lender's standing in a foreclosure action in light of the case 'Aurora Loan Services v. Taylor,' and conclude: By establishing a clear chain of assignments of the note, and by accepting delivery of the original note, a lender should have little difficulty in demonstrating standing.
In their Transactional Real Estate column, Peter E. Fisch and Mitchell L. Berg discuss a common feature of real estate finance—defeasance—which allows a borrower to effectively prepay a loan that is not by its terms prepayable.
Scott E. Mollen reviews 'Atlantic Avenue Group v. Nabeel,' where the court held that individual respondents were required to get permission to assign rights to a corporation; 'Gottesman v. Graham Apartments,' where a tenant was found to be comparatively negligent for deterioration of premises after a flood; and 'RSP 86 Property v. Sylvester,' where despite the tenant's seasonal use of other homes, the landlord's non-primary holdover case was dismissed.
London-based law firm Watson Farley & Williams has expanded its New York City office by signing a 15-year lease with Boston Properties Inc. for 30,400 square feet at 250 W. 55th St.
In their Rent Regulation column, Warren Estis and Jeffrey Turkel discuss the most relevant changes enacted by the Rent Act of 2015 which was signed into law by Governor Cuomo on June 26.
Scott E. Mollen reviews 'Matter of Figueroa v. New York City Housing Authority,' where the court held that NYCHA's dismissal of a succession claim violated the petitioner family member’s due process rights; and 'Bryant v. Casco Bay Realty,' where a landlord's rent demands were held improper in violation of GBL §349.
The Association of National Advertisers has renewed its lease with Marx Realty & Improvement Co. Inc. and has nearly doubled the size of its headquarters at 708 Third Ave. Also, Law360, whose parent company Portfolio Media Inc. was acquired by LexisNexis in 2012, will be consolidating its offices in Manhattan.
A joint venture of Dalan Management and RWN Real Estate Partners LLC has acquired 235 Elizabeth St., a mixed-use building in Nolita, for $14.6 million.
In their Taxation column, Ezra Dyckman and Libin Zhang explain that transfer taxes are an important part of real estate planning that is often overlooked by practitioners, and discuss the case "Matter of GKK 2 Herald," which illustrates a failed attempt to structure around transfer taxes that resulted in millions of dollars of transfer tax liability.
Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews "South Tower Residential Board of Managers of Time Warner Center Condomium v. The Ann Holdings,” where the court allowed the plaintiff board to exercise its right of first refusal and assign the right to purchase to a third party; and "Deutsche Bank National Trust v. Husband," a foreclosure action where it was found the lender failed to act in good faith.
Kenneth M. Block and Douglas E. Peterson discuss the importance of preparing a comprehensive schedule at the beginning of a construction project—big or small—to minimize potential claims and their associated damages.
Scott E. Mollen reviews 'Bpark v. Durena,' an Airbnb case, where the court found the landlord's extensive evidence proved that the tenants engaged in profiteering by renting out the apartment to short-term vacationers; and '504 Associates v. Nason,' where it was held that the expiration of the original lease ends the guarantor's obligation.
Entertainment and news icons 21st Century Fox and News Corporation, widely known as News Corp, are planning a monumental move to downtown Manhattan. The companies recently announced jointly their intentions to lease space at Silverstein Properties Inc.'s proposed Two World Trade Center as the location of their new corporate headquarters.
Adam Leitman Bailey and John M. Desiderio discuss the sweeping changes made in 2008 by the NY Legislature to Article 5 of RPAPL and write: "The implementation of the 2008 amendments has changed adverse possession law to make it harder for someone with bad intentions to use the adverse possession statute to obtain rightful ownership to property they know belongs to another."
Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law reviews four landlord-tenant cases: 'NY Great Stone v. Two Fulton Square,' '1750 Davidson Ave v. Brisco,' 'Hitchcock Plaza v. Fortune,' and 'SLL 407 CPW v. Reilly.'
The Brooklyn Navy Yard Development Corporation, the nonprofit group that manages the 300-acre, city-owned Brooklyn Navy Yard, with 40 buildings, has signed a 96-year ground lease with developer Steiner NYC LLC for the $140 million redevelopment of a six-acre, mixed-use complex called Admirals Row along Flushing Avenue.
In their Landlord-Tenant column, Warren A. Estis and Michael E. Feinstein discuss the Court of Appeals decision in '172 Van Duzer Realty v. Globe Alumni' on the enforceability of an acceleration clause after the landlord retakes possession of the premises.
Scott E. Mollen reviews 'Moutopoulis v. 2075-2081 Wallace Avenue Owners,' where the lesson learned was that a cooperative corporation's poor financial condition could render the individual co-op apartments uninsurable, unmarketable and unfinanceable; 'G.M.M. v. Kimpson,' where issues of fact remained as to whether an apartment renovation sufficiently encapsulated a lead condition; and 'Drapala v. Pasan,' where the landlord failed to establish requisite good faith to recover possession of the premises.
Olshan Frome Wolosky has signed a 15-year lease with the Paramount Group Inc. for 53,110 square feet at 1325 Avenue of the Americas as the site of its new headquarters. Also, SL Green Realty Corp. has entered into an agreement to acquire 11 Madison Ave. for about $2.3 billion.