2019

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Freedoms With Property Ownership Are Not Absolute - Your Rights As An Owner Resident In A Multiple Dwelling

GDB Firm Blog

For many - one of the allures of owning real estate in Manhattan is that owners are afforded certain liberties and freedoms that renters do not otherwise have. However, unit ownership in a multiple dwelling is not free from restriction.

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Guidance Issued Regarding the $20 Cap on Application Fees

GDB Firm Blog

The New York State Department of State (the "DOS") has just issued a Guidance for Real Estate Professionals in connection with the Housing Security and Tenant Protection Act of 2019 (the "Act"), that addresses, among other topics, the $20 limit on application fees.

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The Conversation Regarding Conversion: Will Co-Op And Condo Conversion Become Obsolete?

GDB Firm Blog

?The New York real estate industry has been confronted with the most sweeping and aggressive tenant protections in the state's history under the 2019 Tenant Protection Act.

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Coop/Condo Boards - Share the Workload

GDB Firm Blog

As anyone who has volunteered to serve on a Cooperative or Condominium Board of Directors or Managers has quickly learned, the complexities of supervising the operation of a multi-million dollar real estate business are many.

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Enhance Your Collateral Monitoring On Mortgage Loans

GDB Firm Blog

If you have a mortgage loan or other interest in real property in Manhattan, Queens, Brooklyn or The Bronx, the New York City ACRIS recording system will send you automatic email updates when deeds, mortgages and most other real estate documents are filed against the property.

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Be Careful With Charitable Pledges As Collateral

GDB Firm Blog

It rents its space so there is no real estate collateral and there is no owner to guaranty the loan. It's a great charitable organization, you're going to get CRA credit, and you want to convince the wealthy directors to becomes customers of your bank, so you entertain a loan application from a well-known local charity.

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Sharia-Compliant Loans to Muslim Customers

GDB Firm Blog

In what is known as Murabaha transaction, the borrower sells its real estate to you for a price (the loan amount) payable at closing and you immediately sell the property back to the borrower for a price payable in installments. The installments are principal plus a "profit" payable to the lender.