“This is a great benefit for co-ops and condos,” Mike Reilly said. “It’s the first direct legislation designed to help homeowners stay in their homes. It’s free money — that’s the joy of this.”
About Habitat Magazine
Founded May 1982 by Carol J. Ott, Publisher and Editor-in-Chief, HABITAT magazine is an independent publication with paid circulation targeting decision-makers at the 8000+ residential co-ops, condos, and homeowner associations in the New York City greater metropolitan area.
About Michael T. Reilly
Michael T. Reilly devotes his practice to real estate, construction, finance, landlord tenant litigation, and probate matters.
Michael advises cooperative and condominium boards and homeowner associations on corporate governance, financing, construction contracts, commercial leases, regulatory compliance, utility procurement, and insurance recovery matters. He also provides general counsel advice to not-for-profit corporations that provide supportive housing and social services to elderly, economically disadvantaged, and developmentally disabled residents.
Michael represents corporate entities, individuals, and trusts in the purchase, sale, and lease of commercial properties, condominium units, cooperative apartments, loft spaces, time-share properties, single and multi-family homes, and undeveloped land. He helps owners obtain acquisition financing and negotiate the refinancing and restructuring of underlying mortgages and lines of credit. He advises real estate investors in Internal Revenue Code Section 1031 like-kind exchanges.
Michael represents “Mitchell-Lama” cooperative corporations regulated by the New York City Department of Housing Preservation and Development and the New York State Division of Housing and Community Renewal. He negotiates regulatory agreements extending affordability requirements and tax benefits in exchange for subsidized financing and grant funding. He counsels Mitchell-Lama cooperative corporations on conversions under Article XI of the New York Private Finance Housing Law and the New York Business Corporation Law. Additionally, He counsels Housing Development Fund Companies and entities supervised by the United States Department of Housing and Urban Development. He secures grant funding for affordable housing clients through the New York City Council Discretionary Funding Program and the New York State Dormitory Authority.
Michael drafts construction contracts for projects involving façades, balconies, roof replacements, mechanical system upgrades, cogeneration, boiler replacements, gas conversions, solar panel installations, window replacements, lobby and hallway upgrades, hazardous material abatement and removal. He negotiates professional services contracts for architects, engineers, owner’s representatives, construction managers, site safety managers, and environmental consultants; represents buildings during the transition of managing agents, security guard companies, laundry providers and building maintenance providers; and advises owners in the installation and upgrade of building technology systems.
In addition, Michael litigates commercial and residential landlord tenant cases in New York Civil and Supreme Courts. He has represented condominium boards in common charge collection and unit owner default cases, and successfully negotiated with commercial developers and neighboring buildings to secure license, access, and indemnity agreements on behalf of landlords during construction. Michael appears before New York City and State regulatory agencies, including the New York City Environmental Control Board, the New York City Department of Buildings and the New York City Department of Housing Preservation and Development, defending landlords and tenants in municipal, construction, environmental, criminal, fire, and building code violations. He has successfully prosecuted non-primary residence proceedings on behalf of regulated housing landlords.
Michael probates wills, administers estates, and represents fiduciaries in litigation before the New York State Surrogate’s Courts. He has represented fiduciaries in audits before the New York State Department of Finance and Internal Revenue Service, and is involved in accounting and guardianship proceedings. He also prepares federal and New York State estate and income tax returns.