Tag Archives: New York

(US) There are two New York real estate transfer tax proposals to watch in Governor Cuomo’s proposed budget

New York Governor Andrew Cuomo introduced his FY 2018 budget proposal on January 17. The proposal includes several significant revenue-raisers, including a few that could impact the New York  real estate market. Income Tax – Sourcing of Gain From Sale of Interests in Entities Holding Co-op Shares – Currently, if an individual who is not … Continue Reading

(US) Creative Financing: A Developer financing method returns-IRS provides clarity on the use of Historical Rehabilitation Tax Credits

Part of a series on creative Real Estate financing. Using Crowdfunding to finance real estate projects Using New Market Tax Credits to finance projects Let the Purchaser do the Financing The Internal Revenue Service (“IRS”) recently issued important new guidelines regarding the Historic Rehabilitation Credit (“HRC”) reopening a recently moribund financing method. The new guidelines provide … Continue Reading

(US) Property Owners: Don’t pay for the same work twice. A discharge from liability to subcontractors under CERCLA

On March 18, 2014, the United States Court of Appeals for the Second Circuit decided that under the federal environmental cleanup law known as the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") (42 U.S.C. §9607), a subcontractor cannot recover the value of unpaid work directly from a landowner if the landowner has already paid … Continue Reading

(US) A “XXX Freak Fest” May Not Be the Worst of Your Problems:How to Avoid Eviction in the Sharing Economy

this post was written by Matthew Kane and Leah Speckhard Last weekend, I came across an interesting story  on my Facebook news feed. It detailed how a New York comedian had rented out his apartment for the weekend using a popular website, AirBnB, only to come back and find that his apartment had been used … Continue Reading

(US) New York High Court Ruling: Restaurant in Union Square does not violate state public trust doctrine regarding use of parkland

In a recent decision, the New York Court of Appeals held that a NYC proprietor could operate a restaurant on city-owned parkland located in Union Square notwithstanding the so called “public trust doctrine”. The restaurant will replace long-time neighborhood favorite Luna Park, which closed in 2007 at the time of a citywide park renovation initiative. … Continue Reading

(US) New York High Court Rules that Statutory Interest Not Included with Liquidated Damages – Unless You Say So

A recent opinion by New York’s highest court (J. D’Addario & Co. v. Embassy Indus., Inc. Slip Op 07850, Court of Appeals) held that a seller’s "sole remedy" of retaining the purchaser’s deposit as "liquidated damages" means just that – that’s all you get (i.e., no court-imposed interest unless you expressly say so). In the … Continue Reading
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