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GEOGRAPHIC TARGETING ORDERS: BACK AND BIGGER THAN EVER

August 12th, 2016 — 11:06am

geotargetThe United States Treasury’s Financial Crimes Enforcement Network (“FinCEN”) will continue to track all-cash purchases of high-end real estate in an effort to combat money laundering. FinCEN’s method? Another Geographic Targeting Order.

As we wrote about previously in this space, in January 2016 FinCEN issued Geographic Targeting Orders covering all-cash deals over certain thresholds in Manhattan ($3,000,000) and Miami ($1,000,000). The first Geographic Targeting Order (“GTO”) was effective from March 1, 2016 through August 27, 2016. The new GTOs pick up right where the first ones left off, on August 28, and they will run through February 23, 2017. Continue reading »

Comment » | Closings, FinCEN, Geographic Targeting Order, Going Private, GTO's, News

This GTO Is Not a Dream Vehicle: Another Blow to Privacy

July 9th, 2016 — 12:47pm

punchOn January 13, 2016, the United States Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a Geographic Targeting Order, or “GTO”, covering the Borough of Manhattan. The GTO was ostensibly issued in response to the media blitz around the use of shell companies to launder money via the purchase of real property. Continue reading »

Comment » | Closings, FinCEN, Geographic Targeting Order, Going Private, GTO's, News

Prepaid Condominium Rents: A Sucker’s Punch

January 30th, 2015 — 1:54pm

moneyburn2

When WC Fields said “A sucker is born every minute” he was not talking about tenants prepaying a year of rent on their condominium but he may very well have been!

When a tenant prepays rent, they are setting themselves up for a serious headache. Continue reading »

Comment » | News, Renting Your Apartment

What Is So Good About a Good Guy Guaranty?

October 24th, 2014 — 2:43pm

divorce1In a commercial lease, a “good guy” guaranty is often signed by one or more of the tenant’s principals. A “good guy” guaranty functions to ensure the payment of rent (and sometimes the performance of other obligations) under the lease through the date that the tenant surrenders possession of the premises. It is less onerous than a personal guaranty which would obligate the guarantor to all of the lease obligations during the entire term of the lease Continue reading »

Comment » | Commercial Corner, Commercial Leases, Good Guy Guarantees, News

BIDs Are Creeping Into Commercial Leases

October 9th, 2014 — 2:19pm

bids

Business Improvement Districts (BIDs) have serious monetary implications to tenants of commercial buildings. NYC has 69 BIDs, the most of any city in the U.S., so commercial tenants should be aware of their existence and their potential monetary effect.

. Continue reading »

Comment » | BID, Commercial Leases, News

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