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Mineola Legal Blog

Life science companies may complete more real estate transactions

Commercial space spanning nearly two million square feet in New York City is currently dedicated to the life science field, and all of this space is occupied. This is a sign that this industry is growing quickly in the Big Apple. In fact, New York is bracing itself for many more life science businesses interested in engaging in real estate transactions there.

The challenge that New York faces, though, is that real estate that is suitable for life science companies to grow is lacking. The state could use an extra half a million square feet every year for the life sciences. After all, there are nearly five people with life science degrees for each available job right now in New York City.

New York real estate transactions may involve office condos

An office condominium was recently sold in New York City for $596 million. Apparently, Wells Fargo lent a total of $345 million to finance this real estate acquisition. These types of commercial real estate transactions can easily be lucrative for sellers in the short term and for buyers in the long term, depending on the circumstances of the sales.

In the case of the office condo, Ivanhoe Cambridge and SL Green sold the piece of property to an Invesco Real Estate institutional client. Invesco was the sole entity mentioned on the deed's buyer's side. It was initially thought that the property would sell for a little over $630 million, so the actual sale price was lower than anticipated.

More homebuyers may complete real estate transactions this summer

The coming summer season may offer something that many would-be homebuyers are eager to see -- more homes for sale. Research shows that the declines in inventory experienced in recent years are beginning to lose their momentum. This may be exciting news, especially for first-time homebuyers who are ready to take part in real estate transactions in New York.

Some prices of homes across the United States recently hit a high of a whopping $297,000. However, they began to sell faster than ever before in the month of May, being on the market for just 55 days. About 557,000 new home listings hit the real estate market in May -- the largest listing number in one month's time since June of 2015.

When your co-worker gets promoted after an affair

You have been with your company the same length of time or even longer than a co-worker who just received a promotion. That in itself is frustrating enough, but here is the rub. You are pretty sure that the co-worker was sleeping with your supervisor just to get the promotion.

It leaves you feeling anxious and stressed. You feel like the only way for a woman to get promoted is to sleep with management, and that move has many, many inherent risks. Meanwhile, you look at your newly promoted co-worker and may feel a mix of jealousy, envy and disgust. Is there anything you can do?

Fair Labor Standards Act (FLSA) addresses tipped workers

Federal wage-related legislation is in place for tipped workers, including valets and bartenders, for example. It is known as the Fair Labor Standards Act (FLSA). Here is a look at what employees in New York should know about this act and how it impacts their working lives.

According to the Fair Labor Standards Act, tipped employees include workers who regularly earn tips totaling over $30 every month. Any tips earned are deemed the property of the respective tipped employees, although they can legally pool their tips. Although the total tip amount for an employee oftentimes surpasses the wages that his or her employer pays, tips usually fluctuate based on various factors, such as customer volume.

Crowdfunding may help with residential real estate transactions

Crowdfunding is an in-demand tool for paying for various ventures in New York and elsewhere these days. However, recently, this technology has become increasingly popular among aspiring homebuyers. They are using crowdfunding to help them in their residential real estate transactions -- specifically, to cover their down payments.

The top challenge that millennials face when it comes to purchasing a home is being able to afford a down payment. However, with crowdsourcing, they can finally generate the down payments they need and start enjoying the financial benefits of homeownership. On their crowdfunding pages, users can explain their journeys toward homeownership and could even include video or photos to make even more of a personal connection with their readers.

Technology to positively impact real estate transactions

The commercial property world in New York and elsewhere is not typically known for being technologically advanced. However, this is changing slowly among the players involved in commercial real estate transactions today. Specifically, technology is making it easier for property management companies to automate processes and systems as well as improve the experiences of tenants.

Some technologies are aimed at providing straightforward solutions for systematizing how tenants and buildings are managed. Meanwhile, others aim to provide data and amenities to tenants and landlords. For instance, heat sensors may be used for gathering information on how employees move about their offices. This may help business owners to determine if they are using their spaces efficiently enough.

Tipped employees have different rules in NY

If you are new to working as a server or bartender in New York or previously worked in a tipped position in one of the few states that pays the full minimum wage for tipped employees, you may have been unpleasantly surprised to find a significant cut to your hourly paycheck. In New York and many other states, employers of tipped employees are allowed to pay their workers a much smaller minimum wage, with the expectation that their tips will make up the rest.

The New York Department of Labor explains that in workplaces where employees typically receive tips, employers may take a tip credit – meaning they pay a lower minimum wage. As an employee, you would report your tips and if your tips did not add up to receiving minimum wage by the end of the work week or pay period, your employer must pay you the difference. Additionally, your employer may require employees to participate in tip pooling, in which all tipped employees share a portion of their tips. You are also entitled to a full minimum wage when employees share tips.

Real estate transactions being approached with confidence

The commercial property landscape in New York and elsewhere last year started slowly, as a feeling of uncertainty pervaded the market. On the flip side, in 2018, people are much more confident about taking part in commercial real estate transactions. Still, they are approaching these transactions with caution.

According to experts, the expectations of buyers and sellers are aligning more now than ever before. In the past couple of years, transaction volumes declined because sellers were marketing their properties at prices that were too high in the minds of buyers. At the same time, buyers attempted to bring sellers down to lower pricing, which sellers did not want to accept given the country's low-interest-rate environment.

Residential real estate transactions involving costlier homes

As the weather heats up this spring, so is the cost of constructing new homes. This may be good news for homeowners in New York and elsewhere who are interested in taking part in real estate transactions this spring to unload their homes. The median home price reached more than $337,000.

The jump to more than $337,000 is an increase of almost 3.5 percent from the month of February. It is also a jump of nearly 5 percent from the same time last year. The prices of homes have a tendency to increase during the summer and spring months, as the kinds of homes being sold are different from what is sold during the fall and winter months. Specifically, springtime homes are usually more family-oriented and, thus, are larger, which means they cost a bit more.

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