Joseph M. Marger

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Ending Some State- and City-Level Opportunity Zone Tax Benefits in New York

The federal opportunity zone program (26 U.S.C. Sec. 1400Z et seq., the “OZ Program”) provides tax benefits to encourage private investment in economically distressed areas.  More than 8,700 census tracts, located in every state, Washington, D.C., and five U.S. territories, were designated as opportunity zones.  Proponents hoped that investments in these communities would spur economic … Continue Reading

(US) The Keys that Unlock Trapped Commercial Real Estate Value

In an exclusive two-part interview with commercial real estate website GlobeSt.com, Joseph Marger of Reed Smith’s New York office offers his views on sale-leasebacks and the opportunities they represent to free substantial real estate value for companies. Part One of the Interview is concerned with the state of the sale-leaseback market. Part Two addresses when … Continue Reading

(US) Are you selling Real Estate or Securities? How Condo/Hotel owners and developers can avoid problems

This post was written by Joe Marger and Leah Speckhard The Supreme Court’s refusal in February 2014 to hear the real estate driven Ninth Circuit case, Salameh v. Tarsadia, provided Condo-hotel owners and developers with relatively clear guidelines on how to avoid securities issues and/or litigation when selling Condominium units. The determination of what constitutes … Continue Reading

(US) New York High Court Rules that Statutory Interest Not Included with Liquidated Damages – Unless You Say So

A recent opinion by New York’s highest court (J. D’Addario & Co. v. Embassy Indus., Inc. Slip Op 07850, Court of Appeals) held that a seller’s "sole remedy" of retaining the purchaser’s deposit as "liquidated damages" means just that – that’s all you get (i.e., no court-imposed interest unless you expressly say so). In the … Continue Reading

New Michigan Nonrecourse Mortgage Act Seeks to Restore Protections for Borrowers

Michigan Gov. Rick Snyder recently signed into law the Nonrecourse Mortgage Loan Act, MCL Sec. 445.1591, et seq., the purpose of which was to overturn the effect of two Michigan court decisions that interpreted and applied certain special purpose entity (SPE) and nonrecourse "carve-out" loan provisions in a way that seemed to favor lenders, and … Continue Reading
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