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New York City Multifamily Property Attorney

Our multifamily property attorneys are experienced in representing developers, investors and other clients in the purchase, refinance, and sale of multifamily properties. The purchase and management of such properties is wide-ranging and may include service contract issues (contracts covering the boiler, gas, elevators, cable/internet, etc.) and the licensing of spaces within the property—laundry spaces, rooftop telecommunication spaces, and even union contracts for the property’s employees. Our team’s experienced professionals help our clients navigate all aspects of the process, ensuring a successful transaction.

What Is a Multifamily Property?

A multifamily property is a structure containing three or more families living independently of each other. Purchasers acquire and manage multifamily properties as investment assets. A client is buying the building as well as the rest of the property, including ancillary parking, signage, outdoor open areas, designated storage units, and amenities, such as an on-site laundry or gym.

Types of Multifamily Housing in New York

There are a wide array of different multifamily property types, from a three-family house, to a condominium development, to student housing, to a multistory apartment complex with hundreds of units under unified ownership. Many of these properties are mixed-use (residential and commercial), with commercial businesses spanning their ground floor and residential apartments above. These properties may also be rent-stabilized, free-market, or a combination of both.

How Our Multifamily Property Attorneys Assist Clients

Our experienced attorneys close on more than 50 multifamily properties each year and refinance well over 30, representing clients in a number of important transactional areas. We ensure clients are covered on every facet of their transaction. Our team of attorneys are knowledgeable in finance, private equity, joint venture, environmental, tax and real estate law. We perform the required due diligence to recognize any potential lease, purchase, or management issues.

We know multifamily property real estate acquisition can be an arduous process; but our attorneys provide an unparalleled level of professionalism and expertise while facilitating the transaction and providing workable solutions to all legal issues. We offer a comprehensive range of services, from performing lease and service contract reviews to gathering necessary environmental and geotechnical reports and more.

Multifamily Property Purchase and Sale

The acquisition process for a multifamily property is complex. We’re here to help clients simplify the experience. A successful real estate transaction begins once a client understands how the building operates (necessary certificates of occupancy, fire code compliance, etc.), knows the property’s financials in detail, and assembles the right team, including a quality broker, a reputable property manager, an engineer, and a qualified, competent attorney.

Our attorneys draft a suitable purchase and sales agreement (PSA) to transfer the land and lease assignments. A satisfactory PSA may contain considerations of the physical property, including inspection and contingency plans if any defects are uncovered, as well as a Phase I Environmental Site Assessment (ESA) with an option for a Phase II ESA, if necessary. We analyze all the existing leases on the property to determine if the current tenants are in compliance with their respective lease obligations. Prior to the final sale, our attorneys exercise due diligence to uncover any existing deed restrictions. Through it all, we help clients maximize their profit and minimize their risk.

Multifamily Property Refinancing

Clients refinance for a variety of reasons, including interest rate reductions, term duration changes, debt consolidation, or equity liquidation. To qualify for refinancing, clients should have an adequate amount of equity in the property, including an optimal debt-to-income ratio, as well as current lease documents, tax records, and closing fees. They also may be required to make any necessary improvements on the property. While the most common refinancing loan is a simple bank loan from either a large institution or community bank, clients may also use Fannie Mae, Freddie Mac, HUD, or CMBS loans. Our attorneys help clients understand which loan best suits them.

New York real estate has changed a lot over the last five years. In the past, the standard was a five-year refinancing term, but banks now generally want a 10-year term, and a larger amount of principal and interest in escrow to promote stability and longevity. Our attorneys are here to assist clients with all document preparation and review, ensuring them the best terms and rates.

Multifamily Property Litigation

We often recommend our clients try to mediate disputes out of court, as courts may add needless time, money, and uncertainty to legal disputes. Our attorneys avoid litigation whenever possible. However, in the event litigation is required, we work with experienced litigators to set realistic goals and avoid duplicative legal work with an aim towards successfully concluding the dispute.

Why Work with a Multifamily Property Attorney?

Working with a multifamily property attorney provides peace of mind when navigating the ever-changing world of real estate. It’s a significant and potentially risky investment, and clients deserve the peace of mind that proper due diligence has been conducted on their investment. Clients benefit from an experienced attorney to review the project’s documentation, tax matters, and zoning and environmental considerations prior to acquisition.

It pays to be in initial compliance to protect an asset. It would be unfortunate to complete a real estate purchase only to find out a year later that the project is not in compliance with United States Fair Housing Laws, reasonable ADA accommodations, EPA standards, or applicable landlord/tenant laws. Many multifamily properties in New York are subject to some form of rent regulation, and our attorneys will make sure clients are in compliance with all relevant regulations. When you purchase a multifamily property, you are also buying the rent roll and all the tenant relationships. Invest in a quality attorney to ensure all existing leases are enforceable.

Our Experienced NYC Real Estate Attorneys Can Help

Holm & O’Hara LLP assists clients with all their purchasing and refinancing needs. We take pride in our team of professional, educated, and helpful multifamily property attorneys. From a single buyer’s first-time purchase to a joint venture between owners and management purchasing their tenth high-rise, our attorneys give the same level of time and attention to all clients. The real estate industry is full of various complexities, let us streamline matters. For any inquiries or to learn more, please feel free to contact us.

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