Blog2020-03-09T06:25:33+00:00

Blog

THE MERE DISCONTINUANCE OF A PRIOR FORECLOSURE ACTION DOES NOT DE-ACCELERATE THE MORTGAGE DEBT; EXPLICIT NOTICE OF DE-ACCELERATION IS REQUIRED

On June 3, 2020, the Appellate Division, Second Department in the case of Trust v. Barua, 2020 N.Y. Slip Op. 03095, reversed a decision by the lower court and held that the discontinuance of a prior foreclosure action did not, standing alone, de-accelerate the mortgage debt. Therefore, a subsequently filed foreclosure action was time-barred.

June 13th, 2020|

NEWLY ENACTED SECTION OF NYC ADMINISTRATIVE CODE SEEKS TO PROVIDE COMMERCIAL LEASE GUARANTORS WITH RELIEF

On May 26, 2020, Mayor Bill de Blasio signed into law Section 22-1005 of the NYC Administrative Code, which prohibits the enforcement of personal guaranties of New York City commercial leases involving COVID-19 impacted tenants. Significantly, the new law offers no relief to individual proprietors who execute commercial leases in their own names.

June 3rd, 2020|

NEW YORK STATE ADOPTS NEW FAIR HOUSING RULE –EFFECTIVE JUNE 20, 2020 – WHICH DIRECTLY AFFECTS REAL ESTATE BROKERS AND AGENTS

In December 2019, Gov. Andrew Cuomo proposed new Fair Housing rules which were adopted this month and go into effect June 20, 2020.  Under the newly adopted state rule, real estate agents and brokers must notify prospective buyers, sellers, renters and landlords about anti-discrimination laws and prominently display the fair-housing disclosure form in their offices which provides information about how customers can file complaints with the New York State Division of Human Rights. The rules also require groups that provide state-mandated fair-housing training to make audio and video recordings of their classes. The state can impose fines or suspend or revoke licenses of agents or brokers who violate the regulation.

April 30th, 2020|

Preferential Rent Amendment in the Housing Stability Tenant Protection Act: Does the Recent Court Of Appeals Decision in the Regina Case Open the Door to Challenge its Retroactive Application?

The Housing Stability Tenant Protection Act of 2019 (“HSTPA”) eviscerates many Owner’s rights that have been in effect since the Omnibus Housing Act of 1983 (the “OHA”) became effective on April 1, 1984.  With regard to the issue of preferential rents, the HSTPA provides that if the tenant is being charged and is paying a rent lower (preferential) than the legal regulated rent, the rent to be charged on a renewal until there is a vacancy is the lower preferential rent plus any guidelines increase.

April 29th, 2020|

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