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New York City Rent Strike Begins

Posted by Melvin Monachan | May 12, 2020 | 0 Comments

In April, several tenants and tenants' rights groups in NYC were considering a rent strike if they didn't get more help with their housing costs. That strike has moved forward, with thousands of NYC tenants refusing to pay their rent in May. This is the largest rent strike the city has seen in de...

Real Estate Closing Dates in New York

Posted by Melvin Monachan | May 11, 2020 | 0 Comments

If you have never owned property before and are currently in the market to buy a home in New York, it may come as a surprise to learn that you are required to use a real estate attorney in your transaction. New York is one of the few states that requires an attorney to represent the buyer as well...

NYC Foreclosure Rates Doubled

Posted by Melvin Monachan | May 07, 2020 | 0 Comments

It is hard to believe that the 2008-2009 financial crisis is now eleven years behind us. But whether the crisis really truly abated for everyone is up for debate. According to a real estate analysis by PropertyShark, foreclosures more than doubled in New York City since 2014. In 2019, there were...

How To Screen Potential Tenants in New York

Posted by Melvin Monachan | May 04, 2020 | 0 Comments

As a New York landlord, you are probably aware of the most recent changes made to tenant laws. You probably also know that screening a potential tenant is one of the most powerful tools you have to ensure a successful agreement that lasts for a long time. But there are some things you should—and ...

Coronavirus Crashes NYC Luxury Housing Market

Posted by Melvin Monachan | May 01, 2020 | 0 Comments

Coronavirus has negatively affected the real estate market as a whole, but some cities have been hit harder than others—with New York City being one of them. In particular, the luxury housing market here has suffered quite a bit. So if you're eyeing high-end property in NYC, here's what you need ...

What to Know Before Buying an NYC Home This Spring

Posted by Melvin Monachan | Apr 28, 2020 | 0 Comments

As the weather begins to warm up, so does the New York City housing market. After all, most people want to be settled in their new home before fall, which means they need to start searching for a home before summer. But as you probably figured, things are a bit different this year, thanks to COVI...

Eliminating Broker Fees in New York?

Posted by Melvin Monachan | Apr 09, 2020 | 0 Comments

In early February 2020, New York regulators announced they were eliminating rental brokerage fees, drawing both applause from tenant advocates and condemnation from the real estate industry. The ruling stops the practice of renters paying broker fees, which in places like New York City, can be up...

Landlord Accused of Discrimination by HUD

Posted by Melvin Monachan | Mar 30, 2020 | 0 Comments

A Oneida landlord has been accused of discriminating against a tenant with mental disabilities by the Department of Housing and Urban Development (HUD). As we have previously written about, it is illegal for landlords to discriminate against tenants based on a variety of protected classes of peop...

New York Zombie Homes—A Result of Foreclosures

Posted by Melvin Monachan | Mar 26, 2020 | 0 Comments

When the last economic recession hit the United States back in 2009, the impact was felt hard in the state of New York. As a result of thousands of people falling behind on their mortgage payments, foreclosures spiked, creating “zombie houses.” Homeowners who couldn't afford their mortgages also ...

How Coronavirus Is Affecting Construction in NYC

Posted by Melvin Monachan | Mar 23, 2020 | 0 Comments

The coronavirus outbreak has had an impact on many industries in the US, and the construction field is no exception. Heavily populated areas like New York City have been hit especially hard, as they're now facing major delays and rapidly increasing costs any time they're relying on China for manu...

Thinking About Becoming a Landlord in New York?

Posted by Melvin Monachan | Mar 19, 2020 | 0 Comments

If you are thinking about renting out that apartment you have outgrown here in New York, there are several important considerations you should mull over before deciding to take the plunge. Being a landlord is not for the faint of heart. Being a Landlord is a 24/7 Job Being a landlord doesn't me...

Eviction Cases Plummeted in New York After New Laws

Posted by Melvin Monachan | Mar 05, 2020 | 0 Comments

The Housing Stability and Tenant Protection Act of 2019, which was signed into law in New York in June 2019, has led to the number of eviction cases filed by landlords to plummet. The new laws were designed to limit legal rent increases for rent-regulated apartments. Eviction cases involving non...

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