It's no secret that New York's residential real estate market is competitive, perhaps especially so in the area of cooperatives and condominiums. Recently, "Saturday Night Live" even satirized what can be an intimidating co-op application process for potential residents. However, since co-ops and condos operate in the same residential marketplace, the applicant-vetting processes for the two types of living arrangements have begun to blend.
According to New York law, landlords are prohibited from demanding proof of income or proof of citizenship from tenants who have already signed valid leases. Castellan Real Estate Partners, a large real estate firm in New York City, was accused by tenants of violating that law.
A condominium dispute is unfolding in Upper Manhattan. According to a lawsuit that was filed with the New York State Supreme Court, the Lenox condominium building in Harlem has a defective roof, widespread leakage problems and basic structural flaws. The building's board of managers has sued the former sponsor, whom the lawsuit has accused of breach of contract and fraud.
The recent acquisition of 60,000 square feet of retail space on Williamsburg's waterfront signals that investors continue to show interest in the area's burgeoning commercial real estate market. An investment firm out of Washington, D.C., acquired the retail condo, which is located at the foot of The Edge, a large condominium complex that towers over the East River.