PN Real Estate Attorney, Nataly Goldstein, spoke to Norwood News for their November feature article on "The Vanishing Bronx Homeowner." They discussed how Bronx homes that are purchased through a LLC or demolished, pose a threat to traditional Bronx home ownership. Nataly provided her expert legal analysis on why developers choose to purchase real estate through LLCs.
“You could change the rules of the LLCs, the assets of the LLC, the proportion of profits and losses that each member gain just by drafting and re-drafting the document, which doesn’t get recorded. So there are no recording fees there. So it’s a pretty cheap and easy way to be flexible in the management of LLCs.”
As for disclosing the names behind LLCs, Goldstein notes it’s “counterproductive” to do so as it could open them up to lawsuits. “If you were to publish who the actual members are, then you’re exposing exactly to the liability that you’re trying to protect yourself from,” said Goldstein.
Check out the full article: Norwood News