Is your restaurant tenant planning to have a mural painted? Are you planning to install a sculpture in the lobby of one of your buildings? Be cautioned that it might not be easy to remove that work and you might find yourself on the wrong end of a lawsuit if you damage the work. Even after artists transfer their ownership interests in artwork they created, they still may have rights known as “moral rights” to works located on your property. Here’s the skinny on what you need to know about moral rights and how they can affect your property. Continue reading »
A knock on the door interrupts the banter of the cooperative’s board of directors, who are sitting around the living room of the president’s apartment. It’s the fourth member at the door, who will make up the quorum necessary for this month’s matters to be resolved. Before voting on the approval of an applicant or discussing the proposed capital improvements, the members want to finalize the lease of the commercial storefront owned by the cooperative. While none of the members are lawyers or landlords by trade, they nonetheless have managed to negotiate a simple 10 year lease of a gluten-free vegan smoothie health bar. The new lessee recently mailed a check for the security deposit which now sits in front of the board members. After some discussion, one of the unwitting members suggests depositing the security deposit check into an interest bearing account which he uses for his own personal motorcycle repair business. Although the board’s actions may appear legitimate on the surface, they are about to make a fatuous mistake which carries with it serious legal consequences.
More and more, real estate attorneys are going to closings which are delayed one, two, three or even four hours. In a typical scenario, the closing is scheduled for 11AM, everyone arrives on time and the closing almost finishes smoothly but… The buyer’s bank attorney does not have checks and everyone starts getting anxious. The seller has moved out, the buyer’s movers are on their way and the seller needs to bring those checks to another closing to buy another apartment. Continue reading »
Jerome Strelov, Esq., on air rights and wrongs
September 19th, 2012
by Tracy Kaler, Brick Underground
Problem-solving New York City real estate attorney Jerry Strelov is the subject of our Real.Est. List Spotlight this week. In addition to knowing his way around air rights, Strelov specializes in high-end rentals and co-op and condo purchases; he loves to negotiate and review leases and contracts as much as he enjoys sleuthing for information some might prefer remain hidden during due diligence.
Many people are aware of the dangers of carbon monoxide (CO) and most take the very necessary precaution of installing a CO detector in their homes. Until this year, landlords were required to install CO detectors for their tenants under legislation passed in 2004. However, CO detectors only have a useful life of about 6 years and, as a result, detectors installed in 2004 are now due for a replacement. Continue reading »
One has to think that the old adage “No Good Deed Goes Unpunished” was designed specifically for the executor whose job it is to gather up and distribute the assets of the decedent while paying off any claims and juggling the bent out-of-shape beneficiaries who feel that they somehow and someway have been shortchanged. Continue reading »