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Features
What Tenants and Landlords Should Know There are differences between assignments of leases and collateral assignments of leases, and each has aspects that parties to these agreements should expect and look out for. Let's discuss some of these issues.
Features
The 'Dreikausesn' Paradox, Other Hurdles, and Suggestions for Change Under current New York law, even the most meritorious legal challenge to property development faces insurmountable barriers once construction starts, because absent the most egregious wrongdoing, the courts will not order demolition of completed buildings, and current law makes it virtually impossible to obtain a preliminary injunction to halt construction.
Columns & Departments
It's Not the Money Spent, It's the Level of Conformance
Features
New York City, particularly gentrifying areas of Brooklyn, Harlem, and Washington Heights, are seeing an upsurge of deed theft. Attorneys, architects, title companies, real estate brokers, agents, contractors, developers and construction managers need to be alert to this potential issue when blocks of properties are assembled for development in these neighborhoods.
Columns & Departments
Landlord's Relet Does Not Relieve Breaching Tenant from Liability for Rent Breaching Landlord Liable for Tenant's Expenses In Preparing Leased Space Apartments Withdrawn from Mitchell-Lama Not Rent-Stabilized Default Formula Does Not Constitute Penalty, and Does Not Preclude Class Certification
Columns & Departments
Ambiguous Time of the Essence Notice Held Ineffective Attorney Review Provision Permitted Cancellation of Contract Mortgagee Entitled to Cancellatino of Erroneously Recorded Satisfaction Co-Tenant Not Entitled to Appointment of Receiver
Columns & Departments
Fair Housing Act Claim Against Condominium Board Dismissed Co-Op Unit Owner Entitled to Emotional Support Dog
Features
In Kuzmich et al. v 50 Murray Street Acquisition LLC, the Court of Appeals held that apartments in buildings receiving tax benefits under Real Property Tax Law (RPTL §421-g) are not eligible for luxury deregulation under the Rent Stabilization Law (RSL), unlike most other rent-stabilized apartments.
Features
The Financial Accounting Standards Board released a new set of lease accounting standards, ASC 842, which went into effect earlier this year. Most significantly, publicly traded companies are now obligated to list all leases of 12 months or longer on their balance sheets as both assets and liabilities. Large private companies will follow suit in 2020.
Columns & Departments
Former Owners Not Entitled to Surplus from Tax Foreclosure Sale Joint Tenants Need Not Own Equal Interests Fraud Action Not Premature Merely Because Truth of Representations Are the Subject of Pending Proceedings Transferee from Incapacitated Person's Attorney-In-Fact Not A Bona Fide Purchaser
