Barry Weidenbaum Quoted in NYTimes Real Estate Section
We were overjoyed to see our own Barry Weidenbaum quoted in the New York Times this last week. The article, titled “Coop Wars: Do You Dare Walk on the Grass,” explores one of the most (surprisingly) contentious topics facing coop boards across the city: are communal grassy areas made to be walked on, or just admired? At its heart the dispute is part of a generational shift, as younger families bring their own ideas into the coop setting. It also shows how important it can be for purchasers to have a clear understanding of a coop’s house rules–and whether they are subject to change.
Transfer Taxes: A Guide for the Perplexed
Real Estate Taxes in New York State are complex, and it can be difficult for a first-time buyer to know what they will owe. The chart attached here should clear up some of the confusion. It contains the tax amounts–residential and commercial–for Transfer Taxes and the Mortgage recording tax, including any local differences by county. Keeping abreast of Real Estate taxes is an important part of any transaction, and can prevent any unwelcome surprises at the closing table. This chart is current as of the date of the blog posting – figures and rates are subject to change.
NYC Real Estate Attorney’s Closing Report: March 2016
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 309 West 20th Street, NY, NY | $417,000 | Coop Refinance/Purchase |
| 136 Westminster Road, BK, NY | $850,000 | House CEMA |
| 351 State Street, BK, NY | $3,950,000 | Condo Purchase |
| 1150 Fifth Avenue, NY, NY | $2,885,000 | Coop Purchase |
| 60 Broadway, BK, NY | $915,000 | Condo Sale |
| 228 East 13th Street, NY, NY | $531,000 | Coop Purchase |
| 42-22 Ketcham Street, QN, NY | $720,000 | Coop Purchase |
| 173 Hicks Street, BK, NY | $1,520,000 | Coop Purchase |
| 325 Fifth Avenue, NY, NY | $2,950,000 | Condo Purchase |
| 307 72nd Street, BK, NY | $447,000 | Coop Purchase |
New FinCEN Targeting Orders in Effect
New targeting orders from the Financial Crimes Enforcement Network (FinCEN) took effect beginning March 1st. These measures, aimed at fighting money laundering schemes by identifying individuals behind purchasing entities such as corporations, will affect which data certain Title Insurance companies must report to the government. The changes will be required for most purchases of Manhattan Real Estate by certain types of legal entities, such as corporations and LLCs, when the purchase price exceeds $3 million.
For more detailed info, please visit the FinCEN website.
NYC Real Estate Attorney’s Closing Report: February 2016
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 66 Leonard Street, NY, NY | $1,920,000 | CEMA Condo Refinance |
| 435 East 77th Street, NY, NY | $575,000 | Coop Sale |
| 3850 Sedgwick Avenue, BX, NY | $186,000 | Coop Purchase |
| 252 7th Avenue, NY, NY | $1,850,000 | CEMA Condo Refinance |
| 77 Bleecker Street, NY, NY | $510,000 | Coop Sale |
| 49 West 96th Street, NY, NY | $679,000 | Coop Purchase |
| 290 West Street, NY, NY | $5,625,000 | Condo Purchase |
| 156 Sackett Street, BK, NY | $780,000 | Condo Purchase |
| 49 West 12th Street, NY, NY | $1,200,000 | Coop Purchase |
| 24 Fifth Avenue, NY, NY | $365,000 | Coop Purchase |
Upcoming Changes for Land Use Surveys
Beginning February 23, certain changes went into effect concerning the ALTA/ASCM survey, which lenders may require in some circumstances from borrowers pursuing a mortgage. The biggest change is that the name of the survey itself will be different: since the ACSM (American Congress of Surveying and Mapping) is now the National Society of Professional Surveyors, it will now be known as the ALTA/NSPS survey.
Please see the websites for ALTA and NSPS for further information.
Welcome to Our New Interns!
Weidenbaum & Harari would like to recognize our new extern and interns for this term. Melanie DeFiore and Simon Hannanian are both joining us from the Benjamin N. Cardozo School of Law, while Shelbey Tamayo will be joining us for a second term from Brooklyn Law School. We are excited to work with them this term, and look forward to helping them advance their knowledge of Real Estate Legal Practice!
New Streetcar May Link Brooklyn and Queens
According to this article from the New York Times, NYC Mayor Bill de Blasio may unveil plans for a new streetcar system linking Brooklyn to Queens. Though any such project would be unlikely to begin construction until 2019, its impact on the two growing boroughs—and the future of New York Real Estate—could be immense!
NYC Real Estate Attorney’s Closing Report: January 2016
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 450 West 17th Street, NY, NY | $2,265,000 | Condo Purchase |
| 140 East 83rd Street, NY, NY | $475,000 | Coop Purchase |
| 121 East 88th Street, NY, NY | $389,000 | Coop Purchase |
| 208 Java Street, BK, NY | $839,000 | Condo Purchase |
| 89-24 118 Street, Richmond Hill, NY | $475,000 | Home Purchase |
| 155 West 68th Street, NY, NY | $1,370,000 | Condo Sale |
| 200 East 94th Street, NY, NY | $1,520,000 | Condo Purchase |
| 42-22 Ketcham Street, QN, NY | $396,000 | Coop Purchase |
| 175 East 62nd Street, NY, NY | $1,653, 236 | Coop Purchase |
| 212 Warren Street | $2,925,000 | Condo Purchase |
One Expensive Island! NYC Total Property Value Tops $1 Trillion
According to a recent report from the New York City Department of Finance, the total property value for New York City in the 2017 fiscal year has risen above a trillion dollars for the first time, to a massive final figure of 1.072 trillion. The growth, fueled by a surging Manhattan market and increased construction in Brooklyn and Queens, means more opportunities for buyers and sellers to jump into the real estate market.
For more information, please see news coverage from both Politico New York and CNBC.