On behalf of Shapiro Gettinger & Waldinger, LLP posted in Real Estate Disputes on Wednesday, May 15, 2013
A new proposal before New York City Council would aim to eliminate bias and discrimination on the part of co-op boards when they reject applicants. Many real estate agents have long felt that boards often mistreat applicants they perceive to be less favorable by sitting on applications or rejecting the applicants without an explanation.
The new proposal would require all co-op board members to sign a statement with each rejected application saying that the rejection was not based on any bias or discrimination against the applicant's race or any other factor that may violate fair housing laws. The proposal would also require boards to either accept or reject an application within 45 days.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Commercial Real Estate on Friday, May 10, 2013
Residents of New York may be interested to learn that American International Group Inc. is looking to take advantage of a shifting real estate market by focusing its efforts on purchasing commercial real estate in an effort to get into the apartment rental space. With U.S. homeownership at its lowest rate since 1995, 65 percent, AIG feels that it is a good time to get involved in commercial real estate as the insurer believes this shift from homeownership to renting properties will continue for an extended amount of time.
During the recent economic crisis, fewer Americans are able to afford homes or qualify for a mortgage, which is why so many more people are renting their home these days. In an effort to take advantage of this fact and a shifting real estate market, AIG is increasing its investment real estate holdings by 15 percent to $3.2 billion.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Land Use & Zoning on Friday, May 3, 2013
A plan to re-zone 78 blocks of Manhattan's Midtown East has caused debate among those who believe it is essential to growing business and those who fear for iconic New York sites. The zoning proposal would take in areas between Second and Fifth Avenues and between East 39th and East 57th Streets, including much of the business district.
Supporters say that the rezoning is necessary to encourage business growth so that New York can remain competitive with cities like London. Detractors argue that the mass transit system will be burdened further by the plan and have expressed concern for several New York City landmarks that could be obliterated by encroachment of new high-rises.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Real Estate Transactions on Thursday, April 25, 2013
Two units in a commercial condominium at 40 Broad Street sold to Condor Investment for $5.1 million and Technical Systems Integration for $2.2 million. The owners of the building said that they are close to selling other units as well during a time when commercial condominiums in New York are becoming more popular. Condor Investment bought the entire sixth floor of the building while electrical consultants Technical Systems Integration now owns half of the seventh floor after the completion of the real-estate transaction. Condor Investment will have to wait to use the space because of previous leases to other tenants, which run until 2015.
Nonprofit groups and organizations have rented out the commercial condominiums on Broad Street and in other parts of the city. Owning commercial space has kept them from having to pay taxes. The interest of the two companies in the commercial spaces reflects a growing trend of for-profit companies owning commercial condos in New York.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Land Use & Zoning on Friday, April 19, 2013
Within Westchester County, N.Y., Bedford Village is about to undergo some changes. Along with the Bedford Playhouse, a parcel of unused land adjacent to the playhouse was bought by a developer who is also the owner of Phoenix Partners LLC. Since the land's zoning is currently for two-acre residential development, the developer is open to local opinions on how to best develop the project in order to enhance the historic Bedford Village experience.
The undeveloped parcel of land fronts highway 22, making the property a prime location for development in keeping with Bedford Village's business district. In addition, Westchester County reached an accord with the United States Department of Housing and Urban Development (HUD) in 2009 to provide over 700 units of racially and ethnically diverse housing throughout the county.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Commercial Real Estate on Friday, April 12, 2013
For many years, acquiring downtown properties such as high-rises and office buildings netted investors huge profits. However, after the market crash in 2009, commercial real estate investing has taken a quiet turn to smaller towns and residential properties such as apartment complexes and housing units.
Investors may need to consider alternatives to funding as well. Since banks are looking askance at large investments in view of the struggling real estate market, many investors have turned to private funding and short-term lending to pay for their new real estate ventures.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Real Estate Disputes on Thursday, April 4, 2013
When someone wants to preserve his or her assets for future generations, the obvious action is to do some estate planning. However, estate planning in New York does not just protect heirs; it can also help owners avoid real estate litigation and save money on taxes both for themselves and for their children. About half of all property owners currently have no estate plan in place; this is simply asking for problems now and in the future.
If all property is owned jointly and will automatically devolve to a spouse, it is possible to get by without an estate plan, but tax consequences could be significant. Furthermore, the only way to be sure property goes to someone other than a spouse in an amount the owner feels is fair is to create an estate plan through wills and other instruments.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Land Use & Zoning on Tuesday, March 26, 2013
The New Castle town board has voted to change a law that affects the housing zone located in Chappaqua Crossing. The original zoning of the tract was as a Multifamily Planned Development, or MFPD. However, under the old law, owners of any MFPD property had only one year to receive approval from the board for a site plan. The new law change will allow owners an unlimited number of six-month extensions to have time to come up with a viable site use plan.
This change only affects proposals for MFPD rezoning, and Chappaqua Crossing is currently the only plan to be impacted. The town board also agreed to grant the developer a six-month extension to preserve the MFPD zoning until October 11.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Real Estate Disputes on Thursday, March 21, 2013
A Kingsbury, NY, land battle that has already dragged on for 19 years will be settled by a judge. The real estate dispute, which involves 15 acres in Kingsbury, grew between a real estate developer and other parties. The developer wishes to build a new apartment complex, but long-term litigation has prohibited the commencement of the building plan.
However, a judge will now decide the fate of the acreage and whether the developer, who owns more than a dozen apartment complexes located in Washington and Warren counties, will be able to proceed with his building plans. The judge's decision will determine whether the planned apartment complex can continue or whether the developer will have to look elsewhere for a location for his new building site.
On behalf of Shapiro Gettinger & Waldinger, LLP posted in Commercial Real Estate on Wednesday, March 13, 2013
Low interest rates and beneficial tax laws may cause New York tenants to seriously consider investing in the buildings from which they rent. In order to successfully manage commercial real estate, however, there are factors that must be taken into consideration, including location, tenants, taxes and structural condition.
There are many benefits to owning commercial properties. Currently, tax laws allow for generous depreciation schedules, allowing landlords to spread deductions over 35 years.
