Section 231-b of the New York State Real Property Law was recently amended to require that every residential lease for a property in the State of New York – which includes proprietary leases, cooperative subleases and condominium unit leases and subleases – must provide notice to the prospective tenant/subtenant of the current flood risk and …
A recent amendment to the New York State Real Property Law (“RPL”) means that starting March 20, 2024, Sellers of residential real property in the state of New York will no longer be able to give their Buyer a $500 credit at closing in lieu of a completed Property Condition Disclosure Statement (“PCDS”). Before the …
Are you selling a co-op that you own as an investment property? Hopefully you are selling it for much more than you paid – but if that is the case you may be facing a sizable capital gains tax liability. One way to defer payment of that capital gains tax is to do a 1031 …
Images of long lines of pot buyers snaking outside recreational marijuana shops in Colorado have dominated the news since January 2nd. The sale and consumption of marijuana will be next be legalized in the state of Washington, and there is activism and discussion in several states – Alaska, Arizona, California, Nevada, Oregon, Maine, Massachusetts, Montana, Rhode Island, Vermont …
How Will Marijuana Legalization Affect Landlords? Read More »
My record for accurately predicting the future remains abysmal, as I was confident that Congress would not work out the “fiscal cliff” and the accompanying “Taxmageddon” by year’s end (for the record I thought a deal was forthcoming, but expected our lawmakers to play “chicken” a little while longer). How does the “fiscal cliff” deal …
There was in interesting piece in the New York Times Real Estate section on December 23, 2012, that describes the board application process in connection with buying a co-op apartment in New York City. The article is titled \”The Formidable Co-op Approval Process\” and it is highly recommended reading for the first-time co-op buyer. You …
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