Tag: Margaret Ling

Posted on

AABANY Presents: Avoiding Real Property Disputes in Divorce Matters In the Aftermath of COVID-19

On June 25, AABANY presented a CLE Program on divorce property disputes in the context of COVID-19, featuring panelists from practitioners in matrimonial law and real estate law. The panel outlined influences of the pandemic upon real property disputes in divorce proceedings, and recounted actual cases to demonstrate. Speakers included Margaret Ling, Senior Counsel at Big Apple Abstract Corp. and Co-Chair of the AABANY Real Estate Committee; Derrick Rubin, trial attorney associate at Wisselman, Harounian & Associates; Jerome Wisselman, Managing Partner at Wisselman, Harounian & Associates; and Irene Angelakis, Founding Owner at Law Offices of Irene Angelakis. 

Derrick Rubin began by discussing the basic considerations of property disputes. Family homes are typically the largest asset, and disputes center around who gets the house, whether or not to sell, or if one spouse should buy out another. Another necessary consideration is the legal theory of equitable distribution, which emphasizes a fair rather than equal distribution of property on the basis of various factors. Some examples include how long the parties were married, their individual needs, and the financial contribution each party made during the marriage.

Margaret Ling then outlined examples from past cases to demonstrate the benefits of in-person dealings and how remote demands of COVID-19 impose challenges. In a Chase Bank refinance transaction, a couple sought a $2 million refinance on their condo. However, the lawyer noticed the husband seemed nervous, the wife was fidgeting, and her identification appeared fake. Upon further inquiry, it was discovered that the husband was in the midst of a divorce and had brought his girlfriend in an attempt to make property adjustments while his wife was traveling — not permitted under domestic relations law which forbids property adjustments without spousal approval. Today, legal transactions that depend upon accurate identification must come up with new solutions. 

Irene Angelakis continued the discussion with tips on how to avoid disputes during the pandemic and also raised ethical considerations. She talked about taking into account pandemic-induced income changes, a common circumstance today, by giving parties more realistic timelines to decide on refinancing. Another involved taking social distancing precautions if both parties decide to sell the house. The most important takeaway is that both parties should try to settle property disputes because the courts and trials are limited options during COVID-19. Irene concluded with the topic of ethics by discussing disclosure requirements, matrimonial retainer agreements, fee disputes and escrow. 

A final topic explored by Jerome Wisselman was asset protection. Asset protection, through prenuptial and post-nuptial agreements, are preventative legal measures taken to avoid property disputes during divorce. Provision of detailed financial statements by both parties, addressing potential future investment returns, and deciding on whether retirement benefits will be separate or together, are necessary for the creation of a fair and accurate asset protection agreement. The main takeaway is that current divorce property disputes that have been further complicated by COVID-19 circumstances may have been avoided if more asset protection agreements existed.

Thank you to all the panelists for their valuable time and insights, and thanks to the Real Estate Committee for organizing this timely and informative CLE program. To view the recording of the CLE, click on the image at the top. If you would like to learn more about AABANY’s Real Estate Committee, click here: https://www.aabany.org/page/120

Posted on

AABANY Co-Sponsors Panel on the Impact of the NYC Climate Mobilization Act on Real Estate Development and Investment

On June 30, AABANY hosted a CLE program on the New York City Climate Mobilization Act’s Impact on Real Estate, featuring prominent industry leaders. The panel outlined the changes imposed by the recently passed Climate Mobilization Act, specifically Local Law 97, and their effects on both tenants and landlords. Speakers included Margaret Ling, Senior Counsel at Big Apple Abstract Corp. and Co-Chair of the AABANY Real Estate Committee; Amol Pachnanda, Partner at Ingram Yuzek LLP and Co-Chair of the AABANY Real Estate Committee; and Terri Gumula, President of MMDC Group, LLC.

The panel began by discussing the role of ESG (environmental, social, and governance) standards on real estate investments. Public emphasis has grown on corporate social responsibility with legislation and corporate mandates placing legal and social pressure on companies to adopt environmentally conscious practices. Investors are also increasingly looking toward ESG-oriented rating systems such as the GRESG as a holistic, financial benchmark. As such, investors have begun to adopt a variety of approaches to minimize negative environmental impact. Those that wish to adopt low-cost measures have opted for greater emphasis on existing maintenance protocols, cleaner filters, lighting upgrades, among others. High-cost measures include heating and cooling upgrades, boiler conversions, installation of variable speed control drives and solar panels. Generally, the push toward sustainable construction has also increased long-term performance as planning for less carbon emissions mitigates the potential losses incurred as a result of future legislation.

The panel then outlined the specifics of the New York City Climate Mobilization Act. Passed in April 2019, the Climate Mobilization Act was a series of bills and resolutions that included Local Law 97, which had stated a goal of reducing greenhouse gas emissions (“GHG”) by 80% by 2050 with an interim goal of reducing GHG by 40% by 2030. The new regulations apply to buildings over 25,000 square feet and also provide incentives for green roofs, PACE financing, and wind turbines along with other environmentally friendly building practices. Adjustments to emission limits are very limited but are available on a temporary basis with applications due July 1, 2021. Rationales for adjusting emissions limits include lack of space and financial hardship. If approved, exemptions cannot exceed one to three years, and the application will need to be refiled. Buildings with one or more rent-stabilized units have alternate requirements for the time being. As of now, rent regulated buildings require 35% of their tenants to be rent-stabilized to qualify for prescriptive measures that offer alternate standards.

We thank all the panelists for their valuable time and insights. If you would like to learn more about AABANY’s Real Estate Committee, click here.

Posted on

AABANY Co-Sponsors Panel on Small Business Navigation of COVID-19

On June 23, the Asian American Bar Association of New York (“AABANY”) presented its Small Business Navigation of COVID-19: A Briefing on Relief and Remedies panel as a part of AABANY’s wider initiative to provide support for those adversely affected by COVID-19. The event highlighted professionals working in a variety of fields and addressed concerns regarding how to safely open up and potential next steps for small businesses. The panel was moderated by Margaret Ling, Senior Counsel at Big Apple Abstract Corp. and Co-Chair of the AABANY Real Estate Committee, and featured Amol Pachnanda, Partner at Ingram Yuzek LLP and Co-Chair of the AABANY Real Estate Committee; William Ng, Shareholder at Littler Mendelson P.C.; Anthony Kammas, Partner at Skyline Risk Management, Inc.; William Hao, Counsel at Alston & Bird LLP and AABANY Treasurer; and Anthony M. Bracco, Partner at Anchin Accountants and Advisors.

Amol Pachnanda began by discussing COVID-19’s effect on the tenant-landlord relationship and best practices for tenants to avoid eviction. Tenants should be familiar with the lease agreement and seek legal counsel in any disputes with the landlord. Communication between tenants and landlords is critical as both parties possess significant incentives to avoid eviction. Tenants should be aware that the Moratorium on Evictions has been extended for an additional 60 days and any rent demands must be nullified if the tenant states that they have been impacted by COVID-19. Additionally, New York State real estate personal guarantees and “Good Guy Guarantees” have been made non-enforceable as tenants are no longer legally bound to vacate within a set timeframe if they are unable to pay their rent.

William Ng addressed how small businesses should reopen and some of the potential legal issues with phase 2 and phase 3 reopening. Business owners must go online and complete the New York Forward safety plan template and keep the plan on the premises at all times. Each business must affirm whether they have submitted a plan or have a plan in place during inspections. Small businesses are also encouraged to maintain a cleaning plan and document daily hygiene and sanitation activities to limit employer liability in the event that an employee does contract COVID-19. If an employee does contract COVID-19, small business owners are responsible for reporting the case to the relevant authorities and putting together a plan that ensures the safety of the other employees. The plan should include contact tracing measures and other appropriate protocols to limit contact and exposure.

Anthony Kammas discussed how small businesses can maintain their insurance coverage while reopening and other ways to mitigate liability. Employers should review their business policies and keep detailed records of their sanitation efforts to make sure they can retain their coverage in the event that individuals claim they contracted COVID-19 on the premises. Moreover, it is critical that employee handbooks are updated to address the challenges currently posed by COVID-19. Employers should also be mindful of the HIPAA liabilities associated with additional employee screenings. If employers contact trace, any information regarding the infected individual must remain confidential. As many policies do not cover the cost of sanitation and cleaning, Anthony Kammas recommends seeking third-party cleaning services to shift liability down away from the business owner and to the cleaning service if an incident were to occur. Small business owners should be more careful when buying new policies as carriers are becoming increasingly narrow in their wording to avoid excessive coverage.

William Hao then explained how Chapter 11 bankruptcy may be a viable option for struggling small businesses. Chapter 11 bankruptcy focuses on restructuring and reorganizing as the business undergoes a court-supervised process by which creditors and debtors come together to discharge bad debts and re-negotiate contracts and formulate a plan moving forward. Filing for Chapter 11 bankruptcy provides a business a set of tools and leverages to incentivize creditors to come to the table and establish an agreeable plan for all parties. Businesses are entitled to an automatic stay, which stops any litigation and collection efforts that are burdening them. Businesses can also reject bad contracts during this process. Creditors are incentivized to negotiate with debtors as creditors are aware that any contracts paid out during this time would amount to a smaller fraction of the original debt. In addition, the absolute priority rule is voided, and other regulations and costs that had previously barred small businesses from filing for Chapter 11 bankruptcy have been waived.

Lastly, Anthony Bracco discussed how small businesses can still apply for benefits under the Payment Protection Program (“PPP”) and the Economic Injury Disaster Loan (“EIDL”). Under the PPP, small businesses can apply for up to two and a half months’ worth of employee payroll costs with any new loans having a five-year repayment period. These loans qualify for 100% loan forgiveness if they are spent within 24 weeks and at least 60% is spent on payroll costs. The percentage of loan forgiveness is reduced if employers reduce the compensation of anyone earning $100,000 by 25% or more or reduce full-time equivalents. However, employers are not accountable for restoring full-time equivalent employment if employees are not willing to return to work or due to government shutdown. Small business owners can apply for loan forgiveness any time within the 24 week window if all of the PPP loan is spent. As for the EIDL, small business owners can obtain a loan up to $150,000 with an advance loan of $10,000. Even if the full EIDL loan is not granted, small business owners are entitled up to the $10,000 advance loan. Small business owners can apply for both the PPP and the EIDL but must deduct the $10,000 EIDL advance loan from the PPP loan. Anthony Bracco also described different options available for small business owners to cover employee costs in addition to applying for the PPP. Instead of cutting headcount by a certain percentage, small business owners can reduce employee salaries by the percentage of those that were to be terminated and the Department of Labor will cover a portion of the pay lost.

We would like to thank Margaret Ling for moderating and organizing this informative event and the panelists for their time and dedication to help those adversely affected by COVID-19. To learn more about the Real Estate Committee, click here. To view the recording from the webinar click on the image above.

Posted on

New York Law School AALSA Alumni Lunar New Year Reception

On February 20, 2020, Margaret Ling, AABANY Development Director, hosted the New York Law School AALSA Alumni Lunar New Year Reception at New York Law School. Margaret is a New York Law School Alumni, Class of 1983, and is also a Board Director of the New York Law School Alumni Association. She mentors many of the Asian Law students and took this opportunity to connect them with alumni. The event was also attended by Dean Anthony Crowell and Elizabeth Briand of Development Affairs. Many thanks to AABANY for their support and Nancy Yang, AALSA President and Class of 2020.

Posted on

AABANY Presents: Lunar New Year Celebration and Networking Event at Chase Bank

On January 28, 2020, Margaret Ling, AABANY Real Estate Committee Co-Chair, hosted and organized the Lunar New Year Celebration and Networking Event at Chase Bank located at 41-22 Bell Bvd, Bayside, New York.

Over 50 attorneys attended the reception. A lovely buffet was served, and entertainment was provided by master paper cutting artist Mr. Hou-Tien Cheng. AABANY’s Real Estate Committee collaborated with the following organizations to present this event: Queens County Bar Association Diversity and Inclusion Committee; KALAGNY; Big Apple Abstract Corporation; Chase Bank; and Forchelli, Deegan and Terrana, LLP. Margaret Ling, who is both the Co-Chair of the AABANY Real Estate Committee and the Co-Chair of the Queens County Bar Association Diversity and Inclusion Committee, will continue to organize these joint collaborative bar events in the near future.

We thank everyone that attended and wish everyone a prosperous Lunar New Year!

Posted on

AABANY Presents: Understanding Diversity and Inclusion in Our Everyday World

On January 30, 2020, AABANY’s Real Estate Committee hosted a CLE entitled “Understanding Diversity and Inclusion in Our Everyday World.” The CLE and networking event took place at Hanover Bank in Flushing Commons in Queens, and over 25 attorneys attended.

The panel discussion covered all the basics of diversity and inclusion in the workplace and its relevance to the legal profession. The speakers included AABANY’s very own William Ng, Shareholder at Littler,  and Shirley W. Bi, Associate at Littler. Margaret Ling, AABANY Real Estate Committee Co-Chair, moderated the event. Attendees received 1 credit in Diversity, Inclusion and Elimination of Bias.

Many thanks to our sponsors, John Pollock and Jimmy Lee, both of Hanover Bank, Littler, Big Apple Abstract Corporation, KALAGNY, and the Queens County Bar Association. To learn more about the Real Estate Committee, go to https://www.aabany.org/page/120 .

Posted on

Margaret Ling Receives Award for Outstanding Leadership in the Defense of Legal Rights & Exemplary Community Service

On the evening of December 3, 2019, Margaret Ling, AABANY Development Director and Co-Chair of the AABANY Real Estate Committee, was the proud recipient of the Award for Outstanding Leadership in the Defense of Legal Rights & Exemplary Community Service. The award was given to Margaret by the Brooklyn Real Estate Board at their Annual Holiday Party & Community Recognition Awards Presentation. Margaret is a Member of the Advisory Board of Directors.

Margaret is pictured below with her award and with her colleagues Ashvini Persaud, Senior Business Banker of Capital One (left) and Sara Golan, Associate Broker, Nest Seekers International: The Serhant Team (right).

Join us in congratulating Margaret on this well-deserved honor and recognition.

Posted on

AABANY Presents: Understanding Opportunity Zones and 1031 Exchange Deferrals

On November 14, 2019, the AABANY Real Estate Committee presented a CLE and networking event entitled “Understanding Opportunity Zones and 1031 Exchange Deferrals.” The CLE program was presented by John J. Lee, Esq, Vice President and Account Executive of IPX 1031. Margaret Ling, Co-Chair of the AABANY Real Estate Committee moderated the program. Thanks to our sponsors: Xavier Wong of First Republic Bank, KALAGNY, and  Big Apple Abstract. John Lee discussed the basics and the differences between the 1031 Exchange Program and the Tax Deferral Structures provided by Qualified Opportunity Zones. In the photo, from left to right: Margaret Ling, Co-Chair of AABANY Real Estate Committee; Qili Li, MD; John Lee of 1031 Exchange; George Xu of Century Development LLC; Larry Litwack of Big Apple Abstract Corp.

Posted on

AABANY Presents: Real Estate Fraud and Cyber Security

On October 28, 2019, the AABANY Real Estate Committee presented a CLE program entitled “Real Estate Fraud and Cyber Security.” The CLE and networking event took place at Anchin Block & Anchin LLP at its Manhattan Headquarters. The event was attended by over 50 attorneys and CPAs. Special thanks to the sponsors: Anchin Block & Anchin LLP; Big Apple Abstract Corp; KALAGNY; Capital One; SDL & GHS Insurance Agency; Ingram, Yuzek, Gainen, Carroll & Bertolotti LLP; Ganfer, Shore, Leeds & Zauderer LLP; Anchin Digital Risk Solutions. Pictured from left to right: Amol Pachnanda, AABANY Real Estate Committee Co-Chair; Russell Safirstein, Partner, Anchin Digital Risk Solutions; Margaret Ling, AABANY  Real Estate Committee Co-Chair; Ashvini Persaud, Capital One; Daniel Jacoby, SDL & GHS Insurance; Benny Liu, CPA, Anchin; Larry Litwack, Big Apple Abstract; Jason Ganfer, Ganfer, Shore, Leeds & Zauderer LLP.

Posted on

Congratulations to the Network of Bar Leaders

AABANY extends its congratulations to the Officers and Executive Council of the Network of Bar Leaders. They were installed on August 20, at the New York County Lawyers Association, in a ceremony officiated by Associate Judge of the New York State Court of Appeals, Hon. Paul G. Feinman. AABANY is a proud long-standing member of the Network of Bar Leaders.

AABANY’s own Board Officer, Margaret Ling, began the evening by welcoming everyone to NYCLA. Immediate Past President of the Network of Bar Leaders, Bridgette Y. Ahn (also a member of AABANY) introduced Judge Feinman. Judge Feinman swore in all the Executive Council members, including Margaret and Bridgette, followed by the Officers, and after them, Judge Feinman swore in Meredith Miller as President.

A reception followed the installation, at which all attendees got to congratulate Meredith and the newly installed Officers and Executive Council members. Attendees also had the opportunity to take photos with them and enjoyed networking over delicious Chinese food as well as wine and refreshments. Thanks to Margaret for all her hard work planning and organizing the reception.

For some great photos from the event, check out the album here.