The Law Offices of George N. Mihalios, Esq.

07/06/2022

Market uncertainty is causing a standoff between New York City buyers and sellers, resulting in fewer agreements to buy homes.

06/07/2021

Our office is pleased to announce that we are expanding to Long Island with the opening of our second office at 445 Broadhollow Road, Melville, New York. We can still be reached at our main office number: 718-204-2060. More details to follow.

05/05/2021

New York City’s Rent Guidelines Board is missing a landlord representative ahead of its preliminary vote on rent increases in May 2021.

05/03/2021

Since last year, investors have reacted to potential changes in 1031 exchange program

07/23/2020

Landlords across the country are suing to overturn eviction bans, saying they are unconstitutional and discourage renters from paying. http://ow.ly/zbYv50ADTgi

07/01/2020

https://www.nysenate.gov/legislation/bills/2019/s8192/amendment/b

Provides that no court shall issue a warrant of eviction or judgment of possession against a residential tenant that has suffered a financial hardship for the non-payment of rent that accrues or becomes due during the COVID-19 covered period.

06/18/2020

On June 15, 2020, our legal community lost a legend. I was always proud to call Mark my dear friend and colleague from the very first day I met him almost 10 years ago. We quickly gelled and worked on some Personal Injury cases together through his expertise and guidance. I always admired his work ethic, not only in his practice, but for the commuters of the LIRR. Mark was the epitome of what every lawyer should be and left an indelible mark on everyone who met him. You will be missed but never forgotten Mark J. Epstein. Rest in Peace.

Mark Jay Epstein, a prominent Melville attorney who was active in politics, the Long Island Rail Road and several community organizations, died of a heart attack Thursday. He was 55. Epstein, a tenaci

06/09/2020

Paycheck Protection Program Amendments
After passing with overwhelming bipartisan support in the House(*) and Senate, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law on June 5, 2020. This Act makes several beneficial changes to the existing Paycheck Protection Program, including:

In calculating loan forgiveness, payroll must be at least 60% (down from 75%) and non-payroll items may be up to 40% (up from 25%).

The “covered period” in which to apply loan proceeds is extended from 8 weeks to 24 weeks, but not beyond December 31, 2020. Borrowers who received loans before the effective date of this change may elect to use the original 8 week period.

Before these amendments, forgiveness could be pro rated if the borrower had a reduction in full time employees (subject to certain exceptions) and did not return to the original headcount by June 30, 2020. Now, forgiveness will not be impaired if the borrower can document an inability to rehire the same or similarly qualified employees or to return to the same level of business activity. Presumably, these concepts will be fleshed out over time. In addition, where restoration would be a factor, the borrower has until December 31, 2020.

Before these amendments, loan payments need not begin until after a deferred period of between 6 and 12 months. Now, the deferral is until the borrower’s loan forgiveness amount is determined. If a forgiveness application has not been submitted within 10 months following the end of the applicable covered period, then payments may be required at that time.

Before these amendments, if a PPP Loan was not entirely forgiven, the payment term for the remainder was between 2 and 10 years, as set by lender and agreed by borrower. The minimum term is now 5 years, but this amendment applies only to loans made on or after the effective date of the amendment.

05/26/2020

Mayor Bill de Blasio signed a bill into law Tuesday that prevents landlords from going after restaurant and retailers’ personal assets:

05/26/2020

**LANDLORD/TENANT UPDATE** - On May 7, 2020, Governor Cuomo signed Executive Order 202.28 which limits the commencement of summary proceedings for nonpayment of rent and enforcement of eviction orders in those proceedings for 60 says commencing June 20, 2020. HOWEVER, if a Petitioner should seek enforcement of a warrant for nonpayment of rent that was awarded BEFORE March 20, 2020, the Petitioner (Landlord) must first seek leave of Court (file a Motion) and shall include an affidavit by a person with knowledge of the facts stating that respondent (tenant) is NOT eligible for unemployment benefits or otherwise facing financial hardship due to the Covid-19 pandemic. This shall apply to residential and commercial nonpayment proceedings.

05/21/2020

A new order from Chief Administrative Judge Lawrence Marks allows new non-essential cases to be filed in 13 downstate counties.

05/20/2020

If an employee rejects a Business owners offer to return to their job, they could lose their unemployment benefits.

With more reports surfacing of employees refusing to return to work due to the benefits of unemployment, Treasury Secretary Steve Mnuchin said on Tuesday that people who persist in staying home despite an offer to work will not be eligible for federal unemployment benefits. “If you offer a person ...

05/19/2020

As we near the reopening of our office, we remain committed to providing exceptional legal representation to all of our clients. As New York City remains on pause, our office is closed but we are operating remotely and continue to work on our client's matters. If you should have any questions regarding your case, please contact our office at 718-204-2060 or email to [email protected]. Thank you.

05/08/2020

Facing pressure from tenant advocates, Gov. Andrew Cuomo extended the state’s moratorium on evictions for at least another two months. The governor

05/01/2020

Tenant groups in New York City say the rent strike they have been planning for May 2020 will target specific landlords.

04/30/2020

https://www.facebook.com/117941085288/posts/10158019836285289/?sfnsn=mo

The Federal Reserve is keeping interest rates near zero and does not plan to raise them soon.

04/29/2020

https://brooklyneagle.com/articles/2020/03/31/justice-johnny-lee-baynes-has-died-at-64-from-covid-19-complications/

Rest in peace Honorable Baynes.

Hon. Johnny Lee Baynes, a judge in Brooklyn since 2005, died on Thursday of pneumonia related to the novel coronavirus outbreak that has plagued New York City and the world. He was 64 years old. “He was a great man, he was great to work for,” said Hon. Jill Epstein, who served as Justice Baynes....

04/16/2020

Landlords may be breathing a sigh of relief.

In the first week of April, just 69 percent of rent payments were made, according to the latest figures from the National Multifamily Housing Committee’s rental tracker. But those numbers have improved significantly, reaching 84 percent by the second week of April.

Read more: http://ow.ly/5szN50zfdKO

04/15/2020

‪Gov. Cuomo just announced everyone on public transit must have a face & mouth covering (one of the things Steven Matteo & I asked for in our recent letter). The MTA also increased frequency of express bus trips to reduce overcrowding as we requested. Both will protect public health.

04/15/2020

The following link is a write up by Forbes on the process of the paycheck protection program for all small businesses. Thank you.https://www.forbes.com/sites/garrettgunderson/2020/04/14/confused-simplifying-the-complexities-of-the-paycheck-protection-program-and-tax-reform/

On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. The over $2 trillion aid package will provide approximately $377 billion worth of relief to small businesses on a first-come, first-serve basis.

04/15/2020

The IRS has extended 1031 exchange deadlines. See below.

04/14/2020

Steven Matteo and I have issued the following letter to Mayor de Blasio reiterating our calls on to freeze collection of property taxes & water bills to help residents who are either sick or out of work due to mandated closures & local businesses dealing with government mandates.

04/14/2020

During this very difficult time, our office remains committed to providing exceptional legal representation to all of our clients. Our office is closed due to the Pandemic order but we are operating remotely and continue to work on our client's matters. If you should have any questions regarding your case, please contact our office at 718-204-2060 or email to [email protected]. Thank you.

04/14/2020

The New York living will document allows individuals to convey end of life and health decisions in case they are at any point they are unable to, the decisions include serious illness which causes incapacitation. The form requires two witnesses. The will is created in line with US statutes §§2964 ...

04/13/2020

https://streeteasy.com/blog/new-york-rent-laws-2019/

New York rent laws changed significantly in 2019 and 2020. Here's the StreetEasy guide to the changes, including the current state of broker's fees in NYC.

04/13/2020

This is a very trying time for people all over the world as we have not seen a pandemic of this magnitude in over 100 years. The possibility that someone will need hospitalization is at an all time high and as such, you or your loved one need to make sure you have a Health Care proxy in the event you cannot make medical decisions for yourself. We are living in a world where mechanical ventilation is being used more than ever and once a person is intubated, they can no longer make health care decisions for themselves. A Health Care proxy legally appoints someone that you choose and gives that person the right to make all medical decisions on your behalf while you are intubated. The following is a link is to a New York State Living Will that you can fill out on your own. Please stay safe! https://livingwillforms.org/ny/new-york-living-will-form-advance-directive/

The New York living will document allows individuals to convey end of life and health decisions in case they are at any point they are unable to, the decisions include serious illness which causes incapacitation. The form requires two witnesses. The will is created in line with US statutes §§2964 ...

04/02/2020

In a stunning reversal, the Cuomo administration said Wednesday that in-person home showings may resume in New York State. It also clarified that certain other residential services are also essential and may continue.

The announcement means residential and commercial showings, as well as appraisal services and home inspections, can go on, albeit with at least six feet of separation between people. Follow the link in bio for more details.

What do you think of the reversal? Email reporter Erin Hudson at [email protected]

04/02/2020

BREAKING: Residential and commercial showings allowed to resume, Empire State Development agency says:
http://ow.ly/YxlY50z2PgG

04/01/2020

State Senator Michael Gianairs is spearheading a Bill that will suspend Tenant obligations to pay rent in NYC during the pandemic. The Bill would give Tenants (residential and commercial) who lost their jobs or were forced to shut down due to the Pandemic the right to withhold their rent from the Landlord during the pandemic period. It is unclear if they would be required to pay back the Landlord at a later time. Will keep you posted on the latest developments.

03/31/2020

If and when individual assistance money is approved for this disaster, it will be displayed here. Information is updated every 24 hours.

03/31/2020

Potential Covid-19 1031 Extension

For those real estate investors currently involved in a 1031 exchange one of the most pressing questions is "will there be an extension of the 45 day identification period and 180 day period in which to complete their exchange?" The answer is "not yet, but hopefully soon."

There are certain steps which must happen in order for there to be an extension of the 1031 exchange deadlines. These steps are described by the IRS in Rev. Proc. 2018-58, but this ruling does not, by itself, provide for the actual extension.

Currently, FEMA updated their map, https://www.fema.gov/disaster/4480 #, to show individual assistance for all of New York. This is a needed step.

Accordingly, the IRS should issue a notice of extension as the criteria for doing so has been met. The FEA (qualified intermediary trade group) and numerous real estate trade groups are pushing the Treasury Department to issue the required notice and sent a letter to Treasury Secretary Steven Mnuchin on March 23, 2020. We are waiting a response.

Historically, extensions are for 120 days - both for the 45 day ID period (if the taxpayer is still within the ID period) and the 180 day period in which to complete the exchange. To qualify the taxpayer must be an "affected party", meaning they have some adversity to their exchange which is related to the area of the FEMA map which shows "individual assistance".

If a taxpayer is still within the 45 day ID period they receive an additional 120 days to identify replacement property, plus an extra 120 days, in addition to the 180 days, to close (for a total of 300 days).

However, if the taxpayer is past their 45 day ID period they will only be permitted to reopen their ID if their property is "affected" by the presidentially declared disaster. For example, did the tornado or wildfire damage the property the taxpayer was going to buy? Covid-19 isn't going to "damage" any properties. It is just going to cause problems and delays for deals - there is a difference. Under these rules, taxpayers past their 45 day ID period would NOT get additional time.

The IRS may do something different for this extension but historically the above describes how the 45 and 180 day deadlines would be affected by an extension.

Although there is a decent chance an extension will be issued the most conservative approach is for taxpayers to proceed as if no extension will be provided. The Treasury Department is no doubt dealing with the larger economic impact of Covid-19 and the hope is that they will turn their focus to this issue in a timely fashion.

If and when individual assistance money is approved for this disaster, it will be displayed here. Information is updated every 24 hours.

03/27/2020

https://www.foxbusiness.com/economy/mnuchin-small-business-relief-coronavirus-stimulus-bill?cmpid=FNC_app

Businesses with fewer than 500 employees are eligible for the loans, which can be used for payroll and other expenses, like insurance premiums.

03/23/2020

We are living in unprecedented times.

We hope all of our clients and colleagues are safe during this pandemic.

In light of Governor Cuomo's order, we will operate on a remote basis to ensure that we continue to bring our client's matters to their conclusion during this difficult time.

We will continue to accept new cases and are available to discuss your case at any time. Please contact our office at 718-204-2060 or email at [email protected] if you should have any questions.

Sincerely,

George N. Mihalios, Esq.

11/28/2019

Enjoy every moment of today and count all the blessings that you have. Happy Thanksgiving and holiday season!

10/08/2019

Pursuant to the Tenant Protection Act of 2019, a Landlord is required to serve a 14 day rent demand upon a tenant before proceeding to file a Non-payment action for non-payment of rent. The prior law only required a 3 day rent demand.

10/07/2019

Pursuant to the Tenant Protection Act of 2019, if a Landlord wishes to terminate a month to month tenancy, he will be required to serve a termination notice as follows: 30 days notice if the tenancy is for a year or less; 60 days notice if the tenancy is less than 2 years but at least a year; and 90 days notice if the tenancy is for more than 2 years.

08/20/2019

https://rebny.com/content/rebny/en/newsroom/in-the-news/2019/Housing_Stability_Tenant_Protection_Act_2019.html/

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