cooperatives & condominiums: news
AG Clarifies Rules on Syndication Offerings
July 8, 2013 -- The Real Deal
Douglas Heller’s comments on the New York Attorney General’s recent clarification of the rules governing syndicated investments in condominium developments were featured in the Real Deal article, “AG Clarifies Rules on Syndication Offerings…”
Density, Sustainability, Affordability
December 21, 2011 -- GlobeSt.com's CityViews
Eldad Gothelf says that decisions about zoning and planning in New York City must keep in mind at least one -- and preferably more -- of the overlapping, interwoven key factors of density, sustainability and affordability. Eldad makes these points in a Q & A that followed his publishing a commentary piece attached to the 50th anniversary of the city's zoning resolution.
True to Mailer’s Life, a Brawl Over the Sale of His Brooklyn Heights Apartment
October 19, 2011 -- The New York Times
Our client's lawsuit against the estate of Norman Mailer, in which we seek the return of our client's $200,000 deposit on a co-op unit in Brooklyn where Mailer had lived, is reported here. Bill Fried is quoted as saying that our client wants his deposit back because the seller cannot prove that significant alterations to the unit were done lawfully.
Security Locks and Aesthetics
March 31, 2011 -- The New York Times
Douglas Heller answers a reader's question in the Sunday real estate Q&A column by noting that under the state’s Multiple Dwelling Law residents, including co-op shareholders, are entitled to install a second lock on the door to their unit. The reader wondered whether the board could insist that she and her neighbors remove all but one lock per unit, and Doug opines that notwithstanding the business judgment rule -- which generally gives co-op and condo boards latitutde and discretion in making rules -- the residents probably can insist on second locks.
March 15, 2011 -- Real Estate Bisnow
Herrick, Feinstein's office condo seminar is featured in this item, which includes photos of the panelists and information on why more developers are converting office buildings to commercial condos and why more business owners are buying their spaces instead of renting. The coverage quotes Douglas Heller on the process by which rental office may be converted to office condos and on the market for such properties.
Renting Rules for Condo Owners
February 13, 2011 -- The New York Times
Doug Heller tackles a reader's question about what a condo board can do to restrict unit-owners from renting their units -- or charge a transactional fee -- when the condominium declaration allows rentals but is silent on the issue of restrictions and fees.
Anglo Irish Keeps Control of 232 Unsold Condos in NYC's Battery Park City
November 18, 2010 -- Bloomberg News
Christopher Sullivan says Anglo Irish Bank, which was the sole bidder at the foreclosure auction of 225 Rector Place, may take title to the property and then sell it, or sell its winning bid to another party. He says if Anglo Irish sells its bid, the buyer would take title to the condos, a 114-space parking garage and 2,000 square feet of commercial space by the court-mandated closing date of Dec. 15.
Battery Park Condo Project Goes to Lender
November 18, 2010 -- GlobeSt.com
Christopher Sullivan says the plaintiff in the Rector Square foreclosure action -- our client Anglo Irish or its designee or assignee -- is entitled to hold or sell the project and also may pursue the borrower or guarantor for any deficiency arising from the sale of the project at auction. The lender was the sole bidder, taking back the project for $82.75 million, which Chris views as "a good result given the circumstances and economic landscape."
Anglo Irish Bank to Auction 232 Manhattan Apartments in Foreclosure Sale
November 17, 2010 -- Bloomberg News
Christopher Sullivan notes that 232 unsold condo units, a garage and other commercial space were to be auctioned as a block, in an attempt for our client Anglo Irish to recover as much of the $135 million that the borrower, who defaulted on the loan, owed the bank. Selling the property in bulk -- as opposed to piecemeal -- tends to bring not only a higher price but also the possibility of a sophisticated developer who can finish the project. (The sale, the following day, went for $82.75 million).
Failed Rector Sq. project sells for a song
November 17, 2010 -- Crain's New York Business.com
Our representation of Anglo Irish Bank in the foreclosure on the Rector Square condo project -- and its ultimate auction, where the lender was the sole bidder -- is noted here.
Real estate pros mixed on Schneiderman, Cuomo victories
November 3, 2010 -- The Real Deal.com
Douglas Heller says Attorney General-elect Eric Schneiderman should quickly appoint a new head of the office's Real Estate Finance Bureau because the retirement of the previous leader has slowed the department's operations in a number of crucial ways.
Little-Used Law Gives Condo Buyers a Way Out
August 13, 2010 -- City Room, the law blog of The New York Times
Douglas Heller opines that the Interstate Land Sales Full Disclosure Act makes little sense in the New York City condo world because required disclosures contain irrelevant information that often duplicates what is in the offering plan. The posting analyzed a recent decision in federal court that allowed three buyers of condo units to rescind their contracts and retrieve their deposits because a condo sponsor had not made disclosures that the statute requires.
Leaving a Co-op During Repairs
July 30, 2010 -- The New York Times
Doug Heller weighs in on what rights a co-op shareholder might have if the co-op board forces him and his family to leave for a week while repairs are performed, in this Q&A in the Sunday real estate section. Doug says the board has the business judgment rule on its side, the shareholder can point to no bright-line case law that declares a certain duration of absence unreasonable, and the proprietary lease does not obligate the co-op to pay for alternative housing.
Yikes! It’s a Garage
July 30, 2010 -- The New York Times
Eldad Gothelf is quoted about the thorny issues of curb cuts and private parking in New York City residential buildings, and notes that the city's Planning Department has sought counsel from a variety of groups as it grapples with the issue. The story mentions that Eldad is an author of the firm's environmental and zoning blog, ZONE.
AG Hits Levy With Fraud Suit at Rector Square
June 9, 2010 -- The Real Deal
Though Herrick isn't mentioned, our client Anglo Irish Bank and their foreclosure on 255 Rector Square is in the article "AG Hits Levy With Fraud Suit at Rector Square."
Developers jump on program to restart stalled projects
March 25, 2010 -- Crain's New York Business.com
Zoning and land use partner Mitch Korbey extolls the benefits for developers and neighborhoods of a Department of Buildings initiative -- enabled by a local law passed late last year -- that allows developers to re-start stalled projects quickly, without waiting months for the city to re-approve zoning or other special permits. The story notes that the city's plan recognizes that even competent developers are hamstrung by a weak economy.
Bank Wins Foreclosure Suit Against Levy at Rector Square
January 21, 2010 -- The Real Deal
Though Herrick is not mentioned, our client Anglo Irish Bank is in the article "Bank Wins Foreclosure suit against Levy at Rector Square" which discusses Anglo's favorable outcome in forclosing on 225 Rector Square.
Real Estate Community Greets Growth with Caution
October 29, 2009 -- GlobeSt.com
Dennis Russo says that growth in the GDP and the likely official end of the recession are good signs for the commercial real estate market. He cautions, however, that the market lags the larger economy and that lenders and developers must regain confidence before they regain their appetite to do deals.
Some developers use downturn to plot comeback
May 29, 2009 -- The Real Deal
Slowdowns in the commercial real estate market generally represent an ideal time for property owners to apply for special permitting -- zoning and otherwise -- that will make their portfolios more valuable when the markets heat up again, Mitchell Korbey says.
Lawyers wrangle as market slides
March 2009 -- The Real Deal
Douglas Heller discusses the state of the real estate industry -- and of the legal profession as it relates to the real estate industry -- in a Q&A. He notes that transactions have slowed, but workouts -- and strategic advice and planning -- are keeping attorneys busy.
Conversion Time: A slumping residential market has some developers turning their condos into rentals
January 2009 -- New York Construction News
Dennis Russo, who represents condo developers and lenders and who has developed condo projects himself, says developers' plans to turn stalled condo developments into rentals are confounded by the inability of rent revenue to cover debt service. He notes that the only scenarios where rent cover the debt are when lenders restructure the loans or the developer has owned the property for a long time.
Retail condos lose their luster: The coming deluge
January 12 - 18, 2009 -- Crain's New York Business
Neil Shapiro notes that Herrick has initiated four deals in as many months involving landlords and developers who are reluctantly selling retail condos because their banks and mezz lenders are pressuring them to raise capital.
Cracking Down on Shoddy Condos
July 2008 -- The Real Deal
Doug Heller is quoted in an article on the attorney general's office's effectiveness in reviewing condo offering plans and enforcing codes.
Cuomo Cracks Down on NY Real Estate Fraud
May 7, 2008 -- Crain's New York Business
Doug Heller is quoted on initiatives of the Attorney General's Real Estate Finance Board to review condo plans more quickly and enforce habitability issues.
A Fee That Developers Would Like to See Rise
February 6, 2008 -- The New York Times
Doug Heller is quoted regarding condo sponsors' willingness to pay higher filing fees on the assumption that the added money would increase staffing, which in turn would lead to speedier review of their condo plans. The sponsors are, in large numbers, backing legislation that would raise the fees.
Who's On The Hook? Brokers Shun Listing Duties
January 2, 2008 -- The Real Deal
Doug Heller is quoted in an article examining condo brokers' increasing reluctance to become listing brokers of record because of obligations and liabilities that attach to that designation.
Realty Law Digest
April 11, 2007 -- New York Law Journal
Doug Heller is quoted on warranties in condominium offering plans, as they relate to construction claims against condo sponsors and architects.
Cuomo Considered the Ultimate Pragmatist
December 2006 -- The Real Deal
Doug Heller is quoted regarding the likelihood that Andrew Cuomo, then incoming New York State Attorney General, would create processes for speedier review of condo plans.
Condo Craze Fades
November 2006 -- National Real Estate Investor
Dennis Russo is quoted regarding the effect of oversupply and rising interest rates on condominium construction.