On June 20, 2023, The New York legislature passed a bill called the LLC Transparency Act which would require the beneficial owners of limited liability companies (“LLC”) to disclose their identities. This disclosure of information could then be found in a newly created, public searchable database maintained by New York’s secretary of state. Governor Hochul Full Article…
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New York Landlord Obligations in Notifying Residential Tenants of Flood Risk, History, and Insurance
Effective June 21, 2023, New York State Real Property Law (Section 231-B) has been amended to require landlords to disclose specific information regarding flood risk and history directly through their residential lease agreements. The statute covers residential leases, encompassing cooperative apartments, condominiums, and rental buildings. Additionally, landlords must include a notice in the lease about Full Article…
Local Law 107: Landlords On The Hook For Unlicensed Smoke Shops
Local Law 107 was recently enacted to prohibit owners of commercial spaces from knowingly leasing to unlicensed sellers of marijuana or tobacco products, and imposing fines of up to $10,000 on landlords for violations. This new legislation is in response to the explosion of unlicensed smoke shops in NYC – currently there are an estimated Full Article…
Purchasing a Cooperative Unit in a Trust
Purchasing a cooperative (“Co-op”) unit in the name of a Trust has become more and more frequent in recent years. For a long time, many co-ops would not approve trust ownership. However, several co-ops have come to an understanding that if the proper protections are put in place, a trust does not have to pose Full Article…
Awarding Attorney Fees in Access to Property Proceedings
The right to access another’s property codified in RPAPL §881, once described, as recently as 2002, as a “little-used law” (as quoted in Rosma Development, LLC v. South, 5 Misc.3d 1014(A), 798 NYS2d 713 (Sup. Ct., King. Co., 2004) (Schmidt, J.), is now used for lawsuits that arise on a frequent basis, amidst the constantly evolving Full Article…
Changes to the Peconic Bay Tax
The five East End towns of the Peconic Bay Region in Suffolk County, New York are East Hampton, Shelter Island, Southampton, Riverhead, and Southold. When purchasing a home in this region, a purchaser will pay a one-time transfer tax called the Peconic Bay Region Community Preservation Fund (or CPF), (“Peconic Bay Tax”). Up until recently, the Full Article…
A Lender’s Guide To Hiking Through the Retroactive Trails of the Foreclosure Abuse Prevention Act
Lenders in New York are battling backwards to foreclose on loans that are indisputably due and owing. On Dec. 30, 2022, Governor Kathy Hochul signed into law the controversial Foreclosure Abuse Prevention Act (FAPA) in direct response to the New York State Court of Appeals’ decision in Freedom Mtge. Corp. v. Engel, 37 N.Y.3d 1 (2021), Full Article…
Buildings for Landlords: Want to End Short Term Rentals in Your Building? Get on the “Prohibited Buildings List”
On January 9, 2023, a new law known as Local Law 18, also known as the Short-Term Rental Registration law, became effective. This new law requires short-term rental hosts (rentals fewer than 30 consecutive days) to register their apartment with the Mayor’s Office of Special Enforcement (OSE) and receive a registration number. Booking services such Full Article…
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