Coopersmith and Coopersmith

Understanding the Current State of Commercial Lease Guaranties

On Friday, March 31, 2023, the Southern District of New York decided Melendez v. City of New York, a case affecting commercial lease guaranties. In this alert, we summarize the decision in Melendez and what it means for commercial tenants and landlords. Courts generally treat guaranties like any other contract, applying ordinary principles of contract […]

Attorney Escrow Deposits in Light of Financial Instability

In light of recent instability among financial institutions, companies of all sizes are evaluating how cash balances are maintained. This is especially relevant for lawyers engaged in real estate transactions who are holding escrow deposits. This client alert will highlight the responsibility of attorneys acting as an escrow agent in real estate transactions. The Federal […]

What To Know About New York City’s Short-Term Rental Regulations

Short-term rentals in New York City have been the source of controversy for more than a few years. On January 9, 2022, New York City adopted Local Law 18, also known as the Short-Term Rental Registration Law. The law requires short-term rental hosts to register with the Mayor’s Office of Special Enforcement (OSE) and the […]

Summer Rents Are Made in the Winter: What Owners Need To Know About Their Leases

Some people may be hitting the gym in anticipation of summer, but landlords also need to get in shape for the summer rental season. In this alert we will address the current rental market, what owners need to do to prepare for the upcoming rental season, and other issues for seasonal summer rentals. Rents in New […]

Proposed Legislation to Reshape New York City Co-Op Purchase Process

On Thursday, February 2, 2023, Public Advocate Jumaane Williams and Bronx Councilwoman Pierina Sanchez introduced three new bills which would require New York City Co-Op boards to provide a rationale for denying a purchaser’s application, to make financial disclosures to prospective purchasers, and to provide standardized applications. These bills are the first to be introduced […]

What Does A Building’s Energy Efficiency Grade Really Mean?

On April 18, 2019, the City Council passed the Climate Mobilization Act. Noting that buildings account for approximately two-thirds of greenhouse gas emissions in New York City, the City Council enacted the Climate Mobilization Act and other laws with the aim to make the city carbon neutral by reducing the emissions produced by the city’s […]

When Not To Sublease Your Office Space

In the post-covid era, many commercial tenants have excess office space as a result of flexible or remote work arrangements. Often a commercial tenant’s first thought in this situation is to sublease its premises. However, some tenants are not aware of the ability to license their space as an alternative to a sublease. In this […]

Securing Residential Transactions Amid Increasing Interest Rates

Amid rising interest rates, sellers and purchasers alike have become cautious about their residential transactions. In this client alert, we provide more insight about the mortgage process, interest rates, and what it means for purchasers and sellers of residential real estate. For residential transactions, common loan products include the standard 30-Year Fixed mortgage as well […]

Lowering Real Estate Transaction Costs Through Mortgage Assignments

Buying and selling real estate in New York City can be a costly endeavor. One way that cost-conscious buyers and sellers can keep costs down is by arranging an assignment of mortgage. The mortgage recording tax paid by the borrower at closing ranges from 0.75-2.8% of the loan amount depending on the location and type […]