CRE Insider Blog
Welcome to the Commercial Real Estate Insider, insights from First American's real estate experts.

Nyc Local Laws For Pandemic Upheld

By Mike Berey on February 23, 2021

In a decision dated November 25, 2020, the United States District Court for the Southern District of New York upheld the validity of three local laws enacted in response to the COVID-19 pandemic. The Local Laws are the “Residential harassment law” (Local Law 56-2020, amending Admin. Code Section 27-2004(a)(48)); the “Commercial harassment law”...

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Topics: New York laws for pandemic

New York Adopts Disclosure Requirements For Limited Liability Companies

By Mike Berey on October 16, 2019

 

Chapter 297 of the Laws of 2019, enacted September 13, 2019 to “take effect immediately”, amends Tax Law Section 1409(a) and adds a new subdivision (h) to Section 11-205 of New York City’s Administrative Code, requiring that transfer tax returns for the sale of residential real property sold or purchased by a limited liability company...

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Topics: New York limited liability

Application Of Step-transaction Doctrine To New York City Transfer Tax Upheld

By Mike Berey on January 18, 2018

 

 

GKK2 Herald LLC (“GKK2”) and SLG LLC (“SLG”), the owners, respectively, of 45% and 55% tenant-in-common interests in real property located at 2 Herald Square in Manhattan, transferred their interests to 2 Herald Owner LLC (“Herald LLC”). GKK2 received a 45% member interest in Herald LLC and SLG received a 55% interest in Herald LLC.

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Topics: New York Taxes

Rules Impact Mortgagees Foreclosing In The Town Of Hempstead, Long Island, New York

By Mike Berey on December 15, 2016

 

Local Law 46-2016 was enacted by the Town Board of the Town of Hempstead to add Section 128-61.1 (“Foreclosures; Undertaking”) to the Town’s Code which requires a lender foreclosing a mortgage on vacant property improved by a single-family, a two-family or a multiple-family residence to provide the Town, within  forty-five calendar days from...

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Topics: New York Morgagees Foreclosing

Why Using 2001 Ucc Forms In New York Is Not So Bad

By David L. Wanetik on August 4, 2016

New York State remains the only state still using UCC forms dated 2001. While it may appear to be embarrassing as the “financial center of the world”, there are actually some benefits of these old forms over the new forms being used by every other state.

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Topics: New York UCC

Nyc And Nys Transfer Taxes Distinguished

By Mike Berey on July 21, 2016

The New York City Real Property Transfer is as much as 2.625% on the transfer of commercial real property and on the transfer of a controlling interest in a real property owning entity. New York State’s Real Estate Transfer Tax on such transfers is $4.00 for each $1,000 of consideration. With some material exceptions, these taxes are generally...

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Topics: New York