Elad michael,
Real Estate Lawyer
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NYC Real Estate Attorney Insights, Legal Updates, and Investment Tips
Stay informed about New York City real estate laws, investment opportunities, and legal strategies with articles written by Elad Michael, NYC real estate attorney.
Unsold Shares in NYC Co-ops: What Buyers, Sellers, and Boards Need to Know
2025-07-20 18:30
Unsold Shares in NYC Co-ops: What Buyers, Sellers, and Boards Need to Know What Are Unsold Shares in a Co-op? In a New York City cooperative (co-op), each apartment is allocated a number of shares in the cooperative corporation. When a building converts from rental to cooperative ownership, the sponsor, typically the developer or original landlord, often retains ownership of some of these shares, especially those tied to units that were not sold during the initial offering. Unsold shares retain their status as long as the sponsor, or a purchaser using the unit solely for investm...
Buying a New Construction Condo in NYC: What You Must Know About Sponsor Sales
2025-06-29 11:37
Buying a New Construction Condo in NYC: What You Must Know About Sponsor Sales New construction condos offer the allure of modern design and luxury amenities, but buying directly from a sponsor in New York City comes with unique legal and financial complexities that do not arise in a typical closing. Whether you are a first-time buyer or an investor, it is essential to understand how sponsor sales differ from standard resale transactions. What Is a Sponsor Sale? A sponsor sale refers to the purchase of a condominium unit directly from the developer known as the “sp...
Navigating New York City’s Short-Term Rental Landscape: What Landlords and Investors Need to Know
2025-06-15 17:49
Navigating New York City’s Short-Term Rentals: What Landlords and Investors Need to Know New York City has dramatically reshaped its short-term rental market with the implementation of Local Law 18 (also known as the City’s Short-Term Rental Registration Law), significantly impacting landlords, real estate investors, and Airbnb hosts in NYC. Understanding the current short-term rental laws in New York City is critical for anyone looking to rent out residential property or invest in Airbnb-friendly real estate. What Is Local Law 18? Local Law 18, enacted in 2022 and enforced beginnin...
Co-op vs. Condo in NYC: Legal Differences and 2025 Trends Explained by an NYC Condo Lawyer
2025-05-26 22:00
Co-op vs. Condo in NYC: Legal Differences and 2025 Trends Explained by an NYC Condo Lawyer Navigating New York City real estate in 2025 takes more than just a keen eye for listings. It requires a firm understanding of the legal and financial distinctions between co-ops and condominiums. Whether you're a first-time buyer, investor, or seller, knowing these differences is crucial. 1. Legal Ownership: Co-op Shares vs. Condo Deed In a co-op, you're buying shares in a corporation that owns the entire building. These shares grant you a proprietary lease to occupy a specific unit. In a...
Condo vs. Townhouse in NYC: What’s the Difference for Homebuyers?
2025-05-25 15:15
Condo vs. Townhouse in NYC: What’s the Difference for Homebuyers? If you're considering buying property in New York City, you’ve likely encountered two common types of residential real estate: condominiums (condos) and townhouses. While both offer attractive benefits, understanding the legal and financial differences is essential—especially in a competitive market like NYC. As a real estate attorney in NYC, I often help buyers navigate the nuances of condo and townhouse ownership. Here’s a breakdown to help you make an informed decision. What Is a Condo in NYC? A condo is...
Understanding the Residential Real Estate Closing Process in NYC
2025-04-28 22:43
Understanding the Residential Real Estate Closing Process in NYC Purchasing or selling a home in New York City is a major financial event, and the legal process can feel complex and fast-paced. Whether you are a first-time homebuyer or a seasoned investor, understanding the residential real estate closing process in NYC is essential for a smooth transaction. Here is a breakdown of what to expect from accepted offer to closing day. 1. Offer Accepted — But the Deal Isn’t Final Yet In New York, once an offer is accepted, the property is taken off the market. However, this is...
5 Legal Tips for Israeli Investors Buying Property in New York City
2025-04-28 22:00
5 Legal Tips for Israeli Investors Buying Property in New York City Investing in New York City real estate can be a smart move for Israeli investors — but navigating the legal landscape is very different from buying property in Israel. To ensure a smooth and successful transaction, here are five essential legal tips every Israeli investor should follow: 1. Hire a Real Estate Attorney Early In New York, attorneys play a central role in real estate transactions — much more so than in Israel. Your attorney will handle contract negotiation, due diligence, and the closing process. Tip: Ch...