Category: On The Board

1995 Dec/Jan Is Your Board Carrying Out Its Fiduciary Duty? By Bruce A. Cholst Esq.

One of the most distressing issues confronting board members is how to comply with their fiduciary duty to shareholders and unit owners. Although misconceptions abound as to the precise nature and scope of this obligation, a breach of the f…

News

1/7/2026 All-cash deals for NYC homes reached a record high in 2025 - New York Post

Cash is king when it comes to buying a home in notoriously pricey — and competitive — New York City. An unprecedented 64% of Manhattan’s condos and co-ops sold in 2025 went to all-cash buyers, according to a new report released by Douglas Elliman, leaving buyers dependent on mortgages out in the cold.
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1/5/2026 Zohran Mamdani Takes Office With a Housing Mandate - Realtor.com

As the ball drops in Times Square, Mayor-elect Zohran Mamdani will ring in the new year in a private swearing-in at the long-shuttered Old City Hall subway station beneath City Hall, just as the clock turns to Jan. 1, 2026.
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12/24/2025 2025 in Review: New York City’s Most Expensive Home Sales - Behind the Hedges

The top 10 most expensive residential sales that closed in New York City in 2025 has been revealed thanks to PropertyShark‘s year-end analysis.
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12/22/2025 Downtown Manhattan just saw its first $100M-plus home sale in history - NY Post

A waterfront West Village condominium still under construction just changed the game for downtown Manhattan.
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12/18/2025 NYC Condo Real Estate Lawyer Peter Zinkovetsky, Esq. Discusses Hidden Costs in Condo Purchases - USA Today

In the dynamic world of New York City real estate, the appeal of condominium ownership is strong: low maintenance, convenient locations, and the security of property investment. However, many buyers remain unaware of the financial burdens that can arise unexpectedly after closing. NYC condo real estate lawyer Peter Zinkovetsky, Esq. of Avenue Law Firm, is raising awareness about special assessments, often-overlooked fees that can significantly impact a buyer’s financial outlook.
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12/15/2025 NYC ‘first luxury spa condo’ residents fume as board funnels $500K to member’s pad for ‘water damage’ - New York Post

Well-heeled residents of New York’s “first luxury spa condominium” are fuming after finding out one of their neighbors got a nearly $500,000 payment from the building to revamp her massive, multi-million dollar apartment, The Post has learned.
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12/12/2025 NYC’s top deals: Tribeca pads lead priciest resi sales - Real Deal

There were 209 transactions totaling $324 million recorded in New York City over the 24 hours before 4:00 p.m. on Thursday, Dec. 11, 2025.
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12/10/2025 Moroccan filmmaker and heiress lists Trump tower condo for $7M - Crain's

A documentary filmmaker and heiress to an African banking fortune is looking to sell at a Trump development.
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12/5/2025 Extell scores "it" condo in 2025 comeback - Crain's

Manhattan may have a new “it” condo. If Zeckendorf Development’s 15 Central Park West was the hot spot of the early aughts and Vornado Realty Trust’s 220 Central Park South was the star of the 2010s, Extell Development’s new West 66th Street project has the spotlight now.
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12/1/2025 Historic Lower Manhattan Building Gets New Life as Luxury Condos - Multi-Housing News

Developer Diamond Lane LLC has converted 14 Maiden Lane, a 10-story skyscraper in Manhattan, into nine full-floor condos. The 10-story historic building in Lower Manhattan was one of New York City’s earliest skyscrapers and served as the former Diamond Exchange. Prices for the condominiums, which average about 1,300 square feet, will start at approximately $2.6 million, according to NYR.com, the building’s sales agent. The development team also includes Morali Architects, structural engineering firm Kiefer & Schuster Engineering and A&D Engineering, which provides MEP engineering services.
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11/26/2025 Art Collector Sells $28.38 Million Ritz-Carlton New York Condo—With All the Proceeds Going to Charity - Mansion Global

Philanthropist Roger Sant has found a buyer for his high-rise condo directly across the street from Manhattan’s Central Park, and the $28.38 million in proceeds will be donated to the Sant family’s Summit Foundation.
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11/24/2025 Inside a $12 Million N.Y.C. Condo With Views of the Statue of Liberty and Governors Island - Robb Report

Once they were wed, real estate developer Bill Caleo and interior decorator Megan Noetzel began searching for a primary residence in New York City that could accommodate their blended family with a total of four children from previous marriages. They wound up purchasing two unfinished units on the 26th floor of the then-new Quay Tower high-rise in the Brooklyn Heights neighborhood in 2020, and then set out to adapt the space to suit their specific needs.
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11/20/2025 Eliot Spitzer proposes taller Fifth Avenue condo tower - 6 sqft

Former New York Gov. Eliot Spitzer is seeking to increase the height of his proposed Upper East Side condo project, which would replace a 1970s-era rental building with 26 luxury residences. During a Tuesday Landmarks Preservation Commission public hearing, Spitzer proposed using City of Yes zoning reforms to raise his planned development at 985 Fifth Avenue from 19 to 20 stories, replacing a 25-story rental building approved for demolition in 2023. Other proposed changes include a textured limestone facade, a rear yard extension, and the removal of an adjacent public plaza.
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11/13/2025 New York Condo Real Estate Attorney Peter Zinkovetsky Details Tax Benefits Of Owning A Condo In NYC - Open PR

New York condo real estate attorney Peter Zinkovetsky of Avenue Law Firm (https://www.avenuelawfirm.com/tax-benefits-of-owning-a-condo/) released new guidance outlining the key tax advantages available to condominium homeowners in New York City. The advisory highlights how condo owners can leverage the Cooperative and Condominium Tax Abatement, STAR program tiers, senior exemptions, green roof incentives, and targeted deductions under current federal and city rules. The overview explains eligibility requirements, deadlines, and documentation standards, giving condo buyers and unit owners a clear roadmap to maximize savings with the support of a New York condo real estate attorney.
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11/11/2025 EXCLUSIVE: Ozzy and Sharon Osbourne’s L.A. Condo Hits the Market for $2.4 Million—3 Months After Rocker’s Death - Realtor.com

Ozzy Osbourne's stunning West Hollywood, CA, condo has hit the market for $2.375 million, less than four months after the rock 'n' roll legend died in his native England.
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11/7/2025 NYC landlord sues developer of nearby condo for $2.8M due to damages that displaced tenants for 2.5 years - NY Post

Don’t call it a block party. Roughly three years before a lavish penthouse at 16 Fifth Ave. recently listed for a breathtaking $45 million, construction kicked off at the luxury condominium where it’s housed. During the time in between, the high-end development deeply rankled a group of locals who live down the block. Not only were they displaced for more than two years due to damages to their own building from the nearby work, but the condo’s developer paid only to put them up briefly in a hotel after they were forced to flee.
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11/5/2025 How A$AP Rocky’s $11M NYC Condo Allegedly Turned Into an ‘Uninhabitable’ Nightmare for Neighbors— Who Just Sued - The Root

Rapper A$AP Rocky was seemingly having the best week ever. He just received the coveted Fashion Icon Award at the 2025 CFDA Fashion Awards on Monday (Nov. 3), and his heartfelt comments for his partner Rihanna during his acceptance speech went viral. But his week turned sour after his New York City neighbor accused him of being less than neighborly… and causing massive damage to their unit.
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11/3/2025 An $85M NYC penthouse atop a former parking garage could set a new downtown price record - NY Post

The top of this century-old parking garage is looking for an $85 million buyer. The forthcoming penthouse pad sits atop 125 Perry St., Mansion Global reported. And if it sells for that sum, it could break the record for the most expensive ever sold in downtown Manhattan.
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10/27/2025 The tradition behind why so many NYC buildings are missing this floor - NY Post

Superstition may be irrational — but in New York City, it’s a bit of a tradition. Just ask Bravo titan Andy Cohen, who recently handed over the keys to his West Village duplex for $10.5 million.
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10/24/2025 Six UES Buildings Set for Demolition as Chinese Mega-Developer Plans New Luxury Condo - East Side Feed

Chinese real estate developer Zhang Xin is expanding her U.S. portfolio with plans for a new luxury condominium development on the Upper East Side.
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