In response to the COVID-19 outbreak and pandemic, several weeks ago we started taking precautionary measures to provide a safe work environment and developed plans to maximize the ability of our attorneys, paralegals and support staff to work remotely. We will continue to provide our clients with quality legal representation and have resources and systems […]
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After nearly two full months of lockdown in some places, the COVID-19 pandemic is finally showing signs of subsiding. Most states are beginning to ease restrictions on public activity – or at least to chart a path for doing so. As a consequence, many businesses are beginning to contemplate reopening workplaces to some degree. Two […]
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The coronavirus pandemic has wrought sweeping changes in the way we approach every aspect of life. Some of the biggest of these affect the workplace. Various government actions to contain the virus and mitigate both the health and economic impacts have resulted in some new rules – and a lot of questions – for both […]
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If you are like most people, a significant amount of your net worth is probably tied up in retirement accounts. Traditional IRAs and 401(k) plans offer a great avenue for pre-tax assets to grow and then be taxed later, usually at a much lower rate when you are past your peak earning years. Roth IRAs, […]
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Multifamily buildings have long been a favored vehicle for commercial property investors. They historically produce reliable income and consistently increase in value over time. This in turn means that they retain value in a variety of market conditions and may even rapidly increase in value in some circumstances. Financing is typically readily available on favorable […]
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On June 14, 2019, Governor Cuomo signed into law the Housing Stability and Tenant Protection Act of 2019 (S.B. 6458) (“HSTPA”), which reinforces and fundamentally changes the landlord tenant law surrounding rental properties – especially rent stabilized apartments – throughout New York State, making it very difficult to either remove apartments from regulation or to […]
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New York’s Housing Stability and Tenant Protection Act of 2019 was signed into law on June 14, 2019. Real estate experts, investors, attorneys and pundits are still trying to make sense of what it means for New York’s rental real estate market. In this second article on the law’s impact on investors in multifamily properties, […]
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New York’s Housing Stability and Tenant Protection Act of 2019 was signed into law less than a month ago. Since that time, there has been a flurry of articles covering the specifics of the law, some analysis of how the new law might impact rents differently than the old law and the predictable array of […]
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Following federal estate tax reforms that took effect in 2014, New York State also revised its estate tax law so that estates of deceased New York residents worth less than $5 million (adjusted for inflation, currently $5.74 million) are no longer subject to estate tax. The basic exclusion amount was previously just $1 million. Rather […]
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As part of the FY2020 budget, New York State will seek new revenue from real estate transactions. The final legislation is expected to yield hundreds of millions of dollars for state coffers and is intended to secure $5B in bonds for the MTA. It will: Increase transfer taxes by 60%, from .4% to .65% Commercial properties sold for $2M […]
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