Articles in the Opinion Category
Editorial Supplements, Opinion »
chashama, a group founded by Anita Durst to support artists through creative space redistribution, will launch two new programs during a celebration gala next week.
New York City’s artistic avant-garde will meet and mingle with real estate and corporate executives, and philanthropic leaders during the gala at Anita’s Way to celebrate chashama’s success in providing performance, exhibit, and work space to thousands of performing and visual artists.
chashama’s new program, Accessing Real Estate for the Arts (AREA), will also be launched. The program will transform underutilized properties in all five boroughs into …
By Jordi Fernandez, Belkin, Burden, Wenig & Goldman LLP
On occasion, a tenant or shareholder dies owing arrears to the landlord. When this occurs, a landlord can preserve its rights to be paid from the assets of the deceased tenant’s Estate. Preserving this claim is commonly referred to as filing a Claim Against the Estate.
There are three important conditions which must exist for the landlord to preserve its claim. First, an estate must exist and either an administrator or executor must be appointed for that estate. If the estate has not been …
By Scott Lippert, partner, Pashman Stein
In the commercial lease context, it can be difficult to reach an agreement concerning the methodology for arriving at the amount of base rent for any extensions of the term.
There are several different approaches: there can be a stated, fixed amount; an amount derived by formula (e.g. CPI increases); or an amount derived by an appraisal process, frequently referred to as “fair rental value”. Each method has its own virtues and vices.
Fixed, stated amounts provide certainty but are merely an educated guess and grow less …
By Marion Jones
Something curious is happening in the marketplace. While expensive deal pricing is nothing new, brokers are witnessing a different urgency in most transactions.
Bidding wars are back, and they are back in a big way.
Low cap rates have allowed discretionary sellers to place the onus of competition on buyers, but potential sellers should take further notice of a recent shift in the pace of deal making in New York. Today deals are being struck faster, and the seller can achieve stronger results by defining a timeframe. Increasingly the marketplace …
By Jeffrey T. Yick, Esq. Zetlin & DeChiara
The Massachusetts Appeals Court recently issued a decision essentially nullifying the economic loss rule in claims by condominium associations against condominium developers, despite well-settled precedent that the economic loss rule applies to such claims.
(See Wyman v. Ayer Properties, LLC, 83 Mass. App. Ct. 21 (Dec. 12, 2012).
The economic loss rule bars tort claims, such as negligence claims, for purely economic losses, such as the cost to repair a defective product when the defective product does not cause any damage to property other than …
By Michael Polimeni, COO, Polimeni International
Association for a Better Long Island executive board member
Florida and other low-cost states are capable of picking off companies and picking up jobs from states like New York. We have failed to appreciate just how competitive those other states have become, and how our own insular self-interests have blunted New York’s ability to be agile or leverage our resources.
Finance & Accounting, Opinion »
By Stuart Saft, partner, Holland & Knight
As a result of a change in the federal securities laws contained in the federal Jumpstart Our Business Startups Act (the “JOBS Act”), the nationwide sale of Condo Hotel Units with (or without) rental pools as well as other real estate securities including syndications is imminent.
No longer will sponsors be required to register the offerings with the Securities and Exchange Commission and avoid advertising. This change will also promote the sale of unsold condo units as investments.
Until the enactment of the JOBS Act, sales …
By Joseph T. Yacovone, LEED, AP
Senior Managing Director, Cassidy Turley
As companies embrace creating open workspaces to enable greater efficiency and foster communication, the most popular term floating around is workplace strategies.
Everyone – from architects, to developers and owners, to tenants, have their own interpretation – yet what does it truly mean? The simplest answer is the ability to realign a space according to how a company wants to work to maximize efficiency.
Offices have four major space functions for collaboration (conference room), socializing (cafeteria or lunch room), individual focusing …
By Highlyann Krasnow,
Take a look at what New York City new developments have sold well recently and what rental buildings have low vacancies.
Compare these buildings to developments that are struggling to find buyers or rentals with slow leasing momentum. What are the differences between them?
The best-performing buildings have well-thought layouts, sustainable finishes and amenities that help sell or rent the residence.
Truthfully, the success of a new development is pre-determined during the initial planning and designing stages.
By Dottie Herman, president & CEO,
Douglas Elliman Real Estate
Real estate professionals are no longer chained to their desks and computers. Listing inventory is no longer kept in file cabinets, but can be accessible from anywhere through smart phones and iPads. Social media has created an entirely new medium to communicate with clients and prospects, replacing cold calls and letter campaigns. Moreover, our industry has become increasingly more visual with shelter magazine quality images that are shared through sites like Pinterest and Instagram. Luxury real estate has become a global phenomenon with clients accessing information 24/7 through a wide variety of platforms.