Articles in the Legal Category
Can appraisers objectively value a building if they know their job depends on a high price tag?
Once upon a time, such potential conflicts of interest were widely considered a main culprit of the 2008 financial meltdown and a systemic flaw in need of fixing. But as the crash fades in memory, so do hopes of reform.
While banks have been forced to separate some of their business lines in the past years and private equity may be next, real estate firms are still left largely unchecked.
Lawyers reckon this is unlikely to change.
By Konrad Putzier
Real estate tech startups are increasingly facing a new obstacle in their quest to shake up the industry: lawsuits.
Last week, the established residential brokerage, Citi Habitats, sued Urban Compass, claiming the startup rival hacked into its listings database.
The company won a restraining order to prevent Urban Compass from accessing its database, but failed to win a court order halting the rival’s software development.
It was the second lawsuit against Urban Compass in as many months, after entrepreneur Avi Dorfman sued the company for allegedly stealing his software.
The case also …
REBNY President Steve Spinola welcomed the U.S. Senate’s decision to extend the Terrorism Risk Insurance Act.
“Today’s overwhelming 93-4 vote in the United States Senate to extend the Terrorism Risk Insurance Act is a testament to the stellar leadership of New York’s Senior Senator Charles Schumer,” he said in a press statement. “This action sends a clear message that protecting our nation and providing our industry with stability is of paramount importance.”
The law, first implemented in the wake of 9/11, is designed to keep a lid on commercial building owners’ insurance …
Green Building, Legal, Photo Gallery, Property Managers »
As part of New York Energy Week, The Steven L. Newman Real Estate Institute at the Zicklin School of Business, Baruch College presented a conference,“ Energy, Money & Law: Investment and Legal Strategies for Advanced Energy Performance in Real Estate” on June 19. The event was presented in partnership with Associated Renewable, the energy consulting and carbon management company, and held at the law offices of Hodgson Russ LLP, 1540 Broadway, New York City.
A Supreme Court judge dealt a blow last week to an attempt to bring a class-action lawsuit against New York City landlords on behalf of tenants displaced by Hurricane Sandy.
In her decision, the judge expressed reservations about treating tenants in storm-affected buildings as a single group in court because every apartment is different.
“Computing damages in any way other than tenant-by-tenant runs the risk of glossing over the needs of each tenant and the individual efforts of each landlord,” the judge wrote.
Global law firm Proskauer announced that New York City Corporation Counsel Michael A. Cardozo will rejoin the firm as a partner in its New York office effective January 1, 2014.
As the longest serving Corporation Counsel in New York City history, Cardozo has been a top advisor in the Bloomberg Administration since 2002 overseeing 700 lawyers.
An attorney for a group of LLC operating city gas stations has been ordered to jail for wasting a court’s time.
Unless Robert Del Gadio provides “a sincere apologyˮ to the court and the landlord, and pays $12,000 in fines and legal fees, he is facing three days behind bars.
Del Gadio was found in criminal and civil contempt after New York State Supreme Court Justice Melvin L. Schweitzer has issued two rulings in favor of landlord Getty Properties Corp. in a gas station holdover dispute.
Defendants in the case consist of 19 …
By Corina Streekmann
Belkin Burden Wenig & Goldman LLP
The Rent Regulation Reform Act of 1997 (RRRA) modified the class of individuals eligible for succession and eliminated nieces, nephews, aunts and uncles from among those relatives which qualify as “family members” for succession claims to rent regulated tenancies.
In a recent case, the owner brought a holdover proceeding against the niece of the tenant of record who died in 2010. The niece’s main defense was that because she notified the owner in 1992 that her uncle was moving, she was entitled to succession …
Construction & Design, Featured, Legal »
Nearly nine months later, Hurricane Sandy continues to wash away the luster of Lower Manhattan commercial real estate, according to the results of a new survey of over 100 New York commercial property executives conducted this summer by accounting firm Marks Paneth & Shron (MP&S).
“The insurance companies are the wild card here. The concern seems to stem less from the damage already done and more from the idea that it can happen again and that not enough will be done to prevent it,” saidWilliam H. Jennings, Partner-in-Charge of the Real Estate Practice at MP&S.
Editorial Supplements, Legal »
A recent decision by the Appellate Terms, First Department has given owners a second chance where a renewal lease offer is inadvertently made. The Rent Stabilization Code requires
owners to offer rent stabilized tenants a renewal lease between 90 and 150 days prior to the expiration of the lease. Unlike the law governing contracts in which an offer can be revoked
prior to acceptance, the courts have held that a renewal lease offer is binding once offered and cannot be revoked during the 60 day window period even if an owner comes to learn that the
tenant is not occupying the apartment as his or her primary residence.