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New York Law Journal: Realty Law Digest
August 27, 2014
In his weekly Realty Law Digest column, Scott Mollen analyzes three notable real estate decisions. In the first, 275-277 Realty LLC v. Lawrence-Harris, the court ordered a stipulation of a settlement vacated in which a tenant of a rent-stabilized apartment would pay more than $9,000 in order to restore the case to the calendar. In the second decision, Parkash 242 LLC v. Gyan, a landlord moved for summary judgment, but a tenant argued that she either did not sign the lease or alternatively, she was a minor at the time the lease was signed and was thereby relieved of any responsibility. In the third, North-Driggs Holdings, LLC v. Burstiner, a tenant and landlord disagreed on the timeline for which an apartment became rent-stabilized, and the court decided that the apartment became stabilized at the effective date of the 421-a benefit, not on the earlier date the lease was executed.
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First Citizens Deal Spotlights Role of Independent Committees
August 15, 2014 - American Banker
Richard Morris opines on the need for special committees in unusual M&A situations, such as the one between First Citizens BancShares and First Citizens Bancorp – a merger where the controlling shareholders on both sides belong to the same family. In the article, Morris says that in order to ensure against a conflict of interest, a special committee of “intelligent, active, involved directors that are not part of the family" should be formed to provide a second opinion on the deal. According to Morris, buyer and sellers should also hire their own lawyers and investment banks. "The special committee is there to protect and serve the shareholders, and to do so they've got to be well-equipped. You don't send someone out to plow a field with a teaspoon."
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New York Law Journal: Realty Law Digest
August 20, 2014
In his weekly Realty Law Digest column, Scott Mollen analyzes two notable real estate decisions. In the first, Claremont Investors, LLC. v. Nelson, the court granted possession of a rent-stabilized apartment to the landlord, rejecting the tenant’s argument that his significant time away from his apartment was for business purposes. In the second, Gordon v. 476 Broadway Realty Corp., a decision in NYS Supreme Court upholding co-operative corporation’s (co-op) decision to terminate a shareholder’s lease in compliance with the proprietary lease.
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Long Beach Lawyers to Take Down Developer
August 15, 2014 - Long Island Business News
Scott Mollen is quoted in Long Island Business News regarding developer Haberman Group’s longstanding dispute with the city of Long Beach, concerning the development of two 19-story waterfront residential high-rises. In the article, Scott says that city officials have failed to follow through on a March 2014 settlement agreement signed by Long Beach Corporation Counsel Cory Klein, which provided that Mr. Haberman seek a new variance before the city’s Zoning Board of Appeals. Noting that Mr. Haberman will now prosecute his lawsuit and seek more than $50 million in damages, Scott states, “The improper repudiation of the written agreement, which had been negotiated by and signed by the city, will only increase the amount of Haberman’s damage claim. In this country, you cannot violate an owner’s vested development rights without compensating the owner for its loss.”
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Netanya College visits Herrick, Feinstein LLP
August 13, 2014 -- Real Estate Weekly
Herrick, Feinstein LLP chief planning and development specialist Richard Bass recently hosted a group of Israeli real estate students from Netanya Academic College, and the school’s vice dean, Dr. Amichai Kerner.
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