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Blog / 03.27.24 /Kenneth R. Jacobs

Alabama Federal District Court Declares Corporate Transparency Act Unconstitutional

Earlier this month, a federal court in Alabama ruled that the Corporate Transparency Act (“CTA” – See our January E-blast) was unconstitutional as applied to the plaintiffs, the National Small Business Administration and associated individuals. According to the court, the disclosure requirements for officers and directors in the CTA exceeded the government’s federal powers. The …

Blog / 03.21.24 /Kenneth R. Jacobs

Ken Jacobs Featured in Habitat Magazine Addressing the Hard Insurance Market: Strategies for Boards

Rising insurance premiums and dwindling coverage have co-op and condo boards at the mercy of what’s called a “hard insurance market.” This is largely because insurers’ are trying to offset billion-dollar losses with higher premiums, lower coverage and exclusions. In the face of escalating costs, boards are forced to explore different ways to reduce liability …

Blog / 03.11.24 /Kenneth R. Jacobs

Congress Likely to Kick “Corporate Transparency Act” Compliance Down the Road

As reported in our January E-Blast, the Corporate Transparency Act (“CTA”) disclosure requirements went into effect on January 1, 2024, compelling most corporations to report personal information about Board members to the Treasury Department. [See E-BlastHere.] Most co-op and HOA attorneys are advising their clients to delay compliance with the CTA until later in the …

Blog / 01.26.24 /Kenneth R. Jacobs

Co-Ops and HOA’s Caught In “Corporate Transparency Act” Net

In its ongoing effort to limit “money laundering, terrorist financing, corruption, tax fraud, and other illicit activity,” Congress passed the “Corporate Transparency Act” (“CTA”) in 2021 requiring certain business entities to file reports with Treasury identifying the beneficial owners of the entity. In 2022 the “Financial Crimes Enforcement Network” of the Treasury Department (“FinCEN”)  passed …

Blog / 01.08.24 /Kenneth R. Jacobs

New Law Reduces Maximum Construction Retainage To 5%; Time Limit Set For Release After Completion

Governor Kathy Hochul just signed a new law, S.3539/A.4167, intended to address delays in payment after “substantial completion” of a construction contract and to establish a 5% cap on the amount retained from progress payments under the contract. Specifically, Section 1 allows contractors to submit their “final invoice” after substantial completion rather than upon ”performance …

Blog / 12.04.23 /Kenneth R. Jacobs

New York’s New Flood Insurance Notice Requirements For Co-ops and Other Landlords.

New York State has passed new Real Property Law Section 231-b, requiring landlords to notify tenants of flood insurance risks for their buildings. Co-op corporations, and individual owners who lease or sublease their units, have been swept into the mix. Flood Hazard Lease Notice All residential leases must now specify whether the leased premises is …

Blog / 09.28.23 /Kenneth R. Jacobs

Habitat Magazine: “Shareholders Must Replace Leaky Jacuzzi with Standard Tub”

What Happened: Ram Avrahami and Andrea Gural purchased a cooperative apartment containing a jacuzzi and used it for several years with no complaints. In 2017, though, the building superintendent (who lived below them) noticed that the tub was sinking; a little later, she also notified them that their toilet was leaking into her apartment. The …

News / 09.23.23 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Thomas W. SmithandMark L. Manewitz

Smith Buss & Jacobs 2023 selections by Super Lawyers

Eric Blaha, Jeffrey Buss, Kenneth Jacobs, Mark Manewitz & Thomas Smith have each been selected to the 2023 New York Metro Super Lawyers list. Each year, no more than five percent of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor. Super Lawyers, a Thomson Reuters business, is a rating service of …

Blog / 08.14.23 /Kenneth R. Jacobs

Dogs, Dope and Noise

Beginning in 2018, the board of the The Charleston Condominium, a 191-unit, 21-story building at 225 East 34th St., began com-municating (through counsel) with apart-ment owner Judith Zarucki about bylaw and house rule violations. Specifically, the board alleged that Zarucki had been causing offensive odors by smoking marijuana, keeping too many pets and allowing them …

Blog / 08.14.23 /Kenneth R. Jacobs

Habitat Magazine: The Alteration Pass-Along

Building a Better System “Basically, you have to treat alteration and assumption agreements like corporate documents and make sure they’re retained for safekeeping,” says Ken Jacobs, a partner at the law firm Smith, Buss & Jacobs. “And when there is a sale, the board has to make sure that management checks the agreements for that …

Blog / 05.11.23 /Eric P. Blaha,Kenneth R. JacobsandRyan P. Houck

PowerPoint: How to Handle Transfers – Current Issues Facing Co-op & Condo Boards

CLICK HERE to view our PowerPoint presentation, “How to Handle Transfers – Current Issues Facing Co-op & Condo Boards.”

Blog / 04.27.23 /Kenneth R. Jacobs

Recent Court Cases Void Restrictions on Evictions and Enforcement of Lease Guarantees, But Window is Still Open

NY State and federal courts recently voided some of the more extreme measures taken by New York City and Albany during the COVID emergency. “Eviction for Good Cause” Law Voided in City of Albany. In 2021 the city of Albany passed a law requiring landlords to offer renewal leases to tenants unless the tenants violated …

Blog / 12.16.22 /Kenneth R. Jacobs

HOW TO: Pass a Controversial Amendment to the Proprietary Lease

Ken Jacobs joins Habitat Magazine to discuss how to pass a controversial amendment to the proprietary lease. Legally and practically. The way to pass a controversial policy, such as a smoking ban, is to amend the proprietary lease. The proprietary lease is considered a contract under New York law, and therefore the parties to the contract, …

Blog / 12.02.22 /Kenneth R. Jacobs

E-Bike And E-Scooter Safety – Is It All Or Nothing?

Lithium-Ion batteries (“L-I Batteries”) are used in numerous consumer devices, ranging from cell phones, laptops and tablets to vapes, electric toothbrushes, tools and cameras, and wheelchairs, bicycles and scooters. These batteries have a history of overheating, particularly on E-Bikes and E-Scooters. After several E-bike battery fires this spring, the NYC Housing Authority banned E-bikes and …

News / 11.14.22 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Thomas W. SmithandMark L. Manewitz

Smith Buss & Jacobs 2021 selections by Super Lawyers

Eric Blaha, Jeffrey Buss, Kenneth Jacobs, Mark Manewitz & Thomas Smith have each been selected to the 2020 New York Metro Super Lawyers list. Each year, no more than five percent of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor. Super Lawyers, a Thomson Reuters business, is a rating service of …

Blog / 09.28.22 /Kenneth R. Jacobs

Ripple Effects Of Surfside Condo Collapse – FNMA And Freddie Mac Tighten Oversight Of “Deferred Maintenance” In Condos And Co-Ops

PART I – FINDING EVIDENCE OF “DEFERRED MAINTENANCE” When you take out a personal mortgage or a co-op loan, your bank usually packages it with other mortgages and sells them in bulk to the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac” or simply “Freddie”). (In …

Blog / 05.19.22 /Kenneth R. JacobsandMatthew J. Smith

PowerPoint: “Leaks, Fires, & Construction Damages: Are You and Your Co-op or Condo Ready for the Next Crisis?”

Click Here to view our PowerPoint presentation, “Leaks, Fires, & Construction Damages: Are You and Your Co-op or Condo Ready for the Next Crisis?”

Blog / 12.30.21 /Kenneth R. Jacobs

Governor Signs Bill Exempting Co-Ops From Some Damaging Provisions Of Housing Stability Act

On June 10th, we notified you that a bill exempting Co-ops from some of the more objectionable provisions of the 2019 Tenant Protection and Housing Stability Act passed the legislature. See our E-Blast HERE. Due in part to the change in the executive branch, the Governor did not sign the bill until last week. To …

Blog / 12.15.21 /Kenneth R. Jacobs

Mayor De Blasio Imposes Vaccination Requirements On Private Businesses

New York City announced today that effective December 27th, all employees at private sector businesses must have received at least one dose of COVID-19 vaccine. According to the New York Times, “There is no testing option as an alternative.” The City expects to publish more detailed rules for implementation and enforcement by December 15th. Mayor …

Blog / 11.16.21 /Kenneth R. Jacobsand

A Matter of Trust – Issues for Boards When Owners Transfer Apartments to Trusts, LLCs, & Other Legal Entities

Why Are So Many People Considering Transfers to Trusts and LLC’s? 1. Speed up Estate Transfers – Transfers to trusts avoid delays in probating assets under a will; a Trust is also easier to amend and provides more flexibility in changing beneficiaries than wills do 2. Tax Planning. – Transfers to family managed LLC’s allows …

Blog / 11.10.21 /Kenneth R. Jacobs

Electronic Meeting Bill For Co-ops Signed Into Law

At long last, Co-ops are now officially allowed to conduct shareholder meetings electronically, permanently extending the current law that expires on December 31st. As before, the Board of Directors must provide a platform that provides shareholders a reasonable opportunity to participate in the proceedings, to verify that participants are shareholders of record, to vote, and …

News / 11.10.21 /Kenneth R. Jacobsand

Webinar: A Matter of Trust – When Owners Transfer Apartments to Trusts, LLCs, & Other Legal Entities

Register NOW for our November 16th, Cooperator Town Hall Event at 2:00pm EST. Led by Kenneth R. Jacobs and A.J. Morgenstern. Shareholders and unit owners often seek to transfer ownership of their apartments to Revocable Living Trusts, Medicaid Trusts, Family Limited Liability Companies and other artificial entities in order to avoid probate and reduce their …

Blog / 10.15.21 /Kenneth R. Jacobs

32BJ And RAB Reach Agreement On Implementing Vaccination Policies In Buildings

Local 32BJ and the Realty Advisory Board have entered into a “Memorandum of Understanding” regarding the implementation of vaccine mandates at buildings. Employers may require employees to be vaccinated under the following timetables and protocols: 1. Employers must give employees one week’s notice of their intention to require vaccinations at the building; 2. By the …

News / 10.15.21 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Thomas W. SmithandMark L. Manewitz

Smith Buss & Jacobs 2021 selections by Super Lawyers

Eric Blaha, Jeffrey Buss, Kenneth Jacobs, Mark Manewitz & Thomas Smith have each been selected to the 2020 New York Metro Super Lawyers list. Each year, no more than five percent of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor. Super Lawyers, a Thomson Reuters business, is a rating …

Blog / 09.16.21 /Kenneth R. Jacobs

Our Legislature At Work, Legal News & Updates 9.15.2021

The New York State Legislature has considered the pressing problems affecting community associations and in response, has passed at least four new bills affecting condominiums, cooperatives and homeowners associations that are either awaiting the Governor’s signature or have been signed into law. “PREVAILING WAGE” BILL SIGNED INTO LAW. Governor Hochul has signed into law the …

News / 07.16.21 /Kenneth R. Jacobs,Emanuela LupuandJennifer L. Stewart

Webinar: Legal Updates – New State, Local & Federal Legislation – What Boards Should Know

Register NOW for our June 29th, Cooperator Town Hall Event at 2:00pm EST. Led by Kenneth R. Jacobs, Emanuela Lupu-Ferrante, and Jennifer L. Stewart. Overview: The New York State legislature amended several important laws affecting co-ops and condos in the last two days of its session. Several new federal and local laws will also have …

Blog / 06.11.21 /Kenneth R. Jacobs

Legislature Exempts Co-ops From Key Restrictions In “Housing Stability Act”

On June 10th, the State Senate and Assembly removed most cooperative corporations (with one significant exception noted later in this Alert) from the application of key sections of the so-called “Tenant Protection and Housing Stability Act” that had lumped private Co-ops in with for-profit rentals. The changes included the following: 1. (a) Co-ops Can Recover …

Blog / 05.14.21 /Kenneth R. Jacobs

Covid-19: Can Associations Require COVID Vaccinations?

Everyone finally has access to vaccines! Gyms, playrooms and pools are starting to reopen! Previously Associations worried about requiring COVID testing. Now they must consider whether to require COVID vaccinations as a condition of employment or renewed use of their facilities. Employees. Under current OSHA and EEOC guidelines, Associations do have the right to require …

Blog / 02.03.21 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Covid-19: DHCR Allows Co-ops to Impose Mask Mandates; Employers May Require Vaccinations from Employees; Condo Lien Foreclosures Not Barred by Latest Moratorium

DHCR Grants Powers to Co-ops to Enforce COVID Rules. DHCR has issued regulations allowing “Limited Profit and Limited Dividend” housing projects (such as Mitchell-Lama co-ops and many HDFC’s) to pass rules requiring residents to wear masks in public areas if they cannot maintain social distancing. Building owners are authorized to [“shall”] deny admittance to any …

Blog / 01.19.21 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Covid-19: New Rules Evictions and Foreclosures Still Limited News on Insurance Costs and Taxes

PPP UPDATE Co-ops STILL Eligible. Condos and HOA’s May be Challenged. Co-ops are eligible for PPP Loans even as first-time borrowers. Based on the statutory language in the new Stimulus bill, though, Condos and HOA’s do not qualify because (unlike Co-ops) they were not specifically included. Hopefully that omission will be corrected or explained away, …

Blog / 12.23.20 /Kenneth R. Jacobs

Covid-19: Co-op Boards Need to Act Fast on Paycheck Protection Loans – Habitat Weekly

“Call your lender,” echoes Ken Jacobs, a partner at the law firm Smith Buss & Jacobs. “If they aren’t making the loans themselves, they will know lenders who will make these SBA-backed loans. I’d be shocked if they couldn’t hook you up. And boards should apply quickly, because the money could run out. That’s what happened last …

Blog / 12.23.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Covid-19: Christmas Presents for Co-ops – Paycheck Protection Program (“PPP”) Amended to Allow Loans to Cooperatives

The Omnibus Spending Bill newly passed by Congress includes a provision specifically making housing cooperatives eligible for PPP loans. No matter what the bill ultimately looks like when it becomes law, we expect that provision to remain. As a result, cooperatives can now apply for PPP loans without fear of rejection. The amendments also apply …

Blog / 11.10.20 /Kenneth R. Jacobs

Covid-19: Burdens Facing Co-ops and Condos in 2021 and Beyond

While New York State remains preoccupied with controlling the latest COVID surges, the NYC Council has imposed new burdens on cooperatives and condominium in the name of safety. What are we facing for 2021? 1. NYS Quarantine Rules Change Again. As of November 4th, persons spending more than 24 hours in another state are required …

News / 10.06.20 /Kenneth R. Jacobs,Emanuela LupuandDomenick J. Tammaro

Town Hall: Remote Control – Managing Meetings, Elections & Shareholder Anxiety during COVID

Kenneth R. Jacobs, Domenick J. Tammaro, Emanuela Lupu-Ferrante led a Cooperator Town Hall Event on October 6, 2020. Overview Countless co-op and condo communities postponed their annual meetings this past spring thanks to the pandemic. Not only do those meetings still need to be held, but arrears are higher, sales are slower, and it looks …

Blog / 08.30.20 /Jeffrey D. Buss,Kenneth R. JacobsandThomas W. Smith

Latest Covid-19 Developments: Gyms

NEW YORK STATE AUTHORIZES GYMS TO REOPEN (SORT OF) New York State is allowing gyms to reopen as early as August 24th, unless the locality delays openings (but not later than September 2nd). Sounds like great news, until you read the details. The six-page “summary” of reopening guidelines for gyms and fitness centers appears on …

News / 08.13.20 /Eric P. BlahaandKenneth R. Jacobs

Webinar: Conducting Online Meetings – should the practice be continued?

Ken Jacobs & Eric Blaha were panelists on the webinar hosted by Hudson Valley CAI “HOAs-Discontinue Online Meetings and Voting?” held August 13th. Review the presentation materials here or watch the webinar recording here: Hudson Valley CAI “HOAs – Discontinue Online Meetings and Voting?” For more information contact: Eric Blaha at eblaha@sbjlaw.com or Ken Jacobs …

News / 07.16.20 /Kenneth R. Jacobs,Emanuela LupuandDomenick J. Tammaro

Webinar: Living in a COVID World – Confronting Real-Life Issues as Associations Reopen

Kenneth R. Jacobs, Domenick J. Tammaro, Emanuela Lupu-Ferrante led a Cooperator Town Hall Event on July 16, 2020. Overview Countless co-op and condo communities postponed their annual meetings this past spring thanks to the pandemic. Not only do those meetings still need to be held, but arrears are higher, sales are slower, and it looks …

Blog / 07.03.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

LATEST COVID-19 DEVELOPMENTS: NEW LAWS REGARDING EVICTIONS AND FORECLOSURES; PPP PROGRAM EXTENDED; Q&A ON REOPENING ISSUES

NEW LAWS REGARDING EVICTIONS AND FORECLOSURES; PPP PROGRAM EXTENDED; Q&A ON REOPENING ISSUES MORATORIUM ON RESIDENTIAL NON-PAYMENT EVICTIONS EXTENDED INDEFINITELY.  Last night Governor Cuomo signed the “Tenant Safe Harbor Act”, which bans issuance of a warrant of eviction against a residential tenant or other lawful occupant who has suffered a “financial hardship” during the “COVID-19 …

Blog / 05.28.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

COVID-19: Guidelines for Reopening Buildings

Guidelines for Reopening Buildings The pressure to relax the guidelines for access to condominium and cooperative buildings, including their common facilities, has been growing. Boards need to develop a plan for handling the increased risks that come with increased traffic within the premises and social interaction among owners. The following assumes that you have guidelines …

Blog / 05.26.20 /andKenneth R. Jacobs

COVID-19: Reopening Guidance for Property Owners on Construction Projects; New NYS Small Business Loan Assistance

REOPENING GUIDANCE FOR PROPERTY OWNERS RESTARTING CONSTRUCTION PROJECTS NEW NYS SMALL BUSINESS LOAN ASSISTANCE MID-HUDSON REGION REOPENS MAY 26, 2020; LONG ISLAND TO FOLLOW MAY 27, 2020. The Mid-Hudson Region reopens for Phase One today, and Long Island reopens with Phase 1 tomorrow. Phase 1 means that contractors in these Regions can resume non-essential construction …

Blog / 05.11.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: EXECUTIVE ORDER RE SECURITY DEPOSITS AND EVICTIONS; PPP SAFE HARBOR EXTENSION; SAFE CONSTRUCTION PRACTICES; ARE YOU PREPARED FOR LOOSENED RESTRICTIONS?

Executive Order Allows Use of Security Deposits for Rent, Extends Moratorium on Evictions and Foreclosures. On May 7th Governor Cuomo issued Executive Order 202.28, which provides in part that (i) residential landlords and tenants can agree with each other to use security deposits to pay rent arrears; (ii) requires landlords to use a security deposit …

Blog / 05.05.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: PPP UPDATE; GLIMMERS OF HOPE FOR “BUSINESS INTERRUPTION” COVERAGE?

More Fun with PPP. The scramble by cooperatives and condominiums for a definitive decision about eligibility for Paycheck Protection Program loans has generated further confusion. The list of Frequently Asked Questions published by the SBA on April 24th included this one: “35. Question: Are agricultural and other forms of cooperatives eligible to receive PPP loans? …

Blog / 04.27.20 /Kenneth R. Jacobs,Thomas W. Smithand

Coronavirus: Dealing with Commercial Tenants Seeking Rent Abatements

Many commercial tenants are asking their landlords for rent relief due to their business losses during the lockdown. How are landlords responding? Spoiler Alert: No Magic Bullet or Standard Formula. We have consulted with landlords with billion-dollar portfolios and with only a single tenant. All of them have advised us that they are dealing with …

Blog / 04.23.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: The latest on PPP Eligibility for Co-ops and Condos; Handling Visitation Issues during the Lockdown; Sales and Closings in the Virtual Market

Latest on PPP Eligibility for Co-ops and Condos. The SBA still hasn’t changed its official position under its “Interim Rule” that cooperatives are not eligible for the PPP. However, we have spoken with the managers for at least two cooperatives (one in NYC and one in Virginia, which also treats its co-ops as business corporations) …

Blog / 04.16.20 /Eric P. BlahaandKenneth R. Jacobs

Coronavirus: CONDUCTING EFFECTIVE “VIRTUAL” ANNUAL MEETINGS

Spring Annual Meeting Season is Here! But how can associations run effective meetings without owners being physically present to participate? Even though “social distancing” seems to be slowing the spread of COVID-19, we expect that Governor Cuomo will extend the portions of Executive Order 202.8 that suspend longstanding legal requirements that ownership meetings must be …

Blog / 04.15.20 /Kenneth R. Jacobs

Coronavirus: NEW EXECUTIVE ORDER – ONGOING ISSUES

Cooperatives and condominiums appear to be adjusting to the “new normal” – limited access, leaner staff, frustration at so many halted projects, etc. Below is a status report on current and upcoming issues that we see. Face Coverings for Building Employees. Executive Order No. 202.16, finalized yesterday, requires employers to provide “face coverings,” at employer …

Blog / 04.13.20 /andKenneth R. Jacobs

Coronavirus: BUSINESS TAX CREDITS, DEFERRALS AND DEDUCTIONS IN THE ‘CARES’ ACT

Although not given as much attention as the Payroll Protection Program, the Federal Coronavirus Aid, Relief and Economic Security (CARES) Act also provides new tax credit, deferral and net operating loss deductions which may be beneficial for your business. Section 2301 Employee Retention Credit Section 2301 gives eligible employers a tax credit against the 6.2% …

Blog / 04.08.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: CO-OP AND CONDO ELIGIBILITY FOR PPP UNDER REVIEW IN WASHINGTON, D.C.

On April 7th, one of our professional colleagues sent a well-worded request to the New York District Office for an “interpretation” of the SBA rules that initially denied eligibility to cooperatives and condominiums for loans under the Paycheck Protection Program (“PPP”). We are advised that their letter has been “kicked upstairs” to SBA headquarters in …

Blog / 04.04.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: CO-OP ELIGIBILITY FOR PPP LOANS QUESTIONED BY SBA. DOES A PPP LOAN MAKE SENSE FOR YOU?

A. SBA Questions Co-op Eligibility. In our earlier E-blast, we suggested that the SBA might take the position that Co-ops might not be eligible for PPP loans. So far that appears to be the case. The SBA appears to be basing its position on portions of its “Standard Operating Procedure” handbook for loans to businesses, …

Blog / 04.03.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: PPP FEVER- NEW APPLICATION FORMS!

PPP applications were made available on Tuesday night. By Wednesday, approved SBA lenders were overwhelmed with requests for assistance. This morning, Treasury issued new application forms that are completely different from the old ones! [CLICK HERE FOR APPLICATION] Meanwhile, we are getting the following feedback from lenders and asset managers: 1. They will give first …

Blog / 04.01.20 /Kenneth R. Jacobs

Coronavirus: Paycheck Protection Program Application Form Out!

PPP APPLICATION FORM OUT! The Treasury Department has just issued the form of Application for Paycheck Protection Program applications. The form of application is attached to this E-Mail, together with guidance from Treasury for prospective Borrowers. Who to Believe? The Borrower’s Guidance accompanying the application states that loans will have a maturity of two years …

Blog / 03.31.20 /Kenneth R. Jacobs

Coronavirus: State & Federal Updates – Who’s “Essential” Now?

STATE UPDATES The list of occupations deemed “essential” – which means that employers don’t have to close, and their employees don’t have to remain at home – is being refined daily. Doormen were excluded, only to be reinstated a day later. Landscapers have now been deemed “essential”, to the relief of many suburban communities. Property Managers are also considered essential to …

News / 03.20.20 /Kenneth R. Jacobs

BREAKING NEWS CORONAVIRUS UPDATE

Governor Cuomo Extends Lockdown on “Non-Essential” Businesses to 100% of Employees Governor Cuomo announced today that New York State would take a “pause,” requiring that 100% of employees of “non-essential businesses” cannot go to their place of employment. The “pause” included specific guidelines affecting persons over 70 and vulnerable persons under 70. We are awaiting …

News / 03.20.20 /Kenneth R. Jacobs

BREAKING NEWS CORONAVIRUS UPDATE

Governor Cuomo Announces Executive Order Imposing 90-day Moratorium on Mortgage Payments and Mortgage Foreclosures Governor Cuomo announced at a press conference this afternoon that he plans to order a 90-day moratorium on all mortgage payments and mortgage foreclosures. Mortgage payments will be suspended for three months based on financial hardship, and mortgage foreclosures will be …

News / 03.17.20 /Kenneth R. Jacobs

Habitat LIVE: What should co-ops and condos do during the coronavirus pandemic?

Practical advice for co-op and condo board directors about how to conduct themselves and their buildings due to the health crisis.

Blog / 03.12.20 /Kenneth R. Jacobs

Legal Issues Dealing with Coronavirus in Condos and Co-ops

Boards face new legal issues in dealing with the coronavirus epidemic, requiring them to balance the interests of the community against the rights of individual residents. What steps can Boards take to protect their residents against the spread of coronavirus in the building while avoiding liability for either acting too invasively or not doing enough? …

Blog / 01.21.20 /Kenneth R. Jacobs

Are Cooperative Corporations Carrying Enough “Lost Business Income” Insurance?

Imagine that your 30-unit building suffers a catastrophic fire. Maintenance charges (rent) usually abates for the affected tenants after a casualty. How certain are you that your coverage for lost maintenance, known as “Business Income” coverage, will last through the full restoration? Coverage limits are expressed in terms of maximum coverage, time and allowed expenses.  …

Blog / 09.16.19 /Kenneth R. Jacobs

Department of State Issues Guidance Exempting Co-ops from Limits on “Application Fees”

The NYS Department of State has just issued “Guidance for Real Estate Professionals” regarding the Housing Stability Act. One of the Q&A’s reads as follows: “DOES THE ACT RESTRICT APPLICATION FEES FOR RENTALS? “Yes…. Under the Act a ‘landlord, lessor, sub-lessor or grantor’ is now prohibited from collecting an application fee greater than $20.00…[However,] the …

Blog / 07.15.19 /Kenneth R. Jacobs

How the “Tenant Protection Act” Affects Co-ops and Condos: Limits on Late Fees; Recovery of Expenses in Evictions; Timetables to Cure Defaults; Ban on Escrows for Maintenance; Limits on Application Fees Charged by Managing Agents

The newly passed “Housing Stability and Tenant Protection Act of 2019” (the “ TP Act ”) makes sweeping changes expanding tenant rights in rental apartment buildings. However, since Co-op corporations also have a landlord-tenant relationship with their shareholders, many of these changes will significantly affect enforcement of the Cooperative’s rights as well. 1. TP Act …

Blog / 07.12.19 /Kenneth R. Jacobs

Legislative Update: “Prevailing Wages” Required to Receive Co-op/Condo Tax Abatements; Mandatory Garage Inspections

Most of our attention has been focused on the effects of the newly passed “Housing Stability and Tenant Protection Act of 2019” (the “ TP Act ”) on rental apartment buildings. However, several other recently enacted state and local laws also affect cooperatives and condominiums in New York City and the surrounding counties. 1. “Prevailing …

Blog / 03.15.19 /Kenneth R. Jacobs

Shareholder Meeting Requirements

SO YOU’VE CALLED your annual meeting, sent out proxies, put up reminders, and promised refreshments The big day comes – and you don’t have a quorum. What do you?

Blog / 11.15.18 /Kenneth R. Jacobs

Shareholder Meeting Requirements

A meeting of shareholders must be held annually for the election of directors and the transaction of other business on a date fixed under the bylaws. Special meetings of the shareholders may be called by the board and by such person or persons as may be so authorized by the certificate of incorporation or the bylaws.

News / 09.28.18 /Kenneth R. Jacobs,Emanuela LupuandDomenick J. Tammaro

The Cooperator Expo 10.11.18

Partners Ken Jacobs, Domenick Tammaro & Emanuela Lupu-Ferrante are teaming up to discuss the unique challenges of co-op and condo governance.

Community Conflicts and Capital Plans – Two Top Issues Boards Must Face

Blog / 04.01.18 /Kenneth R. Jacobs

Fine Alert!

Everybody’s talking about the new smoking regulation, Local Law 147. Ken Jacobs tackles the subject in Habitat Magazine’s April Toolkit.

News / 02.20.18 /Kenneth R. Jacobs

Ken Jacobs Presents a Lesson in Habitat U’s Latest Course

Dealing with a casualty: What do your bylaws require?