Transactions

In One Transaction, Represented Purchaser of $7,650,000.00 Townhouse, Private Bank Issuing $7,000,000.00 Construction Loan, and Negotiated AIA Agreements.

Romer Debbas recently represented the purchaser of a $7,650,000.00 townhouse on the upper west side. We negotiated the contract of sale to acquire the property as well as the AIA (American Institute of Architects) agreements necessary to renovate same. In addition to representing the purchaser, we also represented the private bank which financed the acquisition […]

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Time of the Essence Letter Enforces Sale of an $8,000,000 Residential Property in Less Than 24 Hours

We recently represented an architect who had purchased a 170 year old townhouse in the West Village and converted it from a 7 unit rental building into a custom mansion. We had entered into contract over the summer with a closing date of “on or about September 1, 2010.” New York State case law provides […]

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Saving a Real Estate Investor From Foreclosure Who Was in Default of His Mortgage, Common Charge and Real Estate Tax Obligations

During the real estate boom an influx of investors entered the New York City market. Some of these investors profited from flipping properties while others bought properties and rented them for extended periods of time. We represented one specific investor who had purchased several properties in the City. With the downturn in the market, he […]

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New Fannie Mae/Freddie Mac Building Requirements That are Affecting the New York City Real Estate Market

Government subsidiaries Fannie Mae and Freddie Mac own the majority of residential mortgages in the Country. Therefore, the current regulations which banks are lending under are those enforced by Fannie Mae and Freddie Mac. While the New York City real estate market is a different animal from the rest of the Country, we are forced […]

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Acquisition of a Commercial Property During Forbearance Negotiations with Lender

We recently represented two famous authors in the purchase of a 10,000 square foot commercial landmarked building in Manhattan. The seller is a real estate developer that planned on converting the property to a condominium. Due to the change in the market, they were not successful in their conversion plans and their construction loan had […]

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Refinance of a Co-ops Underlying Mortgage

Maintenance and common charge increases have been a common theme in most buildings in Manhattan in 2010. We represent a co-op board that wanted to find a means to decrease expenses and increase their reserve fund without having a significant maintenance increase. The board decided to take advantage of the decrease in interest rates and […]

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Purchase and Combination of a Cooperative Unit

Our client owned a unit in a co-op building and purchased the unit adjacent to him with the desire to combine both units. We worked with the purchaser’s lending institution to pay-off the existing loan on his unit and fund a new loan which would place a lien on both units and give the purchaser […]

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