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
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
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
This post was also written by 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 to host … Continue Reading
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
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
