Real Estate
In this Special Report: "Tenants Beware: Your Cure Period May Not Be as Long as You Think," "Musings on Mandated Commercial Lease Renewal," "Real Estate Disputes Involving Delaware LLCs: Does Forum Affect the Outcome?," "Can a Combined Zoning Lot Include a Partial Tax Lot?" and "Transfer Tax and the City."
June 24, 2019 at 01:35 PM
2 minute read
It is important for tenants to know that, depending on the language of their lease, they may not be able to rely on the notice period provided in conditional limitation provisions as a defense in a non-payment proceeding.
While each of the various grounds for non-renewal has problematic elements, the narrow provision that is limited to an unpermitted sublease is most troublesome.
The choice of forum is a weighty decision that should be very carefully considered. In some cases, it may make a real difference.
On April 12, 2019, New York Governor Andrew Cuomo signed New York's 2019-2020 budget into law. One section of the new law will increase the transfer tax rates that apply to real estate transactions in New York City. The new transfer tax rates are effective for property transfers on or after July 1, 2019.
Recently, the Manhattan Supreme Court issued a decision regarding the definition of zoning lots. The issue before the court was whether the New York City zoning regulations mandate that a zoning lot containing more than one tax lot (a “combined zoning lot”) must include the entire tax lot or can it include a portion of a tax lot.
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