Regulatory Due Diligence for Buyers, Sellers and Lenders
Professional real estate developers investing in and selling residential real estate in New York must grapple with a daunting, patchwork system of regulation that is entirely unique to New York. The Court of Appeals in New York has compared this regulatory scheme to an “impenetrable thicket, confusing not only to laymen but to lawyers.” This complex system of regulation can result in undesired litigation for real estate developers and frequently affects the value of the real estate itself.
Ephron-Mandel & Howard LLP evaluates the history of a property and the relevant records to counsel buyers and lenders on the complex set of considerations necessary to ensure that the price paid reflects the market value of the property. For sellers, our expertise in luxury decontrol and maximizing legal rents gives our clients the ability to demand the highest possible price.
Because we have represented both owners and tenants in New York courts and before the New York agencies governing rental properties and enforcing the rent regulations, we are intimately familiar with the obstacles and opportunities that may present themselves during a cooperative and condominium conversions and other development scenarios. In addition, as the co-author of New York Residential Landlord-Tenant Law and Procedure, currently being published in its Fourth Edition by the New York State Bar Association in the 2013-2014 New York Lawyer’s Deskbook and as part of the 2013-2014 General Practice Monograph Series, founding partner Damon Howard is an authority on the subject.
