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  • Jun 03, 2013Norris McLaughlin, P.A.Testifies in Opposition to Proposed Cooperative Legislation

    New York, NY (June 3, 2013) – Burt Allen Solomon, a Member of Norris McLaughlin, P.A., and its Cooperative and Condominium Law Group, testified in opposition to proposed New York City legislation Intro 188, which would be called the Fair Cooperative Procedure Law (“FCP Law”), at a New York City Council Committee Hearing.  The FCP Law is being touted as adding to existing protections against discrimination in the cooperative housing purchase-and-sale market in New York City.   In addition to Solomon, several other attorneys in the firm’s Co-op and Condo Law Group worked on preparation for the hearing, including Karol S. Robinson, a Member of the firm who researched and drafted the testimony; Michael T. Reilly, who also completed research and attended the hearing; and Ezra N. Goodman, Member of the firm and Chair of the Group.

    “As currently drafted, the FCP Law creates an undue burden on cooperatives, their boards of directors, and their managing agents; and puts directors who are involved in the application approval process at an unconscionable risk of personal liability.  Further, the proposed legislation does not truly address the alleged discrimination in the cooperative application approval process that is supposedly motivating the law,” testified Solomon.

    “Real estate brokers and their lobbying groups that support the FCP Law testified about the economics of the cooperative buying process and the brokers’ perceived need to set firm deadlines, but housing discrimination, which the law was intended to address,” Reilly explains.

    By way of merger with Szold & Brandwen, P.C., Norris McLaughlin, P.A. has a long and illustrious history working with housing corporations. Members of the Cooperative and Condominium Law Group worked with the establishment of middle income and Mitchell-Lama government-assisted cooperative housing. They also helped to develop New York’s legislation for cooperatives constructed with government assistance for persons of moderate income. The Group deals with all relevant government agencies involved with this type of housing, represents housing development with their contractors, and advises them concerning corporate governance and the relationships between the co-ops and their shareholders.

    Today, Norris McLaughlin, P.A. represents cooperative and affordable housing corporations as both general and special counsel, as well as luxury cooperatives and condominiums, dealing with the Boards of Directors, officers, and managers. The firm brings to its co-op & condominium practice expertise in real estate, financing, corporate, general commercial, trusts & estates, and employment law drawn from the other practices of the firm.

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    Posted in: Burt Allen Solomon, Cooperative ("Co-op") and Condominium Law, Ezra N. Goodman, Michael T. Reilly, News |

  • Aug 26, 2011Norris McLaughlin, P.A.Closes Over $150 Million Financing Package for Mutual Redevelopment Houses

    August 26, 2011

    Norris McLaughlin, P.A.
    721 Route 202-206, Suite 200
    P.O. Box 5933
    Bridgewater, NJ 08807-5933
    Contact: Edward C. Miller, Jr.
    Chief Marketing Officer
    (908) 722-0700 x4224
    ecmillerjr@nmmlaw.com

    Norris McLaughlin, P.A.Closes Over $150 Million Financing Package for Mutual Redevelopment Houses

     

    New York, NY (August 26, 2011) – In June, Norris McLaughlin, P.A. assisted its client, Mutual Redevelopment Houses, Inc. (“Mutual”), a 2,820-unit affordable cooperative housing development located in the Chelsea neighborhood of Manhattan, to complete a major financing package, totaling $151 million plus a capital grant from the City of New York. Drawing on extensive cooperative and financing experience, Burt Allen Solomon, assisted by Michael T. Reilly, both of the New York office, completed a complex series of loan and financing transactions originated and structured by Ezra N. Goodman, also of the New York office.

    The financing was designed to refinance Mutual’s previous debt and provide it with about $100 million in funds for replacing Mutual’s HVAC system in each of its apartments (located in ten 22-story buildings), while keeping Mutual affordable for its low and moderate income residents. The financing, which had to be accomplished before the June 30th end of the City’s fiscal year, consisted of a Wells Fargo Bank, N.A. loan ($134 million) at market interest rates, plus a $17 million 30-year two-part loan from the City’s Housing Development Corporation. Coordinating with the numerous parties involved extensive negotiations and frequent conference calls among all concerned. In addition, to accomplish the closing, Mutual’s 1987 regulatory agreement with the City had to be amended, requiring negotiations with the City’s Department of Housing Preservation and Development and approval by the New York City Council, as well as a proposed statutory amendment. The amendment to the regulatory agreement was worked on by both Goodman and Solomon. To close the loans, a special “reasoned” legal opinion as to a New York mortgage recording tax exemption issue was required by Fannie Mae, which provided the funding for the Wells Fargo loan, backed by the AFL-CIO Housing Investment Trust. Peter D. Hutcheon, who recently relocated to the New York office, prepared that opinion. Goodman is in charge of preparing the engineering and construction contracts and bid packages for the HVAC project and related asbestos removal.

    By way of merger with Szold & Brandwen, P.C., Norris McLaughlin, P.A. has a long and illustrious history working with housing corporations. Members of the Norris McLaughlin, P.A. Cooperative and Condominium Law Group and their forebears have worked on the establishment of middle income and Mitchell Lama government-assisted cooperative housing. They also helped to develop New York’s legislation for cooperatives constructed with government assistance for persons of moderate income. The Group has represented one of the major developers of this type of housing, dealing with all relevant government agencies in the planning stage and with contractors in the construction stage, and drafting documentation governing the relationships between the cooperatives and shareholders.

    Today, Norris McLaughlin, P.A. represents cooperative and affordable housing corporations as both general and special counsel, as well as luxury cooperatives and condominiums, dealing with the Boards of Directors, officers, and managers. The firm brings to its cooperative & condominium practice expertise in real estate, financing, construction, corporate, general commercial, trusts and estates, and employment law drawn from the other practices of the firm.

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    Posted in: Burt Allen Solomon, Ezra N. Goodman, Michael T. Reilly, News, Peter D. Hutcheon, Real Estate & Finance |

  • May 17, 2010Norris McLaughlin, P.A. Member Participates on Panel on State of Mitchell-Lama Housing

     

    On May, 14, 2010, Ezra N. Goodman, a Member of Norris McLaughlin, P.A., participated on a panel discussing “The State of Mitchell-Lama Housing” at the program entitled Future Perspectives on Affordable Housing and Economic Development in New York City: Policy & Practice. The keynote speaker was John C. Liu, New York City Comptroller. The event was hosted by The Association of the Bar of the City of New York.

    The program focused on contemporary issues affecting the preservation and development of affordable housing and economic development projects in the City. Panels were designed to appeal to experienced attorneys practicing in these and related fields, as well as those interested in the latest policy andanel-on-st business developments affecting housing revenue bond finance, the low income housing tax credit program, and recent land use planning initiatives.

    A resident of Brooklyn, Goodman devotes his practice to cooperative and condominium law, real estate leasing and transactional matters, and construction law. His practice centers on the representation of many cooperative, rental and condominium housing developments.

    Goodman’s 39 years of experience in this area encompass the sale and purchase of commercial as well as residential properties; industrial, commercial and retail leasing; construction contracts of all sizes and types; major service contracts; and counseling the Boards of Directors and Managers and owners of the housing developments regarding all facets of their operations. In the course of his practice, he has developed many forms and procedures for dealing with the problems faced by his clients in a manner which is efficient and cost effective, yet customized to each client’s needs.

    Goodman earned his J.D. from Harvard University in 1967 and his B.A. from Yeshiva University in 1964. He is a member of the The Association of the Bar of the City of New York and the New York County Lawyers Association. He works out of the firm’s New York City office.

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    Posted in: Cooperative ("Co-op") and Condominium Law, Ezra N. Goodman, News |

  • Oct 09, 2007Ezra N. Goodman To Speak Before Coordinating Council of Cooperatives

    October 9, 2007

    Ezra N. Goodman, a member of the law firm Norris McLaughlin, P.A., will speak about “Apartment Renovations” at a meeting of the Coordinating Council of Cooperatives on Saturday, October 13th at 10:00 am. The meeting will be held at Mutual Redevelopment Houses in New York City. Goodman will discuss items which should be covered in renovation agreements with cooperators and will also lead an open discussion of how co-ops do and should handle apartment renovation requests.

    Goodman devotes his practice to cooperative and condominium law, real estate leasing and transactional matters, and construction law. His practice includes the representation of nearly 60 cooperative, rental and condominium housing developments, handling complex leasing and related real estate transactions for an international air freight forwarder and its subsidiaries, and representing the real estate interests of a commercial bank and several labor unions in New York City.

    Goodman’s 39 years of experience in this area encompass the sale and purchase of commercial as well as residential properties; industrial, commercial and retail leasing; construction contracts of all sizes and types; major service contracts; and counseling the Boards of Directors and Managers and owners of the housing developments regarding all facets of their operations. In the course of his practice, he has developed many forms and procedures for dealing with the problems faced by his clients in a manner which is efficient and cost effective, yet customized to each client’s needs.

    Goodman earned his J.D. from Harvard University in 1967 and his B.A. from Yeshiva University in 1964. He is a member of the The Association of the Bar of the City of New York and the New York County Lawyers Association. He works out of the firm’s New York City office.

    Posted in: Cooperative ("Co-op") and Condominium Law, Ezra N. Goodman, News |

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