In New York City, many struggle with “homelessness, living in poor quality housing, or . . . keep[ing] up with housing costs.”[1] As a result, New York City released a blueprint aimed to address these issues. The five main goals the City seeks to accomplish are: Transforming NYCHA housing; Addressing homelessness and housing instability; Creating […]
In 2019, New York City passed Local Law 97, dubbing it “one of the most ambitious plans for reducing emissions in the nation.”[1] What is Local Law 97? Local Law 97’s goal is to reduce greenhouse gas emissions by requiring certain buildings to meet new energy efficiency standards.[2] However, these restrictions only apply to certain […]
Congratulations! You are almost to the finish line of your Condominium purchase. Please take a moment to review the information below so that you may better understand what to expect as we approach your closing day. Please note that some of the specifics described below may change based on the particular circumstances of your transaction. […]
Steinway Tower, a luxury apartment building on the site of the former Steinway & Sons piano company, recently finished construction. While it’s only the third tallest building in New York City, it is being touted as the skinniest skyscraper in the world, with a height-to-width ratio of 24:1, and follows the trend for similar narrow […]
The term “boilerplate” is often thrown around without knowledge of its origins. This term is deeply rooted in the legal profession, but do most lawyers know how it evolved? “Boilerplate” describes the standardized text in a contract or legal document. This expression emerged in the 19th century, when steel plates were used as templates to […]
Are you interested in purchasing a home in New York City? Something you will likely consider in your homebuying journey are the amenities in and around the home you are looking to purchase.[1] In order to help buyers narrow down what is most important, StreetEasy conducted a study on what amenities NYC homebuyers were willing […]
The board approval process is one of the key stages in the purchase/sale of a cooperative, occurring shortly after execution of the contract of sale. The sellers of a cooperative unit generally have some experience with the board approval process, having gone through the process themselves at some point. Buyers may not have a similar […]
Sellers and Buyers alike often inquire as to the meaning of the “mortgage contingency clause,” one of the more significant clauses in New York real estate contracts. Simply put, a mortgage contingency clause ensures that if a buyer promptly applies for a loan from a qualified lender, but fails to obtain a firm commitment for […]
The PKF O’Connor Davies article “Updated Fannie Mae and Freddie Mac Guidelines for Co-operative and Condominium Housing” discusses changes to lending practices in the wake of the Surfside, Florida condominium collapse. Authors Samuel E. Botta and Paul B. Kruger mention that in response to the collapse, lenders are reconsidering their emphasis on structural integrity requirements […]
Freddy Mac has reported that, as of the week ending November 17th, the interest rate for a 30-year fixed-rate mortgage has dropped from 7.08 percent to 6.61 percent, the largest decrease to occur within a week since 1981. This announcement comes amid predictions that the rate of inflation is beginning to slow, and offers some […]