Showing posts from January, 2015

Legal Question: UCC-1 Filing Requirements and Co-ops

I am a real estate salesperson and I was recently at a co-op closing which was delayed because the UCC-1 filing statement was incorrect due to a change in the law relating to UCC-1 filings. Can you please explain what a UCC-1 is and how the law has changed? When a purchaser buys a co-op apartment and is also obtaining a loan, the bank that is making the loan will file a Uniform Commercial Code financing statement (the “UCC-1”). The UCC-1: (i) creates a lien against the co-op purchaser’s shares and proprietary lease (this is similar to a mortgage in a real property transaction), (ii) is filed in the county clerk’s office where the co-op is located and (iii) gives notice to the public that the bank has a lien against the co-op purchaser’s shares and proprietary lease. In order to file the UCC-1, the bank must follow certain rules set forth in the Uniform Commercial Code (the “Code”).  Recently there was a revision to the Code regarding the way that the purchaser’s name appears on th

NYC's Best New Architecture, From the High Line to One WTC

it's time to make up a bunch of awards and hand them out to the most deserving people, places and things in the real estate, architecture and neighborhood universes of New York City! Yep, it's time for the  11th Annual Curbed Awards ! Up now: the best of New York City's new architecture. [Photo by Iwan Ban/the High Line] Award for the Overall Best New Addition to New York City The third and final leg of  the High Line  opened in September, completing a 15-year process that completely transformed what was one a neglected elevated rail line. The James Corner-designed project had been lauded around the world—and in New York—and it has become one of the city's biggest attractions. No matter what you think of the tourists crowding the walkways, the High Line is a beautiful space and there's no denying that it deserves the praise. [56 Leonard by Field Condition] The Fun to Watch Rise Award The coming years will see a fantastic variety of buildings that break