By Steven M. Regan and William G. Bornstein on Posted in Real Estate (U.S.)
The Pennsylvania Legislature enacted extensive changes to Title 56 of the Decedents, Estates and Fiduciaries Code affecting powers of attorney, effective as of January 1, 2015. The amendments create a number of issues for creditors in commercial transactions and individuals and businesses engaging in the transfer of equity interests, bonds or other assets of a … Continue Reading
In an article published on Law360 titled "History Complicates San Francisco’s Surging Real Estate Development," Simon Adams of Reed Smith’s Real Estate Practice Group comments on the challenges developers face with historic-designated properties in the city. " I think [the need for housing is] a particular challenge to San Francisco right now,” noting the tension between the … Continue Reading
In an article titled“The State of Compulsory Integration in Pennsylvania” that appears in The Legal Intelligencer, Michael Joy, Robert Jochen and Steven Chadwick of our Pittsburgh office review the challenges oil and natural gas developers face in Pennsylvania. The authors argue that an established compulsory integration process will benefit the industry by providing a predictable permitting … Continue Reading
On August 19, 2014, the Pennsylvania Superior Court affirmed a trial court’s decision not to reduce accelerated damages awarded to a landlord to present value, thereby strengthening the landlord’s position with respect to acceleration clauses in an already landlord-friendly state. The case, Newman Development Group of Pottstown, LLC v. Genuardi’s Family Market, Inc. and Safeway, … Continue Reading
In many cases nonprofit organizations do not have large endowments or reserves in place from which they draw upon to readily accomplish and sustain a real estate acquisition. In today’s market, buyers are typically expected to contribute between 10-20% cash equity upfront as well as meet reoccurring payments of debt service, operating expenses and real … Continue Reading
In September, the Pennsylvania Supreme Court unanimously decided in Reading Area Water Authority v. Schuylkill River Greenway, that a “water authority” may not condemn a utility easement over privately-owned land for the sole purpose of providing a private developer sewage and drainage facilities for a proposed residential housing development. The case is important because it … Continue Reading
On September 18, 2014 Congress amended the Interstate Land Sales Full Disclosure Act (“ILSA”) to exempt condominiums from the filing and registration requirements. Originally intended to protect consumers against fraudulent land sales practices such as selling lots that were underwater or unable to obtain utility services, the federal courts and the Department of Housing and … Continue Reading
Subrogation is the principle under which an insurer that has paid a loss under an insurance policy is entitled to all of the rights and remedies belonging to the insured against a third party with respect to any loss covered by the policy. In simple terms, subrogation means substitution of one person for another. Subrogation … Continue Reading
this is a follow-up to an earlier blog post on this issue from March, 2014 On Thursday, August 14, 2014, the Supreme Court of Pennsylvania advised that it would consider the appeal from the Superior Court determination dated March 14, 2014 in the matter of Sheddon v. Anadarko E&P Co. LP. We will continue to update this … Continue Reading
This post was written by Katherine Campbell and Siobhan Hayes. We have just had a reminder that a landlord’s obligation to pay rates can arise when it has the legal right to take possession even though it is careful not to do so. The case in question is Schroder Exempt Property Unit Trust v Birmingham … Continue Reading
Negotiation of the construction allowance is an important part of most commercial lease transactions and usually centers around the size of the allowance and the type of improvements to be constructed. However, the tax consequences flowing from the construction allowance are frequently subject to far less negotiation. If the tenant owns the improvements after construction, … Continue Reading
This post was also written by Joshua Leventhal In an effort to expedite the litigation process, reduce court costs and to offer contracting parties an alternative to arbitration, the New York State Supreme Court Commercial Division has adopted an “accelerated adjudication” rule, effective as of June 2, 2014, for all disputes exceeding $500,000. The “accelerated adjudication” … Continue Reading
There is no question that Chinese investors have played an important role in maintaining deal flow over the past several years, especially for trophy properties in gateway cities like London and New York. However, until recently, these investors have been at a competitive disadvantage due to a lengthy government review and approval process. Under prior … Continue Reading
A landlord may request a principal of a tenant or an affiliated entity to guarantee lease obligations if the prospective tenant has a less-than-ideal credit profile. In a tenant-friendly market, few landlords will be successful in this pursuit. Consequently, a savvy landlord may request a sufficient security deposit, plus a limited or “Good Guy” Guaranty … Continue Reading
If you are a landowner who owns land that came to you or your family through a land grant from the United States government and that land abuts or lies beneath what is now an abandoned railroad, then you might have a legitimate claim to say to the government, “show me the money!” A January … Continue Reading
This second blog post of the two-part series features just a few of the tools of inclusionary eminent domain that can be retrofitted for purposes of constructing or preserving affordable housing on land condemned for economic development, or new development projects generally. The tools are interrelated and have the ability to operate in tandem to … Continue Reading
“Pop-Up” retail, the use of short-term sales space to house retailers in connection with a trendy seasonal or up-and-coming product has increased in popularity over the last several years. Target, Nike, Google and Microsoft are recent examples of retailers who have successfully opened pop-up shops. Recently, the concept of the pop-up shop has expanded beyond … Continue Reading
This first part of a two-part blog series explores a new concept, “inclusionary eminent domain,” that has emerged in real estate development. The concept serves to temper and reconcile the interests of various stakeholders involved in eminent domain takings for economic development. The concept has evolved in response to the 2005 landmark United States Supreme … Continue Reading
This post was written by Lesley Vars and Leah Speckhard Prices for transferable development rights, commonly referred to as “air rights”, in New York City are reaching sky high numbers as developers scramble to build higher and higher. According to the Wall Street Journal’s April 23, 2014 article, titled “Sky is the Limit for Air … Continue Reading
When landlords negotiate amendments or extensions of leases with existing tenants, it can be easy to overlook a very simple but important part of the documentation process: the reaffirmation of an existing guaranty of lease. A reaffirmation of guaranty from a guarantor of the tenant’s obligations under a lease can be as simple as … Continue Reading
On March 12, 2014, the House Committee on Oversight and Government Reform advanced a bill proposing to make the first changes to the Height of Buildings Act of 1910, a federal law establishing height limits on Washington, D.C. buildings. The height restrictions were implemented in response to the construction of the 164-foot Cairo Hotel in … Continue Reading
On March 14, 2014, the Superior Court of Pennsylvania ruled in favor of an oil and gas exploration company, applying the doctrine of estoppel by deed to prevent a landowner from partially repudiating an existing oil and gas lease. This decision is significant for oil and gas lessees as it stands for the proposition that … Continue Reading
Conveying oil and gas interests in Pennsylvania raises the question as to whether the document conveying the interest is subject to realty transfer tax and, if so, how the value of the interest determined and the tax calculated. Oil and gas transactions create a variety of interests in property. An oil and gas lease creates … Continue Reading
In a recent decision, the New York Court of Appeals held that a NYC proprietor could operate a restaurant on city-owned parkland located in Union Square notwithstanding the so called “public trust doctrine”. The restaurant will replace long-time neighborhood favorite Luna Park, which closed in 2007 at the time of a citywide park renovation initiative. … Continue Reading
