Neil B. Garfinkel

ngarfinkelNeil B. Garfinkel is a graduate of Cornell Law School, where he specialized in the study of Business Law and Regulation and served as an Editor of the Cornell International Law Journal.  Mr. Garfinkel received his Bachelor of Arts degree from the State University of New York at Albany, where he graduated Summa Cum Laude and was elected to Phi Beta Kappa.  Prior to forming the predecessor to AGMB, Neil B. Garfinkel was an associate in the Real Estate Department of the law firm of Proskauer Rose Goetz & Mendelsohn.

Mr. Garfinkel is the partner-in-charge of AGMB’s real estate and banking practices. 

Neil B. Garfinkel’s legal experience is diverse and his practice focuses on all aspects of commercial and residential real estate, title and banking and lending law.  He further advises clients on trust and estates issues and elder law issues as those issues relate to real estate and lending transactions. 

Mr. Garfinkel’s clients include national and international banks, mortgage bankers, mortgage brokers, real estate brokers, real estate developers, condominium associations, cooperative corporations, landlords, tenants, title companies, borrowers and purchasers and sellers of residential and commercial real estate. 

Neil B. Garfinkel serves as Residential Counsel to the Real Estate Board of New York (“REBNY”), New York City’s leading real estate trade association.  In addition to counseling REBNY on the vast array of laws and regulations that affect the real estate brokerage community, AGMB hosts the REBNY Legal Line, a daily legal hotline provided exclusively for residential members of REBNY. 

Through his affiliation and participation with REBNY and the Long Island Board of Realtors (“LIBOR”), where he is an active member of LIBOR’s Legislative and Common Interest Ownership Committees and serves as the Co-chairperson of LIBOR’s Legal Assistance Committee, he has become acutely aware of the many issues that face his real estate broker clients on a daily basis.  Accordingly he counsels his clients on commission disputes, licensing and disclosure requirements, agency issues, employment and wage laws, strategic alliances and affiliated business relationships and disciplinary actions instituted by governmental entities.  Mr. Garfinkel is also a member of the New York State Association of Realtors and the National Association of Realtors. 

Mr. Garfinkel similarly counsels his mortgage banking and mortgage broker clients on all aspects of their businesses.  His expertise in cooperative corporation law has enabled him to assist national lending institutions in creating cooperative loan programs in New York.  Furthermore, Mr. Garfinkel has traveled extensively throughout the country to provide training programs to the employees of his banking clients.  He maintains a strong knowledge of the requirements of the secondary mortgage market, which enables him to ensure that the loans closed by AGMB are saleable.  Furthermore, Mr. Garfinkel has counseled his clients on loan portfolio acquisitions and sales.   He is well versed in the complex areas of federal and state licensing and lending laws and assists his clients in obtaining banking and broker licenses, as well as structuring affiliated business relationships under the Real Estate Settlement Procedures Act.  Mr. Garfinkel sits on the board of directors of the Empire State Mortgage Bankers Association and is a member of the New York Association of Mortgage Brokers, the Community Mortgage Bankers Forum, the Mortgage Bankers Association of New York and National Association of Mortgage Brokers. 

Neil B. Garfinkel’s practice has become increasingly focused on the real estate and financing needs of the “senior” community.  He has represented reverse mortgage lenders for many years and he has witnessed the reverse mortgage product evolve into an important financial option for seniors.  He assisted the nation’s largest reverse mortgage lender in creating one of the only reverse cooperative lending programs in the country.  Mr. Garfinkel maintains the prestigious CSA (Certified Senior Advisor) and SRES (Senior Real Estate Specialist) designations and is a member of the National Reverse Mortgage Lenders Association. 

Mr. Garfinkel serves as general counsel to a real estate investment firm and a title company, where he advises these companies on legal and business issues on a daily basis.  This unique combination of knowledge and experience enables him to better serve his many clients and address their needs from a multi-faceted perspective. 

Mr. Garfinkel enjoys teaching and speaking about a variety of real estate, title and lending topics.  He is certified by the New York Department of State as an instructor of real estate courses, and frequently teaches at REBNY, LIBOR and the Real Estate Training Center.  He has appeared on various television shows, including the CBS Local News, CNBC, Bloomberg News and New York 1 News. He has appeared on nationally syndicated radio, has been published in the REBNY Reporter, the Realtor, is a contributing editor to a training manual for the real estate broker community, and has been quoted in the New York Times, Wall Street Journal, Newsday, Reuters, AP, Dow Jones, Forbes.com, Bankrate.com, CNN.com, as well as numerous other publications. 

Mr. Garfinkel is also a member of the New York State Bar Association, the Cornell University Real Estate Council, the Cornell Club of Long Island and is a past president of the Little Neck Jewish Center.  He resides in Great Neck, New York with his wife and two children.

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AGMB News Flash

AGMB Professional Brokers Bulletin: Volume I, Issue 1

Planning Guide for Foreign Investors

By: Michael C. Xylas, Esq.

Foreign ownership of U.S. Real Estate continues to grow because of its allure as a strong, stable investment with steady appreciation potential. The linked article provides ownership planning alternatives, and  introduces tax rules that real estate professionals must know to properly assist  foreign investors interested in acquiring U.S. real estate. Click here to read the full article.

 

Broker Affidavit - Disclosure as to Agency Relationship

By: David Koshers, Esq. and Neil B. Garfinkel, Esq.

New York Real Property Law § 443(4) requires real estate licensees acting as agents of  buyers/sellers/landlords and tenants  (“clients”)  of property to advise their potential clients of the nature of their agency relationship, including the rights and obligations it creates.  In addition, each individual agent involved in the transaction is required to present the client with the RPL § 443(4) disclosure form and subsequently memorialize the client’s  acknowledged receipt of the agent’s disclosure form by signature. The purpose is to ensure that the client is informed of the fiduciary duties and rights owed to him by the agent. Importantly, though, the signed disclosure form allows the agent to protect himself against potential claims by the client alleging lack of disclosure by the agent.

What if the client refuses to sign?   The Broker Affidavit created by AGMB provides a way for the agent to prove, through the agent’s own written declaration, that a client refused to sign the  disclosure form presented by the agent.

Click here to download a copy of the form as a Word document.

 

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AGMB ALERT: Judge Grants Fraud Trial Against Dunkin’ Donuts

Click here to read an article regarding an AGMB victory in a case against Dunkin Donuts.

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AGMB ALERT: AGMB Obtains Major Court of Appeals Victory and Reversal for Coop Client

AGMB scores a major victory before the New York Court of Appeals for a Manhattan cooperative that has potentially far reaching and positive financial implications for cooperatives throughout New York State.

Barry G. Margolis, co-chair of the firm's litigation department, fashioned an appellate strategy and argument convincing the Court of Appeals to reverse a First Department decision effectively permitting a sponsor/commercial tenant calcluating rent escalations under a commerical lease to derive the benefit of tax abatements and exemptions specifically mandated for residential tenant-shareholders.

This dramatic reversal decision not only materially improved our client’s bottom line, but it also sets a precedent by which similarly situated cooperatives may benefit.

To read the full text of the decision click here.

To watch video of the oral argument click here. (Requires Windows Media Player)

To discuss how your cooperative may benefit from this decision, contact Mr. Margolis directly at bmargolis@agmblaw.com or 212-201-1174.

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AGMB ALERT: New Lead-Paint Rules Applicable to Renovators and Maintenance Professionals

After approximately twenty years of delays, the Environmental Protection Agency (EPA) has instituted a new regulation mandating renovation and remodeling contractors to be certified in techniques for containing lead dust resulting from interior work. The EPA ‘s new guidelines are being established to protect children during renovation, repair and painting activities that disturb Lead-Based Paint. In addition to being certified and trained in required “lead safe” work practices, the guidelines also require contractors and other maintenance professionals to follow protective work practice and testing standards.

The rule applies to work done by renovators and maintenance professionals working in any residential housing built prior to 1978. This includes coops, condos, child care facilities and schools. Failure to comply with the new regulations can lead to fines over $24,000 per day of non-compliance. Tenants and purchasers of residential properties built before 1978 are already required to be provided with the EPA pamphlet “Protect your Family from Lead in Your Home.” Contractors must now also provide the additional lead hazard information guide “Renovate Right: Important Lead Hazard Information for Families, Child Care Providers and Schools.”

For more detailed information on the new lead paint regulations, consult the EPA’s website by clicking here. For all of the purchase and sale needs of your clients generally, please contact Neil B. Garfinkel, Esq. and Michael C. Xylas, Esq. of Abrams Garfinkel Margolis Bergson, LLP at ngarfinkel@agmblaw.com and mxylas@agmblaw.com and (212) 201-1170.

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AGMB ALERT: MAJOR CHANGES TO RESPA EFFECTIVE JANUARY 1, 2010

Effective January 1, 2010, major changes will be made to alter the existing Real Estate Settlement Procedures Act (RESPA).

To read a more detailed summary of these changes and some suggestions for an easier transition please click here .

To view the new form of Good Faith Estimate (GFE) click here . To view the HUD-1 Settlement Statement please click here .

If you have any further questions regarding this subject matter please contact Neil Garfinkel at (212) 201-1173 or ngarfinkel@agmblaw.com, Michael Xylas at (646) 473-7567 or mxylas@agmblaw.com, or David Koshers at (646) 473-7561 or dkoshers@agmblaw.com.

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