Leonard Steinbergs real-estate brokerage named Compass has spent years involved in the sales of homes in New York City, often those purchased by very wealthy residents. He claims that buyers are much more open to considering different neighborhoods than they were five years ago. He finds his buy...
A new law will take effect in August 2018 involving Local Law 147, which outlines policies about smoking in a residential building in New York City. The law applies regardless of the ownership structure and requires that all multi-unit buildings implement a formal policy regarding smoking. This l...
As real estate markets in Manhattan and surrounding regions have been flat, the market in Brooklyn continued to rise in 2017. The borough had their third-highest pricing report ever, as the median sales price was $770,000, a 2.7% increase over last year. The appraisal firm of Miller Samuel explai...
According to Orkin, a national extermination company, New York City ranks 8th in the country for most cases of bedbugs. This is an improvement over 2015 and 2016 where the city ranked 4th. The leaders included Washington D.C., Chicago, Los Angeles, and Columbus, OH. Lawmakers made a change in Nov...
Residential housing in New York City (NYC) is somewhat unique. We will take a look at the primary housing options for buyers in Manhattan. Apartments generally are either cooperative housing “co-ops” or condominiums “condos”. There are also some private housing options including townhouses and br...
Justa Lopez, a 100-year-old woman, has resided in her E. 78th Street apartment on the Upper East Side for over 50 years. Last year she fell and broke her pelvic bone and has transitioned from a hospital, to a nursing home, and to her daughters home over the course of her lengthy recovery from th...
New York recently implemented changes to their civil processes, one of which is Rule 3408. This provision requires that in actions of residential foreclosure, a settlement conference be held within sixty days of when the summons and complaint are filed. At this conference, parties must demonstrat...
Plaintiff Kimberly Shibles had been having financial difficulties and requested assistance through possible mitigation from Bank of America (BOA), her mortgage holder. Meanwhile, she remained current on her mortgage payments. BOA issued her a Trial Modification Contract in accordance with the Hom...
New Yorks Consumer Bill of Rights (CBOR) was implemented to protect homeowners facing foreclosure. New York has been among the states with lengthy foreclosure processes, averaging roughly 1,070 days. The CBOR is part of a comprehensive plan by state leaders to improve these processes by reducing...
Mayor DeBlasio has signed a legislative initiative known as “right to counsel.” This program offers free legal counsel for lower-income tenants who are in the process of being evicted. Those eligible must reside in one of 10 local zip codes and have annual household income of under $50,000 for a ...
A home is often the largest single purchase that people will make in their lives. For this reason it is highly recommended to retain an attorney when purchasing residential property in New York. Real estate brokers do not provide legal counsel or create legal documents under the law; therefore, i...
The 2015 Foreclosure Report generated by the Chief New York Court Administrator, indicated that those in the state that are facing foreclosure are continuing to increasingly retain legal counsel in defense of these actions. In 2011, the percentage of those with legal representation was merely 33%...
Sometimes financial situations surface involving homeowners that cause them to get behind on their mortgage payments. The foreclosure process in New York typically begins with service of a summons and a complaint from the mortgage holder. If personally served, homeowners have 20 days to generate ...
The U.S. endured a housing crisis as part of an economic recession from 2007 through 2012. The effects are still lingering in many New York regions. A primary indicator of the problem was a massive volume of mortgage foreclosures. A foreclosure is a lawsuit initiated by a lender, such as a bank o...
"We understand that a real estate transaction is typically one of the largest financial transactions of most peoples lives. That is why we take the time to properly guide you and keep you informed about the process every step of the way."
