February 3, 2016 Single-room occupancy housing, or more commonly called SROs, exist throughout New York City. When purchasing such a dwelling without the proper paperwork, you will not be able to obtain a permit to do renovations, a buyer cannot evict the residents who are rent-regulated tenants, and the owner may be required to maintain Full Article…
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Q&A: Navigating the City’s Complex Housing Market
New York Times March 14th, 2015 Death and House Cleaning Q. My mother has lived in a rent-stabilized apartment in a co-op building for 40 years. When she passes away, how many months do her children have to clear out her belongings before the unit must be vacated? Forest Hills, Queens A. You will probably Full Article…
Q&A: On The Loft Law
By: Dov Treiman April 7th, 2015 The Loft Law and several related laws set procedures to protect and preserve residential occupancies in buildings that were originally built for commercial use by ensuring renovations to these buildings to bring them up to the safety standards that are normal in apartment buildings. Not all commercial buildings qualify Full Article…
Important Questions and Answers on the New and Old Rules of the Loft Law
Fall 2015 By Adam Leitman Bailey and Dov Treiman Q1. What is a loft? A1. The word “loft” has no legal meaning. The word “loft” is used in several laws and in the naming of The New York City Loft Board which was set up for the purpose of taking illegal residential tenancies in buildings Full Article…
Preferential Rents Now Decrease Vacancy Increases
Under the Rent Law of 2015, the law irrefutably assumes that a preferential rent is not based on some special relationship with the tenant but is a genuine statement of what the market will bear. Since rent stabilization is supposed to prevent tenants from paying above-market rents, the logic of the situation that the Legislature Full Article…
Fair-Market Tenants and Condominium Conversions
A recent newspaper article reports that between 2009 and 2012, a total of 117 rental buildings in Manhattan and Brooklyn were converted to cooperative or condominium ownership.1 Many of the units contained therein were deregulated. This article explores what rights tenants of these units have vis-à-vis rent-regulated tenants when a building is being converted, if and Full Article…
Owners Should Never Gamble With Liquidated Damage Clauses
By: Adam Bailey and Dov Treiman January 14, 2015 Real estate leases are, by their nature, bets the parties are placing on what the future may hold. Both landlord interests and tenant interests try to hedge their bets by inserting clauses to produce certain results in the event of an uncertain future. Chief amongst these Full Article…
High Rent Vacancy Not a ‘Get Out of Jail Free’ Card
By: Adam Leitman Bailey & Dov Treiman August 22nd, 2014 Throughout the residential housing industry, there is dangerous ignorance of the amendments promulgated this year, amending the Rent Stabilization Code. All owners should be reading as much as possible about these amendments. Business is simply not the same as it was. One of the massive Full Article…
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