We educate our clients about how various aspects of the law can present them with both challenges and opportunities. Here we offer various informational pieces prepared by the firm and links to other items of interest, as well as occasional firm news. Material provided here is for informational purposes only and is not intended to substitute for actual legal advice.
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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On September 1, 2018, Anthony T. Simari, Esq., joined Holm & O’Hara LLP as a partner in our real estate group focusing on multi-family properties. Anthony is a seasoned professional; in each of the last five years, he has closed transactions for properties collectively valued at more than $200,000,000. After his first six months with […]
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In the field of real estate, few categories have the make or break significance of fair housing laws. Embrace diversity and equal opportunity, and you will build a broad client base with extraordinary potential for repeat business. Disregard or violate the complex fair housing and anti-discrimination rules and you could end up with significant liability, a ruined reputation and […]
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The holidays are over. The champagne flutes and decorations are stowed away, and the prospect of spending hours feasting and reminiscing with your nearest and dearest at is again at a safe distance in the future. The holiday season offers an opportunity to reflect on the people in your life and how you may […]
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Buying or selling a commercial or investment property is a process, sometimes an involved one. One of the more complex—and least understood—aspects of this process is the Phase I Environmental Site Assessment (ESA). We asked environmental attorney James J. Periconi to explain some of the essentials of Phase I ESAs and why it is often […]
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On April 26, 2018, New York State’s highest court – the Court of Appeals – unanimously ruled in a case that had created significant uncertainty for owners and tenants of many multifamily buildings in New York City since 2014. In Altman v. 285 West Fourth LLC, tenant Richard Altman asserted that his apartment had been […]
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A Conversation with Jason Ackerman, CPA There has been a tremendous buzz about the sweeping overhaul of the tax code enacted late last year, but most taxpayers are only just coming to grips with what the changes might mean for them. The Tax Cuts and Jobs Act of 2017, signed into law by President Trump […]
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Estate planning is a topic that most people would rather defer, for obvious reasons. But it becomes a much more attractive subject once you understand its real purpose. Our publication, “What is truly important to you?” provides more information about strategic estate planning, including some composite case studies to show how different estate plan scenarios could […]
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