Kenneth R. Jacobs
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News / 10.28.24 /Eric P. BlahaandKenneth R. Jacobs
Join SBJ at New York’s Biggest & Best Co-op, Condo & Apt Expo!
đ Date: November 19, 2024 đ Time: 10:00 AM – 4:30 PM đ Location: Jacob Javits Convention Center, 655 W 34th St Smith Buss & Jacobs, LLP Session đ Time: 2:15 PM – 3:15 PM đ Room 1 đ Topic: “Repairs – Who Makes Them, Who Approves Them, & Who Pays?” To register click here: …
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Blog / 10.07.24 /Kenneth R. Jacobs
Update On Corporate Transparency Act Filing Requirements for Boards; Lawsuit to Exempt Community Associations Filed in Virginia Federal Court
CTA UPDATE: As we stated in our August 2024 E-Blast, efforts to exempt âhomeowners associationsâ from the Corporate Transparency Act (âCTAâ) have so far failed. Therefore, most co-ops, condos and homeowners associations in New York will need to file âBeneficial Ownership Formsâ with FinCen (the Treasury Departmentâs Financial Crimes Enforcement Network) by January 1, 2025. …
Blog / 08.14.24 /Kenneth R. Jacobs
Legal Update: Corporate Transparency Act, Eviction for Good Cause Law
Corporate Transparency Act Update â Filing Requirements for Co-ops, Condos and HOAâs CTA UPDATE. Unfortunately, it looks like most Co-opâs and HOAâs will not be able to escape filing âBeneficial Ownership Informationâ under the Corporate Transparency Act (âCTAâ). The Financial Crimes Enforcement Network of the Treasury Department (âFinCenâ) is responsible for enforcing the CTA. In a …
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News / 06.18.24 /Eric P. BlahaandKenneth R. Jacobs
Thank you to everyone who joined us at New York’s Biggest & Best Co-op, Condo & Apt Expo on Tuesday, June 18th!
Thank you to everyone who joined us at New York’s Biggest & Best Co-op, Condo & Apt Expo! Your participation made the event a tremendous success, and we’re grateful for your attendance. Special thanks to our SBJ speakers, Ken Jacobs, and Eric Blaha, for their insightful presentations on “Resident Rights vs. Board Confidentiality â New …
News / 06.10.24 /Kenneth R. Jacobs
We are a proud participant at the Real Property Law Section Summer Meeting 2024
We’re excited to share that Kenneth R. Jacobs, a Partner at Smith Buss & Jacobs, LLP, will be attending the three-day NYSBA Real Property Law Section Summer Meeting in Montreal from July 11th- July 14th. Ken Jacobs attendance at this notable event highlights our firm’s commitment to staying at the forefront of real estate law …
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News / 05.29.24 /Eric P. BlahaandKenneth R. Jacobs
You’re invited to attend a Powerful Educational Seminar- Cooperator Events EXPO 2024 New York
Smith Buss & Jacobs, cordially invites you to attend: RESIDENT RIGHTS VS. BOARD CONFIDENTIALITYâNEW STANDARDS FOR ACCESS TO RECORDS & DISCLOSURE OF PRIVATE INFORMATION What rights do individual owners have to inspect their associationâs books? What rights do boards have to limit owner review? When can a board restrict what an owner discloses to other …
Blog / 04.29.24 /Kenneth R. Jacobs
Corporate Transparency Act Compliance Update; âGood Cause Eviction Lawâ Signed By Governor
CTA UPDATE. On April 18th, the Treasury Department issued additional guidance affecting whether cooperatives, condominiums and homeownersâ associations will need to report their beneficial owners to FinCen, the governmentâs financial crimes enforcement agency. The update is framed in question-and-answer format. Question C10 asks, âAre homeowners associations reporting companies?â In response, FinCen states that a HOA …
Blog / 04.01.24 /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 (âCTAâ â 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 governmentâs 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 whatâs 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 âCorporate Transparency Actâ Compliance Down the Road
As reported in our January E-Blast, the Corporate Transparency Act (âCTAâ) 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 …
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Blog / 01.26.24 /Kenneth R. Jacobs
Co-Ops and HOAâs Caught In âCorporate Transparency Actâ Net
In its ongoing effort to limit âmoney laundering, terrorist financing, corruption, tax fraud, and other illicit activity,â Congress passed the âCorporate Transparency Actâ (âCTAâ) in 2021 requiring certain business entities to file reports with Treasury identifying the beneficial owners of the entity. In 2022 the âFinancial Crimes Enforcement Networkâ of the Treasury Department (âFinCENâ) Â passed …
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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 âsubstantial completionâ 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 âfinal invoiceâ after substantial completion rather than upon âperformance …
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 …
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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 …
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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 …
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Blog / 08.14.23 /Kenneth R. Jacobs
Habitat Magazine: The Alteration Pass-Along
Building a Better System âBasically, you have to treat alteration and assumption agreements like corporate documents and make sure theyâre retained for safekeeping,â says Ken Jacobs, a partner at the law firm Smith, Buss & Jacobs. âAnd when there is a sale, the board has to make sure that management checks the agreements for that …
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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, âHow 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. âEviction for Good Causeâ 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, …
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Blog / 12.02.22 /Kenneth R. Jacobs
E-Bike And E-Scooter Safety â Is It All Or Nothing?
Lithium-Ion batteries (âL-I Batteriesâ) 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 …
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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 …
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Blog / 09.28.22 /Kenneth R. Jacobs
Ripple Effects Of Surfside Condo Collapse â FNMA And Freddie Mac Tighten Oversight Of âDeferred Maintenanceâ In Condos And Co-Ops
PART I â FINDING EVIDENCE OF âDEFERRED MAINTENANCEâ 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 (âFNMAâ or âFannie Maeâ) or the Federal Home Loan Mortgage Corporation (âFreddie Macâ or simply âFreddieâ). (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, âThere is no testing option as an alternative.â The City expects to publish more detailed rules for implementation and enforcement by December 15th. Mayor …
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Blog / 11.16.21 /Kenneth R. Jacobsand
A Matter of Trust â Issues for Boards When Owners Transfer Apartments to Trusts, LLCs, & Other Legal Entities
Why Are So Many People Considering Transfers to Trusts and LLCâs? 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 LLCâs 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 …
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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 âMemorandum of Understandingâ 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 weekâs notice of their intention to require vaccinations at the building; 2. By the …
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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 …
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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 Governorâs signature or have been signed into law. âPREVAILING WAGEâ BILL SIGNED INTO LAW. Governor Hochul has signed into law the …
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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 âHousing 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 âTenant Protection and Housing Stability Actâ that had lumped private Co-ops in with for-profit rentals. The changes included the following: 1. (a) Co-ops Can Recover …
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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 …
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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 âLimited Profit and Limited Dividendâ housing projects (such as Mitchell-Lama co-ops and many HDFCâs) to pass rules requiring residents to wear masks in public areas if they cannot maintain social distancing. Building owners are authorized to [âshallâ] 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 HOAâs 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 HOAâs 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
âCall your lender,â echoes Ken Jacobs, a partner at the law firm Smith Buss & Jacobs. âIf they arenât making the loans themselves, they will know lenders who will make these SBA-backed loans. Iâd be shocked if they couldnât hook you up. And boards should apply quickly, because the money could run out. Thatâs 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 …
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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 âsummaryâ of reopening guidelines for gyms and fitness centers appears on …
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News / 08.13.20 /Eric P. BlahaandKenneth R. Jacobs
Webinar: Conducting Online Meetings â 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 …
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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 âTenant Safe Harbor Actâ, which bans issuance of a warrant of eviction against a residential tenant or other lawful occupant who has suffered a âfinancial hardshipâ during the âCOVID-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 …
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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 âBUSINESS INTERRUPTIONâ 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: â35. 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 …
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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 hasnât changed its official position under its âInterim Ruleâ 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 âVIRTUALâ ANNUAL MEETINGS
Spring Annual Meeting Season is Here! But how can associations run effective meetings without owners being physically present to participate? Even though âsocial distancingâ 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 …
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Blog / 04.15.20 /Kenneth R. Jacobs
Coronavirus: NEW EXECUTIVE ORDER â ONGOING ISSUES
Cooperatives and condominiums appear to be adjusting to the ânew normalâ â 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 âface coverings,â at employer …
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Blog / 04.13.20 /andKenneth R. Jacobs
Coronavirus: BUSINESS TAX CREDITS, DEFERRALS AND DEDUCTIONS IN THE âCARESâ 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 âinterpretationâ of the SBA rules that initially denied eligibility to cooperatives and condominiums for loans under the Paycheck Protection Program (âPPPâ). We are advised that their letter has been âkicked upstairsâ to SBA headquarters in …
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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 âStandard Operating Procedureâ 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 …
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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 Borrowerâs Guidance accompanying the application states that loans will have a maturity of two years …
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Blog / 03.31.20 /Kenneth R. Jacobs
Coronavirus: State & Federal Updates – Whoâs âEssentialâ Now?
STATE UPDATES The list of occupations deemed âessentialâ â which means that employers donât have to close, and their employees donât have to remain at home â is being refined daily. Doormen were excluded, only to be reinstated a day later. Landscapers have now been deemed âessentialâ, to the relief of many suburban communities. Property Managers are also considered essential to …
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News / 03.20.20 /Kenneth R. Jacobs
BREAKING NEWS CORONAVIRUS UPDATE
Governor Cuomo Extends Lockdown on âNon-Essentialâ Businesses to 100% of Employees Governor Cuomo announced today that New York State would take a âpause,â requiring that 100% of employees of ânon-essential businessesâ cannot go to their place of employment. The âpauseâ included specific guidelines affecting persons over 70 and vulnerable persons under 70. We are awaiting …
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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 …
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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? …
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Blog / 01.21.20 /Kenneth R. Jacobs
Are Cooperative Corporations Carrying Enough âLost Business Incomeâ 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 âBusiness Incomeâ 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 âGuidance for Real Estate Professionalsâ regarding the Housing Stability Act. One of the Q&Aâs reads as follows: âDOES THE ACT RESTRICT APPLICATION FEES FOR RENTALS? âYesâŠ. Under the Act a âlandlord, lessor, sub-lessor or grantorâ is now prohibited from collecting an application fee greater than $20.00âŠ[However,] the …
Blog / 07.15.19 /Kenneth R. Jacobs
How the âTenant Protection Actâ Affects Co-ops and Condos: Limits on Late Fees; Recovery of Expenses in Evictions; ï»żTimetables to Cure Defaults; Ban on Escrows for Maintenance; Limits on Application Fees Charged by Managing Agents
The newly passed âHousing Stability and Tenant Protection Act of 2019â (the â TP Act â) 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 Cooperativeâs rights as well. 1. TP Act …
Blog / 07.12.19 /Kenneth R. Jacobs
Legislative Update: âPrevailing Wagesâ Required to Receive ï»żCo-op/Condo Tax Abatements; Mandatory Garage Inspections
Most of our attention has been focused on the effects of the newly passed âHousing Stability and Tenant Protection Act of 2019â (the â TP Act â) 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. âPrevailing …
Blog / 03.15.19 /Kenneth R. Jacobs
Shareholder Meeting Requirements
SO YOUâVE CALLED your annual meeting, sent out proxies, put up reminders, and promised refreshments The big day comes â and you donât have a quorum. What do you?
News / 11.27.18 /Kenneth R. Jacobs
Learn More about the Firm’s Cooperative and Condominium Practice with Ken Jacobs!
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
News / 05.23.18 /Kenneth R. Jacobs
Join Ken Jacobs & the CAI on March 28th for a Session in Hot Topics Affecting Cooperatives & Condominiums
Click the link below to review our event flyer.
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 Uâs Latest Course
Dealing with a casualty: What do your bylaws require?
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