Nowhere To Hide

As attorneys and real estate professionals have been figuring out the new rental laws, the focus is shifting to LLC disclosure. It was first interpreted that owners of LLC's had to be disclosed in transactions of one- to four-unit buildings. Without saying how the interpretation was made, the Department of Taxation states that this would also include condo purchases. Its Cuomo administration counterpart, however, did clarify that disclosures would be subject to FOIL requests in New York City, meaning journalists and other parties could conceivably get the names of anonymous buyers. There's cause for major concern as real estate professionals wait for lawmakers to provide clarity.

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