Publications

New York Law

51 Articles and Other Items Found

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Beware Of Section Cross-References [2023]mail

A recent New York case demonstrates what can go wrong when legal documents use numerical section cross-references. It's easy to do something else to prevent confusion and possible litigation.
New York Legislature Gives Lenders A New Way To Screw Up Foreclosures [2023]mail

An already unwieldy and drawn-out foreclosure process in New York now offers one more pitfall for lenders, thanks to legislation signed at the end of 2022.
New York Notches Up Its War On Real Estate [2023]mail

New York decided to join the corporate transparency party, with legislation that does almost nothing except impose new burdens on real estate and other business.
A New Variation On An Old Problem For Subcontractors In New York [2022]mail

If an owner doesn't pay its general contractor, the GC would like to figure out a way not to pay its subcontractors. In New York, some creativity along those lines didn't quite work.
A Tenant's Insurance Policy Doesn't Necessarily Protect The Property Owner [2022]mail

A recent trip and fall case in New York demonstrates that although a tenant's liability insurance typically names the property owner as an "additional insured," the owner should also have its own policy.
A Limited Liability Company And A Quick Flip [2021]mail

An LLC manager buys out an investor, and then resells for a huge profit. Does that pass the smell test? What will a court say?
Real Estate, Interrupted: Joshua Stein talks about how commercial real estate can survive the Covid-19 pandemic [2020]mail

How are commercial landlords, tenants, lenders, and borrowers dealing with Covid-19? Super Lawyers magazine published a long interview with Joshua Stein.
A Comparison Between Artichoke Hearts And Residential Real Estate [2020]mail

Food and housing are both important. What would happen if the government treated the food business the same way it treats rental real estate?
A New Tax For New York's Commercial Real Estate Industry? [2020]mail

Some New York State legislators propose to extend the State's 2.8% tax on substantial mortgages to mezzanine loans and preferred equity financing.
Is Coronavirus The End Of The Road For New York's Regulated Apartment Owners? [2020]mail

After New York's disastrous 2019 "rent reform" legislation, the coronavirus may finish off whatâ€™s left of New York's rent-regulated apartment business.
New NYC Law Prohibits Enforcement Of Some Lease Guaranties [2020]mail

NYC's new law blocks the enforcement of some personal guaranties of leases, but probably doesn't achieve its goal and may very well be unconstitutional.
The End Of New York Rent Regulation? - We'll See [2020]mail

Residential rent regulation law in New York City is tied to a market vacancy rate below 5%. If the Covid pandemic raises the rate over 5%, will that lead to the end of rent regulation?
What Does New York Have Against Real Estate? [2020]mail

A recent court decision helps explain why New York's 75-year housing crisis may last another 75 years.
Another Day, Another New Law [2019]mail

City and State legislators have been proposing and passing a lot of well-meaning laws recently. But there are several reasons why tamping down this enthusiasm would be advisable.
Fixing Rent Regulations? Stop the Cheaters [2019]mail

New York City wants to kill AirBnB because it keeps apartments off the rental market. Why not bring the same intrusive investigations and draconian fines to bear on another very similar problem?
Scaffolding [2018]mail

Scaffolding has been a part of life in New York City for over 30 years. When a sidewalk shed goes up, should retail rents go down? What protections should retail tenants try to obtain if sidewalk retail space becomes the equivalent of basement space after scaffolding is erected?
Who Cares About Clogging? [2018]mail

Real estate finance lawyers continue to worry about the ancient doctrine against "clogging the equity of redemption," which serves as an example of what happens when case law and statutory law don't keep up with the times.
Can an Email or a Phone Call Create a Legal Obligation to Sell a Loan? [2017]mail

When does the seller lose the right to change its mind in the auction sale of a loan? How does the recent New York Court of Appeals decision in the matter, Stonehill Capital Management v. Bank of the West, affect "preliminary" commercial real estate agreements?
City's Real Estate Policy: Not Merely Bad, But Bizarre [2017]mail

To craft the right solutions for New York City's affordable housing shortage it's necessary to understand what caused the problem in the first place. Three major government programs have hindered new development and will continue to do so until current policies change.
Government Created The Housing Crisis. Government Can Solve It. [2017]mail

Can the government remedy a housing crisis it started decades ago? New York City's long-term shortage of affordable housing isn't impossible to fix. In fact, there are specific measures the government can take to resolve it.
Lawyer and Broker at the Same Time? [2017]mail

The NYSBA Committee on Professional Ethics recently reaffirmed its prohibition on lawyers acting as brokers at the same time. But should a fully informed and intelligent commercial real estate client be able to waive this longstanding rule?
Lenders Grapple With New NYC Affordable Housing Regs [2017]mail

New York's popular 421-a tax abatement was replaced with a new program called Affordable New York. How well will it work? Joshua Stein is quoted in Real Estate Finance & Investment.
Model New York Contract of Purchase and Sale [2017]mail

Joshua Stein offers an annotated and user-friendly Model New York Contract of Purchase and Sale. It's written in Plain English, uses the active voice, and contains no section cross-references, relying instead on defined terms.
My Updated Wish List for New York Real Estate Law [2017]mail

New York real estate law doesn't have to be as complicated as it is. This article revisits an earlier version, offering an updated and expanded list of ways to simplify and improve the law and practice of real estate in New York.
How to Fight Blight Caused by Residential Foreclosure [2016]mail

There's a way to fight blight caused by residential foreclosure in New York, but it requires a rethinking of the foreclosure process.
What Can Government Do To Solve Our Housing Crisis? [2016]mail

The discussion about providing more affordable housing in New York City always emphasizes having government do more rather than less. But would the housing market work better if the government did less instead?
Development Rights: Lender's View [2015]mail

Acquisition of a property's unused development potential can be a great investment for a developer; but not all lenders and developers understand how the trade in development rights works and what makes good collateral. A number of variables can make all the difference in whether a project comes together or not.
Foreclosure Foiled by a Paper Clip [2015]mail

A recent New York foreclosure case illustrates the need for reforming antiquated negotiable instruments laws so complex that even an appellate court seems to have misunderstood them.
How New York City and State Transfer Taxes Apply To Ground Leases [2015]mail

Ground leases in New York incur lower transfer taxes than an outright sale at a similar valuation, but there's far more complexity involved. This article reviews the issues and results of applying the transfer tax at City and State levels.
Faster Foreclosures? [2014]mail

New York's new "Accelerated Adjudication" court rule could make commercial litigation, including commercial foreclosure, a lot less arduous. One core provision is anticipated to speed up the process.
A Different Way to Sell Real Estate - Auction Sale of 251 Park Avenue South [2013]mail

In 2013, a court directed Joshua Stein to hold a public auction sale of 251 Park Avenue South, a 16-story office building in the Flatiron District. This article describes the circumstances of the sale and how Joshua Stein went about his assignment. After publication of this article, the press reported that Extell Development acquired an additional 25% co-ownership interest in the building.
One Reason Why Construction Loan Closings Are So Complicated [2013]mail

Why are construction lien claimants sometimes called "the world's most pampered creditors"? This article shows how New York Lien Law creates gratuitous problems and issues for construction loans.
Clarity On How Mortgage Recording Tax Applies to Interest Rate Swaps [2012]mail

Learn how New York State's mortgage recording tax affects the technique borrowers and lenders use as a hedge against interest rate fluctuation risk.
How New York State Shoots Itself in the Foot on Revolving Mortgage Loans [2012]mail

New York State's hyper-technical interpretation of the mortgage recording tax effectively eliminates the possibility of collecting mortgage tax payments on revolving loans, and discourages a type of commercial real estate financing that is commonplace elsewhere.
Introduction to the New York Lien Law for Counsel to Owners of Troubled Construction Projects [2012]mail

When a construction project starts to get into trouble and subcontractors aren't being paid, what should the owner do? And what problems and issues might the owner face under the New York Lien Law?
New Legislation Requires Owners to Disclose Air Contamination Reports [2009]mail

If a New York property owner learns about certain environmental contamination on the property, the owner may need to notify tenants of the building. This article explains how the law will likely be applied.
Usury Chapter - Stein on NY Commercial Mortgage Transactions [2008]mail

Joshua Stein summarized New York usury law in an article published by the New York State Bar Association in the early 1990's. That article was updated and became Chapter 2 of "Stein on New York Commercial Mortgage Transactions," published by LexisNexis and last updated in 2008. To read that chapter, click anywhere on this paragraph.
New York's Final Lawyer Advertising Rules [2007]mail

New York's Office of Court Administration issued final (revised) lawyer advertising rules in January 2007 -- much improved from the draft rules released in Summer 2006. This article compares the draft and the final rules, at least as they relate to email and websites.
Getting Attached - When Do Allonges Meet the Requirements of the New York UCC? [2006]mail

You will often see an "allonge" document (an endorsement separate from the promissory note) for any assignment or pledge of a loan. But does an allonge really do the job under New York law?
New York's Limited Liability Company Law Takes A Big Step In The Wrong Direction [2006]mail

The New York State Legislature took a bad law and tried to make it even worse. (After this article was written, the Legislature partly changed its mind.)
Tangling Up the Web for Lawyers [2006]mail

In 2006, when the New York Office of Court Administration proposed new legal ethics rules on advertising and solicitation that would have affected how lawyers could use websites and email to communicate with clients and prospective clients, Joshua Stein submitted comments and recommended changes to the OCA to resolve his concerns.
A Wish List for New York Real Estate Law [2005]mail

A dozen easy ways to improve and simplify New York real estate law, primarily for lending and leasing.
City and State Tax Rulings Open the Door for Synthetic Leases in New York [2002]mail

Favorable rulings from New York State and New York City make it possible to use synthetic leases, which would otherwise pose an impossible tax burden.
Confusury Unraveled - New York Lenders Face Usury Risks in Atypical or Small Transactions [2001]mail

New York usury law consists mostly of exemptions. But it also imposes huge penalties for the occasional usurious transaction that manages not to qualify for any exemption.
Questions to Ask for Any Commercial Real Estate Acquisition or Financing: Expectations and Practices in New York [2001]mail

What questions do investors need to ask before buying, investing in, or financing commercial real estate? This article discusses those questions as a starting point for due diligence.
Defeasance - Now a Viable Option in New York State [2000]mail

How "defeasance" works, and how it works in New York despite New York's panoply of taxes on commercial real estate transactions.
Nuggets of New York Commercial Mortgage Law and Practice - A to Z [2000]mail

A miscellaneous collection of legal details that New York commercial mortgage lenders need to know.
A Simple Proposal to Simplify New York's Mortgage Recording Tax [1997]mail

An overview of how New York's mortgage recording tax works, why it causes so much trouble, how the State could easily simplify it, and some other thoughts on the mortgage recording tax.
NewYork Mortgage Recording Tax on Revolving Loans-The Problem and a New Solution for Multistate Transactions [1994]mail

New York state recording tax can make it dificult to use real property from the state as collateral for a loan. However, documenting the transaction as a modification can drop the price.

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Joshua Stein PLLC
Please Note Our New Address:

110 West 57th Street, 4th Floor
New York, NY 10019 (212) 688-3300

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