As many of you are aware, on June 9, 2023, the New York State Senate passed two bills which seek to significantly impact rent stabilized properties and to reverse the protections provided by the Court of Appeals in the Regina decision: S2943B and S2980C (“the Bills”)....
Industry Updates
Housing Legislation Stalls: NYS Unable to Move Housing Legislation (421-a Extension, Good Cause Eviction, other proposals) this Session
In a Joint Statement from Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie (excerpted below), Leader Stewart-Cousins and Speaker Heastie announced they were unable to come to agreement with Governor Kathy Hochul on a range of housing...
Deep Dive into Intro 31-B: NYC’s Proposal for Permanent Outdoor Dining
In November 2020, the City Council passed Local Law 114, directing that, by September 30, 2021, the Department of Transportation make the Covid emergency outdoor dining program permanent. While a bill to do that (Intro 31-A) was introduced in the Council in February...
Announcing M-CORE: New Financial Incentive For NYC Commercial Office Improvements
The NYC Economic Development Corporation (EDC) has announced the creation of the NYCIDA Manhattan Commercial Revitalization Program or “M-CORE” which offers substantial financial incentives for improvements to commercial office buildings: (1) located south of 59th...
First Republic Bank Collapsed and Acquired by JPMorgan Chase, May 9, 2023 Bankruptcy Auction for East Village Theatre 80, and Corporate Bankruptcies Rising in 2023
First Republic Bank Collapsed and Acquired by JPMorgan Chase in Second Largest U.S. Bank Failure On May 1, 2023, the Federal Deposit Insurance Corporation ("FDIC") announced that First Republic Bank has been seized and closed by regulator California Department of...
Rosenberg & Estis, P.C. Bankruptcy Newsletter: Bed Bath & Beyond Joins Growing List of Retailers Filing Bankruptcy
Bed Bath & Beyond Joins The Growing List of Retailers Filing Bankruptcy On Sunday, April 23, 2023, retail giant Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey stating its...
Discussing NYC Affordable Housing with Daniel M. Bernstein – Inside R&E Podcast
Rosenberg & Estis, P.C. proudly introduces Inside R&E, a podcast hosted by New York City’s leading real estate attorneys who discuss current issues facing developers, owners and operators in the industry. Our debut episode features Daniel M. Bernstein, Member...
R&E Represents Lendlease With Major Brooklyn Waterfront Development
Rosenberg & Estis, P.C. attorneys Daniel M. Bernstein and Nicholas DiLorenzo are proud to have assisted Lendlease in commencing its innovative new development at 1 Java Street, Brooklyn. Upon completion, 1 Java Street will be an 834-unit new construction...
NYC Guaranty Law Struck Down As Unconstitutional
On August 2, 2022, R&E Members Gary M. Rosenberg wrote in their New York Law Journal column: "By reason of the dispositive motion currently pending in Melendez, owners should prepare for the possibility that any COVID-related commercial rent arrears claims they...
Rosenberg & Estis, P.C. Bankruptcy Updates & Protecting Creditors’ Rights: Silicon Valley Bank’s Parent Files Bankruptcy, Signature Bank is Acquired After its Collapse, and Credit Suisse is Acquired to Avoid its Collapse
Silicon Valley Bank’s Parent Files Bankruptcy On March 10, 2023 it was announced that Silicon Valley Bank ("SVB") effectively "collapsed" in the largest bank failure since the 2007–2008 financial crisis. Regulators seized and transferred SVB into a receivership under...