579 Fifth Avenue, 2nd Floor · New York, NY 10017
(212) 300-3191 inquiries@madisonlawfirm.com
Practice Area · Real Estate

New York Real Estate.
Every Transaction.
Every Property Type.

From the negotiation of the contract of sale through due diligence, title clearance, and closing — Madison Law Firm PLLC represents buyers, sellers, investors, developers, and lenders in every type of New York real estate transaction.

Our Real Estate Practice
  • Residential purchases, sales & refinancings — co-ops, condos, houses
  • Commercial acquisitions, dispositions & leasing
  • Real estate development & construction agreements
  • Syndications, fund formation & private placements
  • 1031 tax-deferred exchanges
  • Lender representation & mortgage transactions
  • Air rights, TDR transfers & ZLDAs
  • Tax abatements: 485-x, 421-a, J-51, ICAP, 467-m

Flat-fee pricing for standard residential transactions. Direct attorney access throughout. No handoffs to paralegals.

New York Real Estate Is the
Most Complex in the Country.

New York's real property system operates under one of the most intricate legal frameworks in the United States. Unlike most states, New York treats the drafting of contracts, deeds, mortgages, and proprietary leases as the practice of law — only a licensed attorney may prepare these instruments, and both buyers and sellers customarily retain separate counsel throughout every transaction.

The New York Real Property Law (RPL), the Real Property Actions and Proceedings Law (RPAPL), and the Real Property Transfer Tax Law form the statutory backbone of residential and commercial transactions. Overlay the particular rules governing co-operative corporations, condominium offering plans, 421-a and 485-x tax abatements, air rights transfers, Regulation D private placements, and CEMA transactions, and the complexity becomes evident immediately.

The practical stakes are equally high. A Manhattan co-op purchase requires attorney review of three to five years of board meeting minutes, financial statements, proprietary leases, and house rules — before a contract is even signed. A commercial acquisition requires due diligence across title, zoning, environmental, rent rolls, existing leases, and financing simultaneously. Errors at any stage are expensive, often irreversible, and nearly always avoidable with proper counsel.

"The right legal counsel does not simply execute a transaction — it anticipates what the other side has not yet thought of."

Attorneys Are Required Practice in New York
New York's Department of State considers non-attorneys who draft contracts, deeds, or mortgages to be engaging in the unauthorized practice of law. Unlike in many states where title companies handle closings, New York closings are attorney-supervised proceedings. Real Property Law § 213 mandates attorney involvement in certain residential transactions.
The Contract of Sale Is Everything
In New York, the seller's attorney typically drafts the initial contract and rider. This is the document that establishes your rights, your deposit protections, your contingencies, and your remedies if the deal fails. The contract is negotiated before any inspector, mortgage officer, or title company becomes involved. It must be right.
Co-op Transactions Are Uniquely Complex
A co-operative apartment is not real property — it is shares in a corporation accompanied by a proprietary lease. Rather than recording a deed, closing involves executing a stock certificate, an assignment, and an RPTT form. Board approval is required. Board minutes must be reviewed. The proprietary lease must be analyzed. The NYC Fair Chance for Housing Law (effective 2025) imposes additional requirements on criminal background check timing.
Transfer Taxes, Mansion Tax, and FIRPTA
New York City imposes a transfer tax of 1% to 2.625% on sales, with an additional "mansion tax" of 1% to 3.9% for purchases over $1,000,000. FIRPTA withholding obligations may apply to foreign sellers. Proper calculation, allocation, and structuring of these costs requires legal counsel — errors create post-closing liability.

A Complete Real Estate
Practice.

From first-time homebuyers to institutional developers, from single-family closings to complex syndication offerings — our real estate practice handles the full spectrum.

🏠

Residential Transactions

We represent buyers and sellers in every residential transaction across New York City and the metropolitan area. Flat-fee pricing for standard closings. Senior attorney attention on every file.

  • Co-op purchases, sales & board package preparation
  • Condominium purchases & sales
  • Single-family, townhouse & multi-family
  • Contract of sale drafting, review & negotiation
  • Riders: mortgage contingency, inspection, title
  • Title search review & title insurance coordination
  • CEMA transactions — avoiding mortgage recording tax
  • Refinancings & cash-out refinancings
  • Deed transfers, including inter-family transactions
  • Offering plan review for new developments
  • Board minutes, financial statement analysis (co-ops)
  • Transfer tax, mansion tax & RPTT compliance
🏢

Commercial Transactions

Commercial real estate deals require legal counsel with deep transactional experience across multiple disciplines simultaneously — zoning, finance, tax, title, and leasing. We bring that expertise.

  • Commercial acquisitions & dispositions
  • Office, retail, industrial & mixed-use
  • Commercial leasing — landlord & tenant representation
  • Ground leases & net lease structuring
  • Due diligence: title, zoning, environmental, rent rolls
  • Purchase & sale agreement drafting & negotiation
  • 1031 tax-deferred exchanges — qualified intermediary coordination
  • Hotel & hospitality acquisitions
  • Multifamily acquisitions, including rent-stabilized buildings
  • Portfolio transactions
  • Lender representation — acquisition & construction loans
  • CMBS and mezzanine loan structuring
🏗️

Real Estate Development

Development projects require simultaneous legal support across contracts, zoning, tax, and entity formation. We represent developers from site acquisition through certificate of occupancy.

  • General contractor & construction agreements
  • AIA contract review and modification
  • Access agreements & license agreements
  • Air rights acquisitions & TDR transfers
  • Zoning Lot Development Agreements (ZLDA)
  • Condominium offering plan preparation & amendment
  • Tax abatement applications: 485-x, 421-a, 467-m, J-51, ICAP
  • Zoning, land use & variance proceedings
  • Landmarks and historic preservation counsel
  • Construction loan documentation & disbursement
  • Entity formation for development projects
  • Sponsor unit sales documentation
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Syndications & Fund Formation

Capital raisers and investment managers require sophisticated securities counsel alongside real estate expertise. We handle both — drafting compliant offering documents that reflect how sophisticated investors actually transact.

  • Private placement memoranda (PPMs)
  • Operating agreements — LLC & LP structures
  • Regulation D: Rule 506(b) & 506(c) compliance
  • Subscription agreements & investor questionnaires
  • Promote & waterfall structuring
  • Preferred return & carried interest structures
  • Joint venture agreements — GP/LP structures
  • Side letter negotiations
  • Fund formation — real estate private equity funds
  • Co-investment and parallel vehicle structuring
  • Capital call mechanics & clawback provisions
  • Investment adviser exemption analysis
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Lender Representation

We represent institutional and private lenders across residential and commercial mortgage transactions, construction loans, refinancings, and enforcement proceedings.

  • Residential mortgage closings
  • Commercial mortgage origination
  • Construction loan documentation
  • Mezzanine financing
  • Refinancings & modifications
  • CEMA transactions (cost savings for lenders)
  • UCC fixture filing & personal property security
  • Title policy review for lenders
  • Forbearance agreements
  • Deed-in-lieu negotiations
  • Foreclosure proceedings — RPAPL Article 13
  • Bankruptcy & real property — lender side
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Leasing

We represent both landlords and tenants in commercial and residential leasing transactions, with particular depth in complex commercial leases and new development lease-ups across all asset classes.

  • Commercial lease drafting & negotiation
  • Office, retail & industrial leases
  • Tenant improvement allowance negotiations
  • Sublease & assignment agreements
  • Ground leases & leasehold condominiums
  • Lease amendments & modifications
  • Landlord representation — multi-tenant buildings
  • Tenant representation — single-tenant leases
  • Lease guaranty negotiation
  • Letter of intent review
  • SNDA agreements (subordination, non-disturbance)
  • Estoppel certificates

Every Property Type
in New York City.

New York's real estate market spans an extraordinary range of property types, each governed by its own legal framework. We handle all of them — with depth, not breadth.

Residential

Cooperative Apartments

The most legally distinct property type in New York. A co-op purchase involves acquiring shares in a corporation — not title to real property. The proprietary lease, house rules, board minutes, financial statements, and alteration agreements must all be reviewed. Board approval is required and can be rejected for any reason in most buildings.

  • Shares & proprietary lease review
  • Board package preparation and submission
  • Flip tax analysis & disclosure
  • Subletting restriction analysis
  • Maintenance history & underlying mortgage review
Residential

Condominiums

Unlike co-ops, condominium units are real property — ownership is evidenced by a deed. No board approval is required for most sales, though right-of-first-refusal provisions may apply. New development condos require offering plan review. Assessed separately for real property taxes, condos involve lien searches and title insurance.

  • Offering plan review for sponsor & resale units
  • Title search & title insurance coordination
  • Common charge analysis & building financials
  • RPTT, mansion tax & transfer tax calculation
  • Deed recording with City Register
Residential

Single-Family & Multi-Family

House purchases and sales in New York require contract drafting, title examination, survey review, and compliance with the Property Condition Disclosure Act (RPL § 462). Multi-family properties involve additional due diligence on existing tenancies, rent stabilization status, and Certificate of Occupancy compliance.

  • Contract of sale & rider drafting
  • Title examination & lien clearance
  • Survey analysis
  • Rent roll review for multi-family
  • Lead paint, certificate of occupancy compliance
Commercial

Office & Retail

Commercial property transactions require simultaneous due diligence on title, zoning compliance, existing tenant leases, estoppel certificates, and financing. Office and retail acquisitions often involve assignment of leases as part of the transaction, requiring analysis of tenant creditworthiness and remaining term value.

  • Full title & zoning due diligence
  • Existing lease review & assignment
  • Tenant estoppel certificate analysis
  • Purchase & sale agreement negotiation
  • Financing documentation
Commercial

Multifamily & Mixed-Use

Multifamily and mixed-use acquisitions in New York require deep knowledge of rent stabilization law, deregulation history, and compliance with NYC Administrative Code. Following the HSTPA of 2019, luxury deregulation has been substantially eliminated and IAI rent increases are capped — understanding the rent roll and regulatory history is critical to accurate valuation.

  • Rent stabilization status analysis
  • DHCR registration history review
  • Deregulation compliance analysis (post-HSTPA)
  • IAI & MCI history review
  • 421-a and J-51 tax benefit analysis
Development

Development Sites & Air Rights

New York City's development market depends on air rights transfers, zoning lot mergers, and TDR transactions to maximize permissible floor area. These transactions are among the most technically complex in real estate law, requiring coordination between zoning attorneys, architects, title insurers, and tax counsel.

  • Air rights valuation & transfer documentation
  • Zoning Lot Development Agreement (ZLDA) drafting
  • TDR transfer agreements
  • Landmark air rights transfers
  • FAR analysis & NYC Zoning Resolution compliance

From First Contact
to Closed.

Every real estate transaction at Madison Law Firm follows the same process — thorough, proactive, and fully transparent at every stage.

01

Initial Consultation

We review the transaction, discuss your objectives, provide a fee quote, and identify any issues that need early attention — before any documents are signed.

02

Contract Review & Negotiation

We review, negotiate, and draft the contract of sale and all riders — protecting your deposit, contingencies, and remedies. For sellers, we draft the initial contract.

03

Due Diligence

Title search, board minutes and financials (co-ops), offering plan (condos), survey, lien searches, zoning compliance, and all property-specific investigation.

04

Pre-Closing Coordination

Lender coordination, title insurance, closing cost calculations, RPTT filings, transfer tax compliance, and all pre-closing deliverables — managed proactively.

05

Closing & Post-Closing

We attend and manage the closing, ensure all documents are properly executed, and handle post-closing recordation with the City Register or County Clerk.

What Clients
Ask Most.

Do I legally need an attorney to buy or sell property in New York?
There is no statute that expressly requires it, but New York's Department of State has held that drafting real estate contracts, deeds, and mortgages constitutes the practice of law. As a result, non-attorneys may not prepare these documents — which means almost all buyers and sellers retain counsel. Lenders also typically require it. From a practical standpoint, the answer is yes.
What does a real estate attorney do that a title company doesn't?
A title company insures against title defects — it does not represent your interests, negotiate your contract, advise you on risk, or advocate for you. A real estate attorney does all of these. In New York, both are involved: the attorney represents you; the title company ensures the chain of ownership is clean and insures the result. You need both.
What is a CEMA and when does it save money?
A Consolidation, Extension, and Modification Agreement (CEMA) allows a buyer who is financing their purchase to assume the seller's existing mortgage and consolidate it with a new mortgage, thereby reducing the New York mortgage recording tax (0.8%–1.925% of the new mortgage amount). On a $500,000 mortgage, a CEMA can save $4,000–$9,600. Whether a CEMA is worth the additional legal complexity depends on the deal specifics — we advise on this at the outset.
How long does a typical NYC co-op closing take?
From signed contract to closing, a co-op transaction typically takes 60 to 120 days. The longest variable is the co-op board approval process, which may take 30 to 60 days after the board package is submitted. Mortgage applications, title work, and document preparation generally run concurrently and are not the source of delay. We manage the timeline actively and flag issues before they cause postponements.
What is the NYC mansion tax and who pays it?
The mansion tax is paid by the buyer on residential purchases of $1,000,000 or more. The rate is 1% on purchases between $1M and $2M, rising progressively to 3.9% on purchases of $25M or more. It is in addition to the NYC transfer tax (paid by the seller). On a $2,000,000 condo purchase, the mansion tax alone is $20,000. We calculate all transfer taxes and closing costs at the outset so there are no surprises at the table.
What is a 1031 exchange and when should I use one?
A 1031 exchange under Internal Revenue Code § 1031 allows a taxpayer to defer capital gains tax on the sale of investment real property by reinvesting the proceeds in a "like-kind" replacement property. Strict deadlines apply: the taxpayer has 45 days from closing to identify the replacement property and 180 days to close on it. A Qualified Intermediary (QI) must hold the proceeds. We coordinate with QIs and tax counsel to structure the exchange correctly from the outset.
What is Regulation D and do I need it for my real estate syndication?
Regulation D under the Securities Act of 1933 provides exemptions from SEC registration for private offerings of securities. Real estate syndications — LLCs or partnerships offering interests to investors in exchange for capital contributions — typically rely on Rule 506(b) (up to 35 unaccredited investors, no general solicitation) or Rule 506(c) (unlimited accredited investors, general solicitation permitted). Failure to comply exposes the issuer to SEC enforcement and rescission claims. We draft offering documents designed to comply with both federal and state (New York) securities requirements.
What are the 485-x and 421-a tax abatement programs?
421-a was the primary residential construction tax abatement program for many years, though it expired in 2022. 485-x (the Affordable Housing from Commercial Conversions program) is its partial successor, providing property tax exemptions for conversions of certain commercial and office buildings to residential use in Manhattan south of 96th Street and parts of Brooklyn. These programs are complex, time-limited, and require careful compliance from the point of permit issuance. We advise developers on eligibility, compliance, and abatement structuring at the earliest planning stage.
Do you handle transactions outside New York City?
Yes. Our practice covers all five boroughs plus Westchester, Nassau, Suffolk, Rockland, and the broader New York metropolitan area. The legal framework varies somewhat by county — particularly with respect to title practices, transfer tax, and mortgage recording tax — and our team is familiar with the local requirements for each jurisdiction.
What are your fees for a residential closing?
We offer transparent, flat-fee pricing for standard residential transactions. Fees are quoted at the initial consultation based on property type (co-op, condo, or house), transaction type (purchase, sale, or refinance), and whether financing is involved. Fees for complex commercial transactions, development projects, and syndication work are quoted by scope. We do not charge for the initial consultation.

Let's Discuss
Your Transaction.

Reach Out to Our Real Estate Team

Whether you are under contract, actively searching, or beginning the planning process for a development or syndication — we welcome the conversation. Initial consultations are complimentary. We provide a clear scope and fixed fee quote at the outset, so you know exactly what to expect.

Address
579 Fifth Avenue, 2nd Floor
New York, NY 10017
Hours
Monday – Friday, 9:00 AM – 6:00 PM
After-hours by appointment

Contact Our Real Estate Team

Tell us about your transaction and we will respond within one business day.

All inquiries are confidential. Initial consultation is complimentary. We will respond within one business day.