New York City's hotels are a critically important component of the city's tourism and business industries. However, on July 18, 2024, 26 members of the New York City Council introduced Int. 991-2024 (Int. 991) without meeting...more
8/9/2024
/ Change in Control ,
Corporate Branding ,
Employer Mandates ,
Hotels ,
Licenses ,
Licensing Rules ,
Local Ordinance ,
Management Contracts ,
Operational Permits ,
Proposed Legislation ,
Rulemaking Process ,
Tourism ,
Wage and Hour
New York state has enacted changes in the housing laws that will have a significant impact on the development and operation of multifamily housing in New York City and the state, and will also ameliorate the effects of...more
4/24/2024
/ Affordable Housing ,
Construction Project ,
Density Bonus ,
Eviction ,
Housing Developers ,
Housing Market ,
Landlords ,
Multi-Family Development ,
New Legislation ,
Real Estate Development ,
Rent ,
Rental Property ,
Residential Property Owners ,
Tax Incentives ,
Tenants ,
Urban Planning & Development ,
Wage and Hour
The National Small Business Association (NSBA) and a small business owner (also a member of the NSBA) filed a lawsuit on Nov. 15, 2022, in the U.S. District Court for the Northern District of Alabama challenging the...more
3/6/2024
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Beneficial Owner ,
Commerce Clause ,
Congressional Authority ,
Constitutional Challenges ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
Foreign Relations ,
Legal History ,
National Security ,
Reporting Requirements ,
Small Business ,
Summary Judgment ,
Taxing Power
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Feb. 7, 2024, issued a Notice of Proposed Rulemaking (NPRM) proposing a new nationwide reporting obligation to be imposed on settlement...more
2/27/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Cash Transactions ,
Corporate Transparency Act ,
FinCEN ,
Geographic Targeting Order ,
GTO ,
NPRM ,
Proposed Regulation ,
Real Estate Transfers ,
Reporting Requirements ,
Residential Real Estate Market ,
Suspicious Activity Reports (SARs) ,
Terrorist Financing Regulations ,
Title Insurance ,
Trusts ,
U.S. Treasury
The New York Senate on Jan. 4, 2023, introduced the Good Cause Eviction Bill, S-305 (Bill), which effectively is written as a statewide rent control measure that impacts all housing not already subject to state rent control...more
In response to a ruling request from Holland & Knight, the New York City Department of Finance (DOF) issued a ruling (FLP-22-5024) holding that a homeless shelter owned and operated by a not-for-profit (NFP) entity is...more
Legislation to impose a tax on the creation of mezzanine debt and preferred equity was reintroduced on Jan. 4, 2023, in the last two sessions of the New York state legislature, by the same state senators who proposed it...more
Former New York City Mayor Bill de Blasio's Advisory Commission on Property Tax Reform (the Commission) issued a report on Dec. 28, 2021, titled "The Road to Reform: A Blueprint for Modernizing and Simplifying New York City's...more
1/18/2022
/ Advisory Committee ,
Fair Market Value ,
Homestead Exemption ,
Homesteads ,
Mayor de Blasio ,
Municipalities ,
Property Owners ,
Property Tax ,
Property Valuation ,
Residential Property Owners ,
Residential Real Estate Market ,
Tax Assessment ,
Tax Reform
The leasehold condominium structure has become a popular way for landlords and nonprofit entities to establish or modify their relationship to permit space that the nonprofit would formerly lease to qualify for a real...more
In August 2020, a bill was introduced in the New York State Legislature that would tax mezzanine debt (the Mezzanine Debt Bill). The Mezzanine Debt Bill has now been reintroduced in both the Assembly and the Senate and is...more
Twenty-four members of the New York State Senate on Jan. 27, 2021, introduced S-3082, and 43 members of the New York State Assembly on Feb. 19, 2021, introduced A-5573 (collectively, the bills), which would preclude the...more
3/4/2021
/ Condominiums ,
Eviction ,
Good Cause ,
Hotels ,
Landlords ,
Proposed Legislation ,
Rental Property ,
Residential Leases ,
Residential Real Estate Market ,
Sub-Tenants ,
Tenants
Numerous reports have documented the softening condominium market in New York and other large cities resulting from the excess capacity of expensive units. The softening could lead to developers not meeting their repayment...more
The U.S. House of Representatives passed the Corporate Transparency Act of 2019 (HR 2513) by a vote of 249-173, including 25 Republicans, on Oct. 22, 2019. A companion bill is being reviewed by the Senate. The purpose of HR...more
11/8/2019
/ Beneficial Owner ,
Compliance ,
Corporate Governance ,
Exclusions ,
FinCEN ,
Limited Liability Company (LLC) ,
OCC ,
Partnerships ,
Pending Legislation ,
Publicly-Traded Companies ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Transparency ,
Trusts
The New York State Tax Law and the New York City Administrative Code have been amended to require the name and address of every member of a limited liability company (LLC) that acquires or sells residential real estate in New...more
• New York's Housing Stability and Tenant Protection Act of 2019, which was enacted and became effective on June 14, 2019, will have a sizable impact on a landlord's ability to convert buildings to cooperatives and...more
7/12/2019
/ Apartments ,
Attorney's Fees ,
Co-Op ,
Commercial Property Owners ,
Condominiums ,
Eviction ,
Foreclosure ,
Landlords ,
Late Payments ,
Multi-Family Development ,
New Legislation ,
Notice of Default ,
Notice Requirements ,
Rental Property ,
Shareholders ,
Tenants