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Condominiums

  • By: Michael Kayam
  • Published: November 10, 2020

The main differences between condominiums and cooperatives are their ownership structures and their governing documents, which contain the policies and rules for living in these communities. Condominium governing documents provide condominium unit owners a more flexible form of ownership regarding sales and leasing, whereas cooperative governing documents are typically more restrictive and have a more detailed sales and leasing application…Read More

  • By: Qing Angie Lin
  • Published: September 14, 2020

New York condominiums are statutorily governed by the Condominium Act, which was enacted in 1964. When the Condominium Act was originally enacted, Condominium boards were not specifically authorized to obtain loans on behalf of the condominium from financial institutions. As a result, when condominiums were in need of capital repairs, replacements and improvements, board members had limited options and relied…Read More

  • By: Stephen M. Lasser
  • Published: January 10, 2020

Condo Charges: Dealing with Late Players [embed]https://vimeo.com/380050795[/embed]Read More

  • By: Stephen M. Lasser
  • Published: January 10, 2020

Few businesses or organizations in New York own their office space versus renting.  There are many reasons why businesses or organizations, including real estate investment, management and brokerage companies, choose to rent versus own.  However, the primary reason is probably investment of capital.  The down payment required to purchase an office building can be cost prohibitive or they may be…Read More

  • By: Stephen Lasser
  • Published: April 10, 2019

Pursuant to the statute New York Real Property Law § 235-b enacted in 1975, every residential lease contains an implied warranty of habitability (“WOH”).  This statutory WOH guaranties residential tenants that there will not be conditions in their apartments which are dangerous, hazardous or detrimental to their life, health or safety. Over time, New York courts started awarding rent abatements…Read More

  • By: Dominique Miller & Stephen M. Lasser, Esq. Article
  • Published: August 10, 2018

Since 2010, renting out apartments in multiple dwelling for a term less than 30 days has been illegal in New York State under § 4 of the New York Multiple Dwelling Law (the “N.Y. Mult. Dwell. Law”). As discussed in our December 20, 2016 post “Airbnb Settles with New York State: New Developments in Short-Term, Rental Law,” in 2016, Airbnb…Read More

  • By: Gaetano Bizzoco, Article
  • Published: August 10, 2018

In order to discourage smoking throughout New York City, on August 28, 2017 the New York City Council passed Chapter 5 of the New York City Health Code, the Smoke Free Air Act. The legislation includes NYC Administrative Code 17-506.1 which requires all class A multiple dwelling buildings, including cooperatives and condominiums, to create and distribute a building-wide smoking policy…Read More

  • By: The Real Deal, Quoted "Stephen Lasser"
  • Published: May 1, 2018

New high-end NYC condos are seeing an uptick in construction defects — from warped floors to fireproofing problems — and another wave of complaints could be coming Not long after closing on a $28.5 million pad at 56 Leonard last spring, the new owner had a problem. More than one, actually. The master bathroom allegedly had poor caulking, the deadbolts…Read More

  • By: Stephen M. Lasser, Article
  • Published: April 26, 2018

As you may recall from one of our previous newsletters, a new New York State law was enacted, effective January 1, 2018, which requires cooperative board members involved in interested transactions to provide disclosure of these transactions to the owners in their associations. (Here is a link to the previous newsletter http://lasserlg.com/new-disclosure-requirements-board-members/ ) On April 18, 2018, Governor Cuomo passed an…Read More

  • By: Stephen Lasser, Video
  • Published: February 28, 2018

Condominium Common Charges - How Boards Can Collect and What to do if You Have a Unit Owner in ArrearsRead More

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