Free With Registration: Rent Regulation

Case Highlights Fact-Specific Nature of Repair Issues

Wednesday, July 1, 2009

By Warren A. Estis and Jeffrey Turkel

Warren A. Estis, a founding partner at Rosenberg & Estis, and Jeffrey Turkel, a partner at the firm, write: One of the primary features of the Rent Stabilization Law ? at least for owners ? is the rent increase awarded for an Individual Apartment Improvement. IAIs relate to new equipment and improvements that an owner, usually upon vacancy, adds to an apartment, such as new kitchen cabinets, a new stove or refrigerator, or a complete bathroom renovation. In contrast, Major Capital Improvements concern the installation of new building systems, such as a new elevator, roof or boiler.

Realty Law Digest

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Wednesday, July 1, 2009

By Scott E.Mollen

Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law, analyzes three recent decisions, including a Court of Appeals ruling upholding an owner's right withhold renewal of a lease and demolish a building after providing "adequate financial proof" of need and meeting the definition of "demolition."

Marketplace

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Wednesday, July 1, 2009

By Justin Smulison

The private subsidiary of the National Basketball Association, NBA Properties, has signed one of the largest renewals in Manhattan at the Olympic Tower at 645 Fifth Ave. The 10-year lease transaction was for 153,405 square feet in the space that has been the tenant's corporate headquarters for more than 30 years. Also, food distributor Sysco has purchased a 526,000-square-foot industrial property in Central Islip for nearly $30 million.