Nadel & Ciarlo, P.C.

New York City Real Estate Law Blog

Questions to answer about real estate disclosure statements

When purchasing a home, you want to collect as much information as possible. This often comes in the form of real estate disclosure statements.

With real estate disclosure documents in hand, you have a better idea of what a home has to offer, including anything that may be wrong now or went wrong in the past.

Beware of co-owner, title and deed disputes

As a property owner, you never know if a problem could present itself in the future. One of the most common real estate disputes is that between co-owners of a piece of real estate, such as unmarried couples or siblings who recently inherited a home from a parent.

While this is never an easy spot to find yourself in, there are solutions to every problem. For example, you may be able to sell the property, split the proceeds and then move on with your life. Or maybe you find that buying out the other party would be in your best interest.

Steinway Tower development foreclosure put on hold

The approval of a temporary restraining order has postponed the foreclosure of the Steinway Tower, which is located in Manhattan on "billionaire's row." The investment firm that filed for the restraining order is also an owner of the building. The firm, AmBase, filed the restraining order at the end of July.

A lawsuit has been filed by AmBase against the developers in the deal that claims they tried to obtain a foreclosure on the building, which boasts the address of 111 West 57th Street. The lawsuit claims that the foreclosure attempt could destroy the ownership stake of AmBase and the company's $70 million investment in the property. According to the lawsuit, the developers also allowed the project to run some $50 million over the budget.

Common questions about tenant and landlord disputes

Landlord and tenants have a relationship that can often become quite tense if trust is broken from one of the parties. It is a relationship that is often based on contractual agreements, and if there is only a minor breach of contract, the entire relationship can get very complex.

The following blog features a list of frequently asked questions that arise when a landlord and tenant are involved in a dispute.

New digital space offers apartment building information

Beautiful apartments in prime locations are difficult to resist in New York, and renters are paying increasing amounts to live in what seems like "the right place."

Many of New York's apartments and houses - small and large, old and new - may be hiding serious problems that have garnered tenant complaints and city-issued violations. New renters have limited opportunities to look into their new home's past.

The Pacifica Foundation fights back against high lease rate

The Pacifica Foundation has found itself in court sued by Empire State Realty after falling behind on lease payments. The nonprofit company states that it would like to have a fair settlement with the realty company, complaining that the amount the foundation was charged for rent was far too high.

According to the story, the foundation's interim director pointed out that the amount the foundation was charged for rent was over four times the current market rate in New York City, which threatens the future of the foundation, which supports independent community radio. The Pacifica Radio Foundation supports, owns and operates five community radio stations that include KPFK (FM) (Los Angeles), KPFA (FM) (San Francisco), WBAI (New York), WPFW (Washington) and KPFT (FM) (Houston).

Real estate in Manhattan continues to soar

The cost of living in the Big Apple has gotten higher than ever as real estate in Manhattan continues to soar. As real estate thought leaders predicted, the market experienced a sales slowdown during the last quarter of 2016. However, in the second quarter of 2017, it climbed 15 percentage points. That's a massive uptick compared to last year's 8 percent rise at this time.

What does this mean for real estate prices in Manhattan? It means that the average apartment is selling for a whopping $2.19 million. Median prices have also climbed to a record figure of $1.19 million. On average condominium units were selling for $3.12 million, and new condos were averaging $4.70 million.

What are the most common title problems?

There are a variety of issues that can come about when purchasing any type of real estate. A title problem can turn any deal sour, so it's important to become familiar with the many issues that could stand in your way.

Here are some of the most common title problems:

What’s the best way to prepare for a home closing?

Closing on a home is supposed to be one of the most exciting days of your life. Unfortunately, this is not always the case. There are many things that can get in the way, thus causing you more stress than you ever imagined possible.

By taking the right steps early in the process, you can ensure that you are prepared for anything that could come your way.

Tips for negotiating an apartment lease buyout

As a tenant of an apartment or commercial property, you hope to remain in place for the duration of your lease. However, you know that life or business could get in your way at some point.

Negotiating an apartment lease buyout is easier said than done; however, this is far from impossible. By taking the right approach, you can reach an agreement with the landlord and move on with your life. Here are some of the things you need to do:

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