Here we are in 2021, with the pandemic no longer new. While 2020's fear may for some have turned into 2021's weariness, others of us are looking again at the opportunities that the times afford. However, we do so not through rose-colored glasses but instead informed, if no longer frightened off, ...
After years of inconsistent New York decisions focused on the state's statute of limitations for mortgage foreclosure actions, the New York Court of Appeals declared some bright-line rules in a recent opinion that should bring clarity to debt acceleration and revocation. The ruling resolves a spl...
2020 was a volatile year for the commercial real estate industry. A record number of businesses temporarily or permanently shut their doors as they grappled with the impact of COVID-19. As tenants struggled to pay their rent, many real estate owners failed to stay current on their mortgages. Alt...
Even before Coronavirus, the Times Square Center building at 229 West 43rd Street was under financial duress. But the economic fallout that has ravaged New York City due to the pandemic may have just pushed it over the edge. According to Bloomberg, the Kushner-owned building may be on its way to ...
New York City residents have been through a rough year, especially after the spring's COVID-19 circumstances. As the pandemic continues, many factors would seem to indicate that everything is dire. For example, a recent report issued by Unacast asserts that roughly 70,000 (net) residents have lef...
With unemployment continuing to run rampant due to the ongoing pandemic, millions of families across the country face an uncertain future regarding their homes. A recent survey by the Census Bureau shows that 18 million Americans are behind on their rent or mortgage payments, and up to 6 million ...
In the month that COVID infections in New York passed one million, the city learned that an iconic Manhattan institution would be closing. Back in December, when Gov Andrew Cuomo announced another city-wide ban on indoor dining in New York, historic restaurant The 21 Club made their own announce...
In 2019, NYC real estate taxes generated $31.9 billion, accounting for 53% of the city's total tax revenue. Then the pandemic hit, and everything changed. By November 2020, 8 months into the COVID-19 epidemic, real estate sales were down 49%, and the city reported a $1.2 billion loss in revenue. ...
The COVID-19 pandemic has hit real estate hard over the last nine months, and the hospitality industry is struggling. Some New York City hotels were already struggling to make debt payments, and the worldwide epidemic was the final blow. The Tillary Hotel The owner of the Tillary Hotel in Brook...
The months of financial hardship during the global pandemic are starting to take their toll among New York City homeowners. Despite numerous federal and state moratoria on evictions and foreclosures, Real Estate Weekly reports that NYC is currently among the top cities in the nation in the number...
When 2020 started, New York's real estate market was still going strong. Then, of course, the pandemic changed everything. On March 7, 2020, Governor Cuomo declared a state of emergency. On March 12, Broadway shut down, and event venues postponed events with more than 500 attendees. Schools close...
With the percent of positive COVID-19 cases increasing week over week, indoor dining shutting down, and Mayor Bill de Blasio indicating that a complete shutdown may be necessary after Christmas, it's hard to imagine when the city that never sleeps will return to normal. However, that in fact, is ...
Buying a home can be one of the largest purchases or investments a person makes in their lifetime. Figuring out the best loan rates, where to purchase, and hoping the sellers accept your offer can make the entire process feel stressful and open-ended. While you can't reduce all of the uncertainty...
If you're a business owner in New York, you know that real estate is very costly. Investing in a business move will present many steep costs. Additionally, the business disruption that accompanies relocations can be equally expensive. By taking action ahead of time and planning your move well, y...
When the COVID-19 pandemic began to rage across the U.S. in March of 2020, and the U.S. shut down businesses to try to slow the spread, the country took a big financial hit. People lost their jobs or faced furloughs and found themselves unable to pay their rent or mortgages. It was truly a scary ...
Amid the financial uncertainty caused by the COVID-19 pandemic, many New York tenants face the prospect of losing their homes - despite eviction moratoriums and other actions geared towards protecting NYC residents. Unfortunately, it seems that some rental housing units are at greater risk for f...
Throughout 2020, New York State has sought to protect its residents from home-related stress through the use of an extended moratorium on evictions. Originally instituted early in the year for only 90 days, the moratorium is now set to expire on January 1st of 2021. Now, Governor Cuomo is issuing...
If you're closing on a New York property, whether it's your first property or your hundredth, chances are high you haven't closed on a property during a pandemic before. COVID-19 has changed the landscape of much in the nine months that we've been living with it, and real estate is no different. ...
You may have found a New York property that looks good fundamentally and financially. But as a rough 2020 comes to a close, you wonder if now is the right time to buy. What are the up and downsides of today's New York real estate market? Up Side Some things look good to very good for the New Yo...
As COVID-19 numbers continue to rise across the nation, the United States approaches 250,000 deaths, and just beyond 11 million cases. Many states and cities are reevaluating their COVID-19 orders and how to best protect their citizens. For many months now, businesses, such as hotels and restaura...
Pandemic-related threats of eviction have affected NYC residents and renters for months, leaving many facing the prospect of losing their homes or businesses. In many cases, their New York landlords are also feeling the financial strain of COVID-19. As brick-and-mortar business has ground to a h...
The economic downturn from the coronavirus pandemic has forced many home and business owners into foreclosure. The federal government has instituted emergency mortgage relief measures, however. How can you use these regulations to avoid foreclosure during the era of COVID-19, and what lessons can...
Times are hard for many right now and COVID-19 has affected a large number of homeowners' abilities to pay their mortgages on time, increasing their risk of a possible foreclosure. If you or someone you know is unable to meet their mortgage requirements, you might be entitled to a loan modificati...
For millions of families across America, the ongoing pandemic and economic downturn have made foreclosure a very real possibility. Although many states have eviction moratoriums in effect (and the federal government has done so with FHA-insured loans), many of those provisions will run out at the...
Going through a foreclosure is stressful, embarrassing, and scary. It's understandable if you'd like to just hide somewhere until it's all over. Unfortunately, that's not something you can – or at least, that you should – do. Here are three mistakes people often make when they're facing foreclos...
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