Home » Archive

Articles in the Legal Category

Featured, Legal »

[10 Oct 2014 | No Comment | ]
Woolworth lawyer Jeff Schwartz  always has his eye on the goal

For someone who orchestrated arguably the most talked-about condo offering of 2014, Jeff Schwartz has gotten remarkably little attention. Then again, lawyers rarely do.

Schwartz, an attorney in Wolf Haldenstein Adler Freeman and Herz’s real estate practice, has just finalized the offering plan for Alchemy Properties’ 34 Woolworth Building condos, including the much publicized $110 million penthouse.

Dubbed the “castle in the sky”, the seven-story penthouse could well become Manhattan’s most expensive condo if it meets its asking price of $11,700 per s/f.

Construction & Design, Legal »

[9 Oct 2014 | No Comment | ]

By Henry L. Goldberg,
managing partner,
Goldberg & Connolly
We continue to sound the alarm about the increasingly wide-spread use by public agencies of C.O.F.E.D.s (Contractor Forfeiture Enhancement Devices”).
The drumbeat of this campaign will warn of the land mines to which we have seen contractors and subcontractors repeatedly, and often tragically, fall victim.
In this article, we alert you to New York City’s efforts to have contractors waive valuable claim rights through the use of “partial” or interim extension of time (EOT) requests that City agencies routinely require contractors to execute in order …

Finance & Accounting, Legal »

[9 Oct 2014 | No Comment | ]

By Kurt Koegl,
senior manager
Marcum LLP
2013 saw 19 REIT IPOs raising $5.7 billion in capital, including the high-publicity Empire State Building IPO, which raised $930 million.
How did the Empire State Building REIT (Empire State Realty Trust; NYSE Ticker: ESRT) get to market?
It did so through the use of a “roll-up” including the landmark namesake building and a portfolio of New York properties owned by the Malkin family.
A REIT rollup gives real estate owners liquidity, preserves the tax basis of existing investors that do not want to cash out of their …

Finance & Accounting, Legal »

[9 Oct 2014 | No Comment | ]

By James M. Sausmer, CPA, partner,
WeiserMazars LLP
Lease incentives are negotiated into many commercial property leases as an incentive for the tenant to sign a long-term lease.
Free rent, cash for moving expenses, renovations, video conferencing equipment, and elaborate conference rooms help close deals.
Such incentives require specific accounting treatment under Accounting Principles Generally Accepted in the United States (U.S.GAAP).
They generally include a rent-free period, a reduced rent period, or cash payments from the landlord to cover specific costs.
Lease agreements with a rent-free period or a reduced rent period are required to …

Finance & Accounting, Legal »

[9 Oct 2014 | No Comment | ]

Last year, businesses lost over $3 billion to check fraud, according to the Association of Certified Fraud Examiners.
It’s a crime that can be especially devastating to practices in certain areas of law, such as personal injury and real estate settlements, according to the creators of a cloud-based software protection program.
Even a solo firm could have over $1 million in a trust account, so a potential loss could be enormous, and the large number of checks issued every month means that multiple parties are involved, further increasing fraud potential.
“Unfortunately, many law …

Deals & Dealmakers, Legal »

[9 Oct 2014 | No Comment | ]

KPMG LLP, the U.S. audit, tax and advisory firm, and CBRE Group Inc. today announced a 10-year lease extension in RXR Realty’s property at 1305 Walt Whitman Road in Melville, NY.
The move into the newly renovated space will take place this month.
Established in 1966, KPMG’s Long Island office is home base for more than 150 professionals who serve a wide range of clients, from FORTUNE 1000 to middle-market companies.
The new office space features enhanced technology capabilities and collaborative workspaces designed to support the way the firm’s professionals work and serve …

Legal, Property Managers »

[9 Oct 2014 | No Comment | ]

By Adam Leitman Bailey and Dov Treiman, Adam Leitman Bailey, PC
A new sprinkler system law coming into effect December 3 could leave landlords guessing about their obligations.
Effective December 3, 2014, all residential leases in New York State require a notice to the tenant about the presence or absence of sprinkler systems in the “leased premises.”
The new law, while defining a sprinkler system, does not define a “lease” or “premises”.
The law is effective throughout New York and makes no exceptions for premises that are governmentally regulated or run.
However, while stating what …

Legal, Property Managers »

[9 Oct 2014 | No Comment | ]
No sex please; Racy case highlights owner rights

In the age of smartphones and social media, there are already enough distractions for office workers to avoid. Add the sounds emitted from a boisterous swingers club to the mix and productivity is as good as dead.

At 27 Cliff Street in the Financial District, the Amsterdam Society is “shaking things up,” by hosting loud sex parties while neighboring commercial tenants attempt to conduct business.

“If you’re the landlord, you have to go back to what your lease says,ˮ according to Adam Bailey, of Adam Leitman Bailey, P.C.

Headline, Legal »

[10 Sep 2014 | No Comment | ]
Brokers struggle to pick sides

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.

Featured, Legal »

[20 Aug 2014 | No Comment | ]
Lawsuits on rise as establishment takes  issue with upstart firms’ aggressive growth

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 …

Related Posts Plugin for WordPress, Blogger...