The New York State rule against perpetuities is based on the common law rule and provides that "no estate in property shall be valid unless it must vest, if at all, not later than twenty-one years after one or more lives in being at the creation of the estate and any period of gestation involved." The purpose of the rule against perpetuities in the real estate context is to prevent any interest in real property [...]
On June 23, 2021, New York Governor Andrew Cuomo announced an end to the state disaster emergency he first declared on March 7, 2020 to contain the spread of COVID-19. Citing significantly reduced rates of infection and increased rates of vaccination, the governor's office announced that the public health emergency would expire after June 24, 2021. "We're starting to write a new chapter for a post-COVID New York – the state disaster emergency is ending and we can focus [...]
"Build-to-Rent" (B2R) product, meaning the construction of homes in a defined community intended to be leased, as opposed to sold, has become a more frequent sub-product within master planned communities. B2R product is similar to a typical multi-family apartment complex in that a single development owner constructs, owns, operates and maintains multiple dwellings which are then leased to residents. Once the project has been developed and leased, the development owner often looks to sell the [...]