New York City's rent control and rent stabilization laws are arcane and complex. One question many people have relates to family members' rights to succession in a rent controlled or rent stabilized apartment.
In a commercial lease, just as in a residential lease, a departing tenant has an obligation to return the premises to the landlord in good condition. New York's biggest landlord of office space recently filed a lawsuit in the state Supreme Court alleging that a major financial firm failed to do that. The landlord is seeking $20 million in damages.
Rent-stabilized apartments have been a fixture of New York City residential real estate for decades. But as property values continue to increase, building owners have been offering inducements to long-term tenants to move out so they can rent the property to someone who can pay more. Advocates for renters, however, say that the tactics of some landlords constitute harassment and in some cases have crossed the line into illegality.
Litigation is a risk that comes with the territory on big real estate developments. The L Lofts condominium project in Brooklyn is no exception. The developers have recently been hit with a lawsuit alleging the developers failed to remedy a number of construction defects in the property.
Lower Manhattan is becoming a popular choice for businesses seeking to relocate. Downtown's commercial property market recently saw a major deal finalized, as BNY Mellon signed a lease for 350,000 square feet of space at 225 Liberty Street, on the site of the former World Financial Center. BNY Mellon is relocating to the site from its old headquarters at One Wall Street.