Real Estate Update

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

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

Setting the Law Straight on Terminating Easements

By Adam Leitman Bailey |

Adam Leitman Bailey examines the different methods of extinguishing an easement.

600 Third Ave.

Marketplace: MO-Based Polsinelli Doubles NYC Space

By Monica Paquette |

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.

Anthony S. Guardino

Sign Law Does Not Bar Lechis, Court Rules

By Anthony S. Guardino |

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

Realty Law Digest

By Scott E. Mollen |

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.

The lobby of 120 Broadway

Marketplace

By Monica Paquette |

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.

477 Madison Ave.

Marketplace

By Monica Paquette |

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.

Jeffrey B. Steiner and Jason R. Goldstein

Establishing a Lender's Standing to Foreclose

By Jeffrey B. Steiner and Jason R. Goldstein |

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.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

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.

Peter E. Fisch and Mitchell L. Berg

The Role of Defeasance in Real Estate Finance

By Peter E. Fisch and Mitchell L. Berg |

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

Realty Law Digest

By Scott E. Mollen |

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.

250 W. 55th St.

Marketplace

By Monica Paquette |

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.

Warren A. Estis and Jeffrey Turkel

Noteworthy Changes Enacted by the Rent Act of 2015

By Warren A. Estis and Jeffrey Turkel |

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

Realty Law Digest

By Scott E. Mollen |

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.

708 Third Ave.

Marketplace

By Monica Paquette |

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.

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 "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.

Ezra Dyckman and Libin Zhang

Avoiding Transfer Tax Pitfalls

By Ezra Dyckman and Libin Zhang |

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.

235 Elizabeth Street

Marketplace

By Monica Paquette |

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.

Kenneth M. Block and Douglas E. Peterson

Construction Scheduling: The Key to Timely Completion

By Kenneth M. Block and Douglas E. Peterson |

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

Realty Law Digest

By Scott E. Mollen |

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.

Architectural rendering of Two World Trade Center

Marketplace

By Monica Paquette |

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

Application of the Adverse Possession Amendments

By Adam Leitman Bailey and John M. Desiderio |

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

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 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.'

Architectural rendering of Admirals Row at Brooklyn Navy Yard

Marketplace

By Monica Paquette |

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.

Warren A. Estis and Michael E. Feinstein

Fate of Acceleration Clause After Landlord Retakes the Property

By Warren A. Estis and Michael E. Feinstein |

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

Realty Law Digest

By Scott E. Mollen |

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.

1325 Avenue of the Americas

Marketplace

By Monica Paquette |

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.

Anthony S. Guardino

Balancing N.Y.'s Agricultural Law With Local Zoning Rights

By Anthony S. Guardino |

In his Zoning and Land Use Planning column, Anthony Guardino explores the relationship between the objective of the New York Agriculture and Markets Law to promote farm uses and a local government's right to control land uses through zoning.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'Tucciarone v. The Hamlet On Olde Oyster Bay Homeowners Assoc,' where plaintiffs were permitted to amend their complaint and assert a claim of breach of fiduciary duty; and 'Tantaro v. Common Ground Community Housing Development Fund,' where the tenant's girlfriend was found to be a mere licensee, not a tenant entitled to relief under RPAPL §§711, 853.

229 West 43rd St.

Marketplace

By Monica Paquette |

The Kushner Companies has entered into an agreement to purchase the retail condominium space at 229 W. 43rd St., the former headquarters of the New York Times, for $296 million.

Jeffrey B. Steiner and Jason R. Goldstein

Letters of Credit, Security Deposits and Lender Security Interests

By Jeffrey B. Steiner and Jason R. Goldstein |

In their Financing column, Jeffrey B. Steiner and Jason R. Goldstein of DLA Piper discuss the various approaches by which a lender can secure an interest in a letter of credit held by a borrower on account of a tenant security deposit.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'Countrywide Home Loans v. Crespo,' where the court found circumstances showed no intent by plaintiff to abandon his foreclosure action; and '2420 Webster Ave v. Jones,' where the landlord failed to meet its burden to show the tenant surrendered her rent-controlled apartment.

Marriott New York East Side at 525 Lexington Ave.

Marketplace

By Monica Paquette |

Expanding its portfolio with the addition of a luxury hotel, the joint venture of Deka Immobilien Investment GmbH and Ashkenzay Acquisition Corporation has closed on the acquisition of the Marriott New York East Side for $270 million. Also, national real estate firm Madison Marquette recently relocated to 40 E. 52nd St.

Bruce J. Bergman

The Consequences of Sitting on a Foreclosure Judgment

By Bruce J. Bergman |

In his Foreclosure Litigation column, Bruce Bergman writes: It is not so infrequent that a foreclosing lender or servicer finally arrives at the foreclosure judgment stage and then holds in place. A few weeks or months of inaction is not meaningful. But what about a year, or two, or much more? Although it seems unlikely, it does happen.

230 Park Ave.

Marketplace

By Monica Paquette |

R XR Realty LLC has acquired 230 Park Ave., also known as the Helmsley Building, for $1.2 billion. Also, Thor Equities has expanded its NoHo portfolio with the acquisition of a retail condominium at 50 Bond St. for $11 million.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'Thor 725 8th Avenue v. Goonetilleke,' where the payment of rent was not excused by constructive eviction; '518 West 184th Street v. Guzman,' where a lawyer's defaults and delays were held to have caused the public unnecessary expense; 'In re Mary Veronica Santiago-Monteverde v. Pereira,' where a rent-stabilized lease was held exempt from a debtor's bankruptcy, and more.

A rendering of the lobby at One Manhattan West.

Marketplace

By Monica Paquette |

In one of the year's largest real estate deals, Skadden Arps is on course to be the anchor tenant at One Manhattan West, the first of two commercial towers being proposed in the Hudson Yards district.

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 three landlord-tenant cases: 'Conason v. Megan Holding,' 'GDA Realty v. Puello,' and 'Supportive Slope v. Baxter.'

Warren A. Estis and Jeffrey Turkel

Curability of Profiteering In Rent-Regulated Apartments

By Warren A. Estis and Jeffrey Turkel |

In their Rent Regulation column, Warren A. Estis and Jeffrey Turkel state that it is no secret that some rent-regulated tenants, whether through Airbnb or some other platform, are profiteering from their apartments and discuss existing case law to help determine when such conduct is curable, or when the offending tenant can be evicted.

Todd E. Soloway and Joshua D. Bernstein

Is Airbnb Workable in New York City?

By Todd E. Soloway and Joshua D. Bernstein |

Todd E. Soloway and Joshua D. Bernstein discuss the legal landscape over the debate concerning whether and in what circumstances to allow transient short-term rentals of apartments in New York City.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews '230 Park Ave. Holdco v. Kurzman Karelsen & Frank', where there was an issue of fact as to whether the landlord interfered with the tenant's right to assign or sublet; 'Newman v. Federal National Mortgage Assoc.', where a co-op owner was granted a stay of eviction pending the resolution of a foreclosure action, and '665-675 Apartment Corp. v. Verdeschi', where a landlord's suit to terminate the tenant's proprietary lease for violation of the rules was dismissed.

919 Third Ave.

Marketplace

By Monica Paquette |

Bloomberg LP has agreed to lease 254,556 square feet at 919 Third Ave. Also, Adobe Systems Inc. has signed a 10-year lease for nearly 30,644 square feet at 100-104 Fifth Ave. in Union Square.

55 Broadway

Marketplace

By Monica Paquette |

The Cochran Firm, which was founded more than 40 years ago in Los Angeles by high-profile attorney Johnnie Cochran, who died in 2005, is moving its Manhattan offices further downtown to 55 Broadway. Also, relocating its New York City showroom, Herman Miller Inc. has signed a 15-year lease at 251 Park Ave. South.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews 'Brookford v. Penraat,' where a rent-controlled tenant was found to be Airbnb 'profiteering'; and 'Jewish People for the Betterment of Westhampton Beach v. The Village of Westhampton Beach,' where the Second Circuit ruled in favor of the defendants in allowing Eruv markers on the town's utility poles.

Ezra Dyckman and Libin Zhang

Capitalizing on Repair Regulations, Part Two

By Ezra Dyckman and Libin Zhang |

Ezra Dyckman and Libin Zhang discuss the Tangible Property Regulations, which established new rules on what expenses may be immediately deducted and what must be capitalized and depreciated over time, and address several issues on how owners of real property may use the regulations in practical terms.

One of the properties in the Lee estate at the corner of N. 6th St. & Berry St. in Williamsburg, Brooklyn.

Marketplace

By Monica Paquette |

Buying a chunk of Brooklyn real estate, a joint venture of ASB Real Estate Investments and L3 Capital LLC has acquired a 17-property portfolio in Williamsburg from the estate of Ulla Lee for more than $85.75 million. The properties, which include about a dozen buildings and several parcels of land, span a two-block area between N. 6th and N. 7th streets, from Berry Street to Kent Avenue.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews '326 East 85 Realty v. Hairy Monk Corp.,' where the court held that a clause requiring a $500-per-day late fee constitutes a penalty and is therefore unenforceable; 'Centech v. Yippie Holdings,' where a right of first refusal was not triggered upon a sale of foreclosure by a referee; and 'Loudon House v. Town of Colonie,' where it was held that a town board acted arbitrarily in enacting a local law.

Bruce J. Bergman

Foreclosing After Taking a Deed-In-Lieu of Foreclosure

By Bruce J. Bergman |

Bruce J. Bergman writes: It seems an incongruous notion: starting or completing a foreclosure action after taking a deed-in-lieu of foreclosure. But it can be done and sometimes it may be imperative to do so.

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 'W&G Wines v. Golden Chariot Holdings,' where a tenant was granted a 'Yellowstone' injunction pending an evidentiary hearing on certain allegations; and 'Aurora Loan Services v. Diakite,' where the court concluded that the plaintiff failed to negotiate in good faith, resulting in a stay of all interest and costs.

98 Morningside Ave.

Marketplace

By Monica Paquette |

Thor Equities has purchased 98 Morningside Ave., a 48-unit residential property in Harlem, for $21.63 million.

Adam Leitman Bailey and Dov Treiman

A Practitioner's Guide to Litigating Party Walls

By Adam Leitman Bailey and Dov Treiman |

In their Ownership Rights column, Adam Leitman Bailey and Dov Treiman aim at educating the practitioner on the not-so-obvious rules of the party wall.

200 Park Avenue

Marketplace

By Monica Paquette |

Making a big return to its namesake, MetLife Inc. is consolidating several of its New York City offices to the MetLife Building at 200 Park Ave. Also, OnDeck Capital Inc. is more than doubling the size of its headquarters at 1400 Broadway.

Warren A. Estis and Michael E. Feinstein

Attorney Fees Under RPL Section 234

By Warren A. Estis and Michael E. Feinstein |

Warren A. Estis and Michael E. Feinstein discuss the recent case 'Graham Court Owner's Corp. v. Taylor,' where the Court of Appeals held that the lease provision at issue invoked the reciprocal mandate of Real Property Law Section 234.

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 “208 Avenue a Assoc. v. Calanni,” where it was held that counsel was 'clothed with apparent authority' to enter into stipulation; and “Lyo v. Bank of America,’ where an owner was held entitled to a trial period for modification of loan; and 'Federal Housing Finance Agency v. Nomura Holding America,' which dealt with alleged material misstatements or omissions with respect to sale of residential mortgage-backed securities.

41 Flatbush Ave.

Marketplace

By Monica Paquette |

An affiliate of Quinlan Development Group, in a joint venture with Building & Land Technology, recently closed on the acquisition of 41 Flatbush Ave. for $89.4 million. Also, ClearSlide Inc. has signed a four-year lease with Tishman Speyer Properties at 183 Madison Ave. for nearly 10,000 square feet.

Anthony S. Guardino

Obligations May Continue Even After SEQRA Approval

By Anthony S. Guardino |

In his Zoning and Land Use Planning article, Anthony Guardino explains how the requirements under the State Environmental Quality Review Act are not necessarily over when a site plan is approved. In many instances, applicable regulations and court decisions mandate preparation of a supplemental environmental impact statement before work on a project can begin, or continue.

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 “Heights Properties 1388 v. Make Realty,” where the court ruled that a corporation’s bylaws prohibited the secretary from executing contracts for the sale of property and held the sales contact invalid, and “New York City Housing Authority v. Feliciano, where a tenant was awarded 100 percent rent abatement for the Housing Authority’s failure to correct violations occurring after Hurricane Sandy.

155 Mercer St.

Marketplace

By Monica Paquette |

Dolce & Gabbana has designs on 155 Mercer St. for the opening of a new store in SoHo, between West Houston and Prince streets. Also, Vodafone Group, one of the world's largest telecommunication companies, has doubled the size of its office at 560 Lexington Ave.

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 “The Board of Managers of 266 West 115th Street Condominium v. 266 West 115th Street,” where the court held that triable issues precluded dismissal of contract breach claim but that alter ego claim was maintainable, and “Merry-Go-Round v. City of Auburn,” where it was held that a theater group was entitled to tax exemption status on apartment buildings it used to house actors.

Jeffrey B. Steiner and Jason R. Goldstein

Guarantor Liability After Lender's Exercise of Remedies

By Jeffrey B. Steiner and Jason R. Goldstein |

In their Financing column, Jeffrey B. Steiner and Jason R. Goldstein discuss limiting the scope of a guarantor's liability upon a mortgage lender's exercise of remedies and offer a sample provision drafted in a manner that in many circumstances will render it acceptable to a commercial real estate mortgage lender.

Mayer Brown offices at 1221 Avenue of the Americas in Rockefeller Center

Marketplace

By Monica Paquette |

Mayer Brown has relocated its New York City offices to 1221 Avenue of the Americas in Rockefeller Center, after nearly 20 years at 1675 Broadway. Also, Media General Inc. has leased the entire 62nd floor of the landmark Empire State Building

Kenneth M. Block and Joshua M. Levy

Limiting a Contractor's Right to Delay Damages

By Kenneth M. Block and Joshua M. Levy |

In their Construction Law column, Kenneth M. Block and Joshua M. Levy write: Since the exceptions to the no-damages-for-delay clause expose the developer to liability for a broad array of contractor-incurred damages, a properly crafted exculpatory clause and attention to the project-specific factors that could lead to delay are critical parts of any construction contract.

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 “201 W. 89th Owners v. Mostel,” where the court found in favor of a cigarette-smoking tenant, holding that subjective testimony as to the odor was insufficient to demonstrate violation of the lease, and “Parkchester Preservation Co. v. Randolph,” where it was held that a premises' owner waived its right to enforce a lease provision prohibiting dogs on the property after the dog’s presence was found to be open and notorious.

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 “42nd and 10th Assoc. v. Ikezi ,” where the court held that using a residential apartment as a hotel room and profiteering off of it is ground for eviction and is incurable, as it undermines a purpose of the Rent Stabilization Code, and “Borden v. 400 East 55th Street Associates,” where the court pointed the way for classes to challenge rent overcharges.

747 Third Ave.

Marketplace

By Monica Paquette |

The law firm of Trolman, Glaser & Lichtman has found office space in a new building—but with the same landlord it has had for the past 15 years. Also, OSP Group is on course to relocate to downtown Manhattan, opening its online virtual retail venue at One New York Plaza, at South and Whitehall streets.

Warren A. Estis and Jeffrey Turkel

Four Year Rule: More Confusion

By Warren A. Estis and Jeffrey Turkel |

In their Rent Stabilization Column, Warren A. Estis and Jeffrey Turkel write: The Court of Appeals' Feb. 24, 2015 ruling in 'Conason v. Megan Holding' constitutes the high court's latest attempt to clarify the four-year rule, and features a spirited dissent by Judge Eugene F. Pigott.

Ezra Dyckman and Libin Zhang

Brokers and Lawyers as Real Estate Professionals

By Ezra Dyckman and Libin Zhang |

In their Taxation column, Ezra Dyckman and Libin Zhang discuss recent guidance from the Internal Revenue Service as to who qualifies as a real estate professional.

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 ‘Matter of Mary Veronica Santiago-Monteverde’, where the New York Court of Appeals held that a tenant's interest in her rent-stabilized lease was a ‘public assistance benefit,’ and thus exempt from her bankruptcy estate; and ‘56 7th Avenue, LLC v. Sobel,’ where it was held that a tenant's absence from his apartment for health reasons, was excusable.

1095 Avenue of the Americas

Marketplace

By Monica Paquette |

In the second most-expensive office building deal in U.S. history, a joint venture of Ivanhoe Cambridge and Callahan Capital Properties has purchased 1095 Avenue of the Americas for $2.2 billion. Also, Silverstein Properties has acquired a property at 520-530 W. 41st St. for more than $100 million.

Peter E. Fisch and Mitchell L. Berg

Sale-Leaseback Transactions

By Peter E. Fisch and Mitchell L. Berg |

In their Transactional Real Estate column, Peter E. Fisch and Mitchell L. Berg write: Over the last several years, sale-leasebacks have been implemented with increasing frequency, perhaps driven in part by a proliferation of real estate investment trusts and other institutional buyers seeking the stable returns these transactions provide.

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 “Commerce Street Professional Center, LLC v. Connolly,” where the court held that a guarantor cannot be exposed to a greater obligation than he intended or consented to, and “Board of Managers of the 125 North 10th Condominium v. 125 North 10, LLC,” where it was held that a building’s managing agent was not responsible for the building's 'defective' design and construction.

American Bible Society at 1865 Broadway

Marketplace

By Monica Paquette |

Relocating its corporate headquarters to Philadelphia, the American Bible Society, a longtime institution at 1865 Broadway, has sold its West Side property for $300 million to AvalonBay Communities Inc. Also, Extell Development Company has relinquished the reins of 212 Fifth Ave. to the joint venture of Madison Equities, Building and Land Technology, and Thor Equities for $260 million.

Fair-Market Tenants and Condominium Conversions

By Adam Leitman Bailey and Jeffrey R. Metz |

Adam Leitman Bailey and Jeffrey R. Metz write: "Between 2009 and 2012, a total of 117 rental buildings in Manhattan and Brooklyn were converted to cooperative or condominium ownership. Many of the units contained therein were deregulated." The article then explores what rights the tenants of these units have vis-à-vis rent-regulated tenants when a building is being converted, and the effect of leasing units at fair-market rents both before and after a conversion.

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 “US Bank Natl. Assoc. v. Williams,” where the Appellate Division addressed remedies for a lenders’ failure to act in good faith during foreclosure settlement conferences, and “Green Tree Servicing v. Christodoulakis,” where a borrower used proceeds from an unrecorded mortgage to satisfy a recorded mortgage, prompting a court ordered attachment and a finding that unjust enrichment does not require a finding of wrongdoing.

1675 Broadway

Marketplace

By Monica Paquette |

Paris-based Publicis Groupe, one of the world's leading media firms, is expanding its New York City operations at 1675 Broadway. Also, digital advertising and media management software developer Centro Inc. has signed a lease with The Feil Organization for 26,235 square feet at 841 Broadway.

Zuckerman Spaeder's offices at 399 Park Ave.

Marketplace

By Monica Paquette |

Washington, D.C.-based litigation firm Zuckerman Spaeder has completed the final touches to its new midtown Manhattan offices at 399 Park Ave. Also, one of the country's largest accounting firms, CohnReznick LLP, has signed a long-term lease for a new location for its national headquarters.

Warren A. Estis and Michael E. Feinstein

Court Rejects 'Colorable Claim' Standard for Attorney Fees

By Warren A. Estis and Michael E. Feinstein |

In their Landlord-Tenant column, Warren A. Estis and Michael E. Feinstein of Rosenberg & Estis, discuss the First Department Appellate Division's ruling in "251 CPW Housing v. Pastreich," where the court rejected the Appellate Term's "colorable claim" standard as a basis for denying attorney fees.

Scott E. Mollen

Realty Law Digest

By Scott E. Mollen |

Scott E. Mollen reviews "LIDC I v. Sunrise Mall," where a Yellowstone injunction was denied when mall tenants failed to show an ability to cure their default, "Newport Gardens v. McCoy," where the court found the allocution of an illiterate pro se tenant was far below the minimum level rendering her signed stipulation unjust, and more.