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Cooperatives and Condominiums

Wednesday, September 2, 2009

By Richard Siegler and Eva Talel

"Richard Siegler, a partner in Stroock & Stroock & Lavan and an adjunct professor at New York Law School, and Eva Talel, a partner at Stroock and an adjunct professor at Cardozo Law School, write that while a cooperative housing board may wish to impose a minimum transfer price to keep the value of apartment shares high, a selling shareholder who is unable to wait for a buyer willing to pay floor price may object. Is a floor price on co-op shares imposed by a board a valid reason for disapproving a transfer or will it be deemed an unreasonable restraint on alienation?"

OUTSIDE COUNSEL:

How Mortgage Disclosure Improvement Act Has Changed Residential Closings

Wednesday, September 2, 2009

By Todd R. Pajonas and Matthew K. Scheriff

"Todd R. Pajonas, a lawyer, and Matthew K. Scheriff, a CPA, write that recent legislation is well intended to help safeguard the consumer. However, they warn that many clients are still focused on 'how quickly can I close,' and therefore, lenders, attorneys and closing agents will have to be well versed in the additional disclosure requirements and time periods in order to avoid closing delays and to remain in compliance with the new legislation. "

REAL ESTATE TRENDS:

Rent Regulation

Wednesday, September 2, 2009

By Warren A. Estis and Jeffrey Turkel

"Warren A. Estis, a founding partner at Rosenberg & Estis, and Jeffrey Turkel, a partner at the firm, write that in a recent Article 78 proceeding Justice Martin Schneier held that even absent a showing of good cause, DHCR must accept evidence for the first time on administrative review, at least where the proffered evidence pertains to the threshold issue of whether the apartment is subject to rent stabilization at all."