The NYS Attorney General's New Program Allowing for Partial Conversion of 80/20 HousingPresents Questions on Implementation
Douglas P. Heller
On October 10th, the New York State Attorney General's Office issued a memorandum which allows the partial condominium conversion of those New York City residential apartment buildings which have some apartments rented at market rents and others reserved for income-restricted tenants. Typically, if certain tax or financing benefits have been provided for a building, 80% of the apartments are market rate and 20% are considered affordable. The Attorney General will now allow the sale of the market rate apartments as condominium units under a non-eviction offering plan while preserving the income restricted apartments as rentals.
New York Law Journal: Realty Law Digest
October 8, 2014
Scott E. Mollen
In his weekly Realty Law Digest
column (subscription required), Scott Mollen analyzes two notable cases. In Rural Community Coalition v. Village of Bloomingburg, the court denied an injunction to stop the development of a 396-unit townhouse project because the plaintiffs waited more than seven years to commence the action. In Zalewski v. Cicero Builder Dev., the court ruled that defendants did not wrongfully copy architectural plans for homes rather that the defendants shared a general style which did not copy the plaintiff’s original expression.
City Program Could Streamline Brownfield Process
September 2, 2010
A new program that allows the NYC Office of Environmental Remediation to investigate some brownfields sites, oversee remediation and -- applying state DEC criteria -- advise that cleanup has been completed properly, gives developers a potentially viable option to redevelop tainted property, Louis Evans writes. He notes that the state's program -- heretofore the only game in town -- offered a relatively protracted and sluggish process and says developers would be wise at least to consider the city program.
Co-ops Can Ease the Condo Crisis
October 5, 2009
Douglas P. Heller, Erica Buckley
Globestreet.com & Real Estate New York
Erica Buckley, an assistant attorney general in the Real Estate Finance Bureau, and Douglas P. Heller, a Herrick partner specializing in all aspects of condo and co-op law with an emphasis on financing, encourage developers, sponsors and lenders on troubled condominium projects to consider converting to a co-operative ownership structure.
Cash Is King, Unless a Tenant Goes Bankrupt
Real Estate New York's Property & the Law column
Commercial property owners should consider requiring guarantor collateral -- rather than cash -- to secure a lease, because if tenant files for bankruptcy protection, the cash is subject to orders of the bankruptcy court and may not be available to the landlord, Ben Kursman writes here.
Realty Law Digest
Ongoing (since 1987)
Scott E. Mollen
New York Law Journal
Scott Mollen authors "Realty Law Digest," a weekly column appearing in the New York Law Journal
Don't play fast and loose with real estate contracts
August 13, 2008
Real Estate Weekly
Scott Mollen notes that some sellers of commercial real estate try to use dubious reasons to default buyers in rising markets -- hoping to re-trade the deal at a more robust price -- and issues cautions about that practice.
Developers Take Note!
April 24-30, 2007
Lori G. Singer
New York Real Estate Journal
Lori Singer co-authors this article on The New York Brownfield Cleanup Program's potentially lucrative tax credit programs.