Stephen Verp

In Massachusetts, the standard form Greater Boston Real Estate Board Purchase and Sale Agreement (“P&S”) is almost always the governing contract between the Buyer and the Seller regarding the proposed property to purchase. Most Buyers submit an initial offer to a Seller, which spells out the terms of the contract. The P&S supersedes the offer, and can be thought of as the “long form” contract. #pands #sectionsofcontract #purchaseandsale #realestatelaw #realestateattorneys #bostonma #bostonrealestate #cannerlawandassociates

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With the commercial vacancy rate rapidly increasing throughout parts of New York City, landlords are looking to take advantage of NYC's Office Conversion Accelerator Program which will allow them to transform their vacant office space into residential apartments. With the ever-increasing cost of construction and development in New York City, it will be interesting to see how these property owners are able to balance the high cost of modifying office space layouts into useful residential space while also keeping rents/sale prices within market tolerances.

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In Massachusetts, the standard form Greater Boston Real Estate Board Purchase and Sale Agreement (“P&S”) is almost always the governing contract between the Buyer and the Seller regarding the proposed property to purchase. Most Buyers submit an initial offer to a Seller, which spells out the terms of the contract. The P&S supersedes the offer and can be thought of as the “long form” contract. As with many other leal documents, this contract can often be hard to read. We recommend breaking it up into parts to ensure you understand everything you are signing. For more information, head over to our website at the link in our bio. #pands #purchaseandsale #underagreement #realestatelaw #realestateattorneys #bostonma #bostonrealestate #cannerlawandassociates

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New York State leaders have brokered a deal to tackle the housing crisis head-on, signaling a pivotal shift in real estate policy. Governor Kathy Hochul's announcement marks a turning point, with implications reverberating throughout the property landscape. This legislative framework underscores a delicate balance between the interests of tenants, developers, and labor unions. While developers stand to benefit from tax breaks, tenants gain crucial eviction protections, and unions secure higher wages for construction workers.  For property owners, this means navigating a changing regulatory landscape. The inclusion of rent increases for renovations and the relaxation of size limits on new buildings signal opportunities for growth and innovation. However, property owners need to stay informed and adapt to evolving regulations to maximize their investments. As trusted advisors in NYC real estate, Jack Jaffa & Associates is here to help property owners navigate these changes and seize opportunities for success. Stay tuned for more insights on how this landmark agreement impacts property owners across the city.  #NYCRealEstate #NYCPropertyManagement #JackJaffaAssociates Check out the NYT article that goes through the entire deal at the link in the comments.

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I am back! This time with a summary and downloadable chart for NYC's new Affordable Housing from Commercial Conversions program (AHCC) a/k/a 467-m a/k/a NYC's office conversion tax exemption. You know the drill: Click on the link below for what you need to know. #467m Quick note: Don't forget to consider #CPACE financing on those conversions, since such conversions will require a ton of upgrades that will easily qualify for CPACE dollars, which is relatively cheap capital nowadays. https://lnkd.in/eZ74ZPMU

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#RealEstate attorney Alexander Lycoyannis was quoted in a Law360 article discussing #NewYork #landlords' efforts to challenge the state's #rent stabilization laws before #SCOTUS. Mr. Lycoyannis commented on the evolving #legal landscape and the potential for the court to reconsider these issues. Read here: https://bit.ly/4bNKnE1 #NewYorkrealestate

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As Boston continues to navigate its post-pandemic recovery, it should prioritize fostering a competitive economic environment over imposing higher taxes on commercial properties. This proposal to increase commercial property taxes in Boston has sparked significant concern among local real estate developers and business leaders.  With the city heavily dependent on commercial property taxes, which are already nearly twice as high as residential taxes, this hike could pose a severe challenge to Boston’s economic growth and landscape.  #BostonRealEstate #BostonCRE #CommercialTaxes

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What is "Zone A" for the new ANNY 485-x property tax exemption? Manhattan south of 96th Street and see the below map of Brooklyn and Queens. Construction work on any eligible site for a very large rental project containing ≥ 150 dwelling units ("VLRP"), within Zone A, shall be subject to requirements in accordance with Labor Law §§ 220 and 220-b; provided, however, that the minimum hourly rate of wages and supplements required to be paid to construction employees shall be the lesser of: • $72.45, which shall increase by 2.5% on July 1, 2025, and by 2.5% on July 1st in each year thereafter, or  • 65% of the greatest prevailing rate of wages and supplements within a classification. VLRP: ≥ 25% of the dwelling units must be affordable at a weighted average income ≤ 60% AMI. A compliant VLRP would be eligible for the longest benefit period available: 40 years + ≤ 5 years during construction. So where are these areas exactly? • Manhattan south of 96th Street • Outside Manhattan, they are 5 different Neighborhood Tabulation Areas (NTA): 1 in Queens and 4 in Brooklyn. These are generally located between the Queensboro Bridge (Queens Plaza) and the Brooklyn Navy Yard / Flushing Avenue, in the areas of: Greenpoint, Williamsburg, South Williamsburg, East Williamsburg, Long Island City-Hunters Point. What are NTAs? See my post from yesterday about Zone B: https://lnkd.in/e5MgQnGB

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Wildcat Senior Properties LLC - Secured Party Sale On the 17th day of September, 2024, commencing at 11:00 a.m. prevailing Eastern Time, in front of the New York County Supreme Court, located at 60 Centre Street, New York, New York and offered virtually via online video conference, Pangea Mortgage Capital, LLC ("Secured Party") shall cause the following collateral to be sold by public auction(s) to the highest qualified bidder(s): (i) 100% of the membership interests in Wildcat Senior Properties LLC, a Delaware limited liability company and (ii) 100% of the membership interests in Shepherd Living at Wildcat, LLC, a Delaware limited liability company. Wildcat Senior Properties LLC and Shepherd Living at Wildcat, LLC are the owners and/or operators of certain real property and personal property, including that certain real property, and improvements thereon, located at 2101 Cane Bay Boulevard, Summerville, South Carolina 29486. The membership interests will be offered separately or as a single lot (as Secured Party may determine in its sole and absolute discretion) on an "as-is, where-is" basis, with no express or implied warranties, representations, statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party. The Secured Party reserves the right to reject all bids and terminate or adjourn the sale(s) to another time or place, or to effectuate a private sale instead of a public sale, without further publication, and further reserves the right to bid for the collateral at the sale and to credit bid by applying some or all of its secured debt to the purchase price. Interested parties who would like additional information concerning the collateral to be sold at the sale and the terms and conditions of the sale, including the eligibility requirements to be a qualified bidder, should contact Jonathan P. Cuticelli at 203-561-8737 or Jcuticelli@hilcoglobal.com.

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The fourth and final part of our series exploring the Fiscal Year 2024/2025 Executive Budget is out now! Emanuel Tsourounis II and Justin Mei explore the New York Real Property Tax Law amendment. Make sure to subscribe to our newsletter and read the rest of the series. #realestate #construction #coleschotz #lawyeringisourart

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A new policy change by The Real Estate Board of New York (REBNY) will likely result in dramatic changes to the real estate industry. These modifications by REBNY and other real estate regulatory entities are revolutionizing traditional commission frameworks and advocating for a more engaging and client-oriented approach to real estate transactions. Learn more in my latest blog post https://ow.ly/cvLL50RfnnJ

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The NYC Good Cause Eviction law exempts “small landlords” from coverage. Small landlords are those who own less than 10 units. Great! Less redtape for the little guy! Except…to take advantage of the exemption, you have to provide the tenant the address of every unit you own, the names of every person with an ownership interest “direct” or “indirect” (I have no idea what an “indirect” interest means and I’m sure the legislature doesn’t either. But it is clearly inviting litigious tenants to delay a simple dispute with discovery proceedings), the number of units every single person with the “direct” or “indirect” interest own and the addresses, excluding the individuals’ primary residence. And cumulatively, among the various partners they have to have an interest in less than 10 units. Putting aside the fact that it is impossible to comply with this exemption, now the small landlord has to give their disgruntled tenant the addresses of other units they may be involved in. This law does not help the little guy.

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Bussel Realty Corp Leases 53,550 SF at 300 Smith Street in Keasbey, NJ EDISON, NEW JERSEY (June 19, 2024) – Bussel Realty Corp. (BRC), a leading industrial/retail real estate services firm in New Jersey, leased the entirety of 300 Smith Street in Keasbey, New Jersey, a 53,550-square-foot industrial building, to Major Tempered Glass LLC.   David Blitt, senior vice president, Eli Harari, vice president, and David Paster, vice president, of BRC represented the landlord, 300 Smith Street Associates, in the transaction. Major Tempered Glass LLC was represented by the Metz Industrial Group of BRC, comprised of Jordan Metz, senior vice president, Benito Abbate, senior associate, and James Friel, sale associate. “We are pleased to have worked with the Metz Industrial Group and their client in locating the ideal industrial space for its business,” stated Blitt. “The property’s ample parking and proximity to major markets in Northern New Jersey and New York City, and the ports were key to servicing its clientele.” “We are excited to bring Major Tempered Glass' manufacturing operation from New York to New Jersey, marking a significant step forward for NJ manufacturing! The location, functionality, and access to strong labor attracted the tenant to 300 Smith Street in a transaction which demonstrated close collaboration between both the brokers and the principals, that led to a successful outcome,” noted Abbate. 300 Smith Street in Keasbey, New Jersey, is located off Route 440 and minutes to the New Jersey Turnpike, Garden State Parkway and Route 1-9 as well as the Outerbridge Crossing to Staten Island, New York, Port Newark/Elizabeth, Newark Liberty Airport and New York City metro markets. The industrial property totals 53,550 square feet, has 2,500-square-foot offices, 22-foot ceilings, four tailboards, 1,600 amps of power and parking for 35 cars and 15 trailers. About Bussel Realty Corp. With one of the largest dedicated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial/retail real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, retailers, owners, and investors, representing millions of square feet of property and tenant client assignments annually. The firm’s clients have included several of the largest Fortune 500 Companies, as well as numerous manufacturing, distribution, retail and services companies both nationally and locally. Currently, BRC is handling in excess of three million square feet of corporate and industrial real estate in New Jersey. #busselrealty #commercialrealestate #commerciallisting #commerciallistings #commercialproperty #commercialspace #commercialrealestate #commercialleasing #commercialleasingagent #njcre #industrialspace #warehousespace #warehouselease #newjerseywarehouse #northernNJ

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If reports are accurate the proposed development incentives (485-x for new construction and the conversion incentive) would require 20% or 25% permanently affordable units in exchange for a partial property tax exemption of 10 - 40 years. Begs the question how the properties will underwrite when the exemption ends and they pay 30% of rent as property taxes plus will need renovations, etc.

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