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The Pros and Cons of Buying a Foreclosure Property

Posted by Melvin Monachan | Feb 12, 2024 | 0 Comments

As a lawyer practicing in New York City, I often have people approach me with questions about purchasing a property that's in foreclosure. While it can be tempting to purchase a property at a significantly reduced price, there are pros and cons to consider before making such a significant investm...

How Does Foreclosure Work in New York?

Posted by Melvin Monachan | Jan 11, 2024 | 0 Comments

If the word “foreclosure” has entered your life, you probably have many questions, and maybe some anxieties. We can help. What is Foreclosure? Foreclosure is the legal process that lenders use to take possession of a property when the borrower fails to make payments on a mortgage. When you borr...

It’s Never Been a Better Time to Buy a Co-op

Posted by Melvin Monachan | Oct 31, 2023 | 0 Comments

It's still too early in 2023 to say with any confidence exactly what will happen in New York City real estate this year, but we know that demand for housing in the Big Apple will always be high. For buyers, the bidding wars of 2020 and 2021 seem to have ended. Rising interest rates have limited ...

What Will Casinos Mean for NYC?

Posted by Melvin Monachan | Oct 16, 2023 | 0 Comments

It's been a strange few years for New York real estate, and it's about to get even stranger. Developers who have been drooling over the idea of opening a casino in the city for decades got a lot closer to achieving their dream in January when the state put out a request for applications. Plenty...

Five Years Later, a New High Rise Opens Its Doors

Posted by Melvin Monachan | Aug 14, 2023 | 0 Comments

There's a new face in West Chelsea. Five years after starting construction, the 60-story 3Eleven building is nearly complete. The 938-unit building is the largest new multi-family project in Manhattan. With rents ranging from $5,100 to $6,700 per month, the residents it's hoping to attract are t...

NYC Landlords Sue to Get Off Tenant Harassment List

Posted by Melvin Monachan | Mar 13, 2023 | 0 Comments

Four New York City landlords recently sued the city, saying they should be removed from a city program that forces them to prove that their tenants were not harassed. The landlords say the program, the Certificate of No Harassment Pilot Program Building List, is “mired in secrecy” and prevents t...

What Will a Recession Mean for Commercial Real Estate?

Posted by Melvin Monachan | Feb 28, 2023 | 0 Comments

Just about everywhere you go, people are talking about a potential recession. Fortunately, few seem confident that a recession is coming, even though many worry about one. The last few years have been a crazy roller coaster for residential real estate, but what does a potential recession mean for...

Floated Rent Laws Spark Industry Ire

Posted by Melvin Monachan | Feb 18, 2023 | 0 Comments

In late August 2022, lawmakers introduced two new bills to prevent landlords from asking prospective tenants for background checks, causing a massive outcry that the government was looking to overtake landlords and create socialized housing. The worry is that in this post-COVID-19 world, the rea...

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