The Neighborhood

On December 15, 2020, Governor Cuomo signed into law changes to the New York power of attorney (“POA”) law, which will take effect on June 13, 2021. These changes will not impact the validity of an existing POA form and statutory gift rider (“SGR”) if it is executed in accordance with the provisions of the current law.» Read More

On December 28, I wrote the blog post, “Housing Cooperatives and PPP Loans: Is It Time To Rejoice?” regarding the significant and retroactive changes to the eligibility and administration of the Paycheck Protection Program (“PPP”) through the Consolidated Appropriations Act, 2021 (“CAA”) and “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.”» Read More

This has been updated on December 31, 2020: “Cooperatives Now Eligible for New PPP Loans”

The Consolidated Appropriations Act, 2021 (“CAA”), passed by Congress on December 21, 2020, and just signed by the President, should “spark joy” for housing cooperatives (“co-ops”).» Read More

Prior to the pandemic and its ensuing shutdown orders, co-op apartment closings would typically occur at the office of the cooperative’s transfer agent, usually the managing agent or more often the cooperative’s legal counsel. All parties would come together in a conference room and the closing would be finalized in a couple of hours or less.» Read More

These ten common construction pitfalls in restaurant build-out could bring you out of the kitchen and into court. 

Opening a new restaurant is exciting. When you find a space that’s “perfect,” you want to jump in and get moving on the build-out.» Read More

This blog post is a brief summary of the current status of the Housing Court in New York City and how that may affect the ability of cooperatives to collect maintenance from shareholders and rent revenue from commercial tenants for the balance of this year because of the COVID-19 pandemic.» Read More

While the death of a shareholder is a serious issue for boards of directors and their managing agents, the current COVID-19 crisis has greatly heightened the issue and this blog post is a brief outline of issues arising from the death of a shareholder and actions the cooperative can and should take.» Read More

While not the intended target of the recently passed Housing Stability and Tenant Protection Act of 2019 (the “Act”) Part M of the act contains a number of provisions that adversely affect how cooperatives review and approve potential shareholders.

» Read More

Among the many legal changes that were incorporated into the Housing Stability and Tenant Protection Act (HSTPA) of 2019, are a series of new rules affecting the collection of security deposits and advance rent payments made by residential tenants. The new rules do not apply to commercial tenancies.» Read More

A common problem plaguing condominium boards is how to motivate delinquent unit owners to pay the arrears in their common charges.

When unit owners fall behind on their common charge obligations, the shortfall could mean that the condominium has trouble meeting its operating expenses.» Read More