In Manhattan, land is at a premium. It is, therefore, not too surprising that a dispute over a fence that is allegedly eight inches over the property line has led to real estate litigation in the New York Supreme Court.
For landlords of residential property in New York, there are a few points to keep in mind as we enter the tax season. Rent payments from residential property are of course considered taxable income. But rental income also includes advance rent, which must be reported in the year it was received. So, if a landlord collects the first and last months of rent in the first year of a multi-year lease, both payments are included in gross income in that first year.
When a business is deciding on a location and where it would like to set up shop in New York, the costs of a commercial lease will greatly impact where the business will be located and how long it can stay there. And depending on the current state of the commercial real estate market, a business might be able to obtain significant concessions from the property owner if they use the market and other conditions of the building to their advantage.
Owning real estate in New York can be both exciting and lucrative; however, this experience can have its fair share of obstacles. Whether people own individual property, a small business, a co-op, condominium buildings or large commercial properties, real estate ownership requires several steps to be carried out. Unfortunately, issues can occur during a transaction or disputes can emerge regarding co-ownership or the management of the property.
For New York residential real estate developers, obtaining financing on favorable terms is essential. Once financing is obtained, staying current on the loan payments is also critical -- a default can put the project in jeopardy of foreclosure. Recently the developer of a luxury condo tower on East 58th Street narrowly avoided foreclosure, but the survival of the project remains in question.