Tag Archives: Real Estate (U.S.)

(US) Air Rights: Make Sure You Get What You Pay For

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

(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) Creative Financing: A Developer financing method returns-IRS provides clarity on the use of Historical Rehabilitation Tax Credits

Part of a series on creative Real Estate financing. Using Crowdfunding to finance real estate projects Using New Market Tax Credits to finance projects Let the Purchaser do the Financing The Internal Revenue Service (“IRS”) recently issued important new guidelines regarding the Historic Rehabilitation Credit (“HRC”) reopening a recently moribund financing method. The new guidelines provide … Continue Reading

(US) Creative Financing: Using Crowdfunding to Finance Real Estate Projects

Part of a series on creative Real Estate financing. Using New Market Tax Credits to finance projects Let the Purchaser do the Financing Although the economy is showing signs of recovery in fits and starts, the traditional commercial real estate lending market is still tight for many developers. A number of non-traditional, non-bank financing sources … Continue Reading

(US) Property Owners: Don’t pay for the same work twice. A discharge from liability to subcontractors under CERCLA

On March 18, 2014, the United States Court of Appeals for the Second Circuit decided that under the federal environmental cleanup law known as the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") (42 U.S.C. §9607), a subcontractor cannot recover the value of unpaid work directly from a landowner if the landowner has already paid … Continue Reading

(US) Ohio 7th District Court of Appeals provides much needed clarity on Dormant Mineral Act

On April 8, 2014, the Court of Appeals for the Seventh District of the State of Ohio issued its opinion in the matter of Walker v. Noon (2014-Ohio-1499). In Walker, the Court considered competing claims to a previously severed mineral estate between a surface owner, Jon Walker, Jr. (“Walker”), and the purported owner of the … Continue Reading

(US) Property Assessment in Pennsylvania: The Judge behind widespread reassessment speaks out

This post was also written by Peter Schnore. The Honorable R. Stanton Wettick, Jr., Senior Judge of the Allegheny County Court of Common Pleas, spoke at the monthly meeting of the Real Estate Section of the Allegheny County Bar Association held on April 10, 2014. It is not surprising that Judge Wettick’s topic was real … Continue Reading

(US) Reaffirmations: A Guaranteed Good Idea

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

(US) A “XXX Freak Fest” Follow-up: State occupancy laws still a concern for AirBnB

This is a follow-up to an earlier blog post on this issue from March, 2014. On March 25th,  I posted about the legal implications of using on-line apartment-renting services like AirBnB. Specifically, the post discussed how AirBnB hosts should be mindful of their state’s tax laws and occupancy laws. A few days after the post, … Continue Reading

(US) Another Step Toward Regulatory Relief for Condominium Developers

This is a follow-up to an earlier blog post on this issue in October, 2013. Last October, the U.S. House of Representatives voted to approve H.R. 2600, which would have expressly exempted condominium developments from the Interstate Land Sales Full Disclosure Act (“ILSA”). Ultimately, the bill was left to languish during the discussions surrounding the … Continue Reading

(US) Creative Financing: Using New Markets Tax Credits To Finance Projects

A successful real estate project often requires blending several sources of funding. New Market Tax Credits (NMTC) are an alternative method of financing projects located within a specific ‘Low income urban/rural community (LIC). The NMTC program was enacted as a part of the Community Renewal Tax Relief Act of 2000. Administered by the Treasury Department, … Continue Reading

(US) Building Heights in Washington, DC: you may soon have permission to grow

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

(US) A “XXX Freak Fest” May Not Be the Worst of Your Problems:How to Avoid Eviction in the Sharing Economy

This post was also written by Leah Speckhard Last weekend, I came across an interesting story  on my Facebook news feed. It detailed how a New York comedian had rented out his apartment for the weekend using a popular website, AirBnB, only to come back and find that his apartment had been used to host … Continue Reading

(US) Tenant’s Proportionate Share of Taxes: Don’t Overpay

Many commercial leases pass through to tenants a proportionate share of the landlord’s operating expenses and taxes for the property based on terms expressed in the lease. However, some landlords attempt to pass-through certain taxes that a tenant should not be expected to pay.   A recent lease negotiation on behalf of an industrial client … Continue Reading

(US) Open and Transparent -or- Hide the Ball? Some Leasing Best Practices

Recently, the Commercial Lease Law Insider advised landlords to avoid lease disputes by refusing to disclose the square footage of the space. The Landlord is well advised to follow a course of action that creates trust and fosters a mutually beneficial long term Landlord/Tenant relationship. https://www.commercialleaselawinsider.com/article/dont-put-square-footage-or-dimensions-lease. The size of the tenant’s space, expressed in square … Continue Reading

(US) PA University’s Housing Non-Profit Stripped of Tax Exempt Status

In January 2014, the Monroe County (PA) Court of Common Pleas stripped recently awarded HUP status from a not-for-profit student housing corporation affiliated with East Stroudsburg University (“ESU”). As the record in East Stroudsburg Area School District v. Monroe County Board of Assessment Appeals  reflects, ESU formed the not for profit corporation, University Properties, Inc. (“UPI”), … Continue Reading

(US) Sustainable Development: Push vs Pull

Sustainable development practices started as a push, with building owners and occupants pushing the industry to create superior product. Slowly, governmental entities have begun to pull developers in the same direction by offering incentives, such as increased floor area ratios or maximum density. It is inevitable that these entities will ultimately move toward mandates, without … Continue Reading

(US) PA Supreme Court Rejects Corbett Administration’s Request for Reconsideration of Act 13 Ruling

This is a follow-up to an earlier blog post on the  PA Supreme Court Act 13 decision On Friday, February 21, 2014, the Pennsylvania Supreme Court announced that it would not reconsider its December, 2013 decision striking down as unconstitutional broad portions of the 2012 law amending Pennsylvania’s Oil and Gas Act (Act 13). Following the … Continue Reading

(US) New York High Court Ruling: Restaurant in Union Square does not violate state public trust doctrine regarding use of parkland

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

(US) Pennsylvania in Motion: Transit bill aims to improve infrastructure and public transit

Urban areas, including the periphery, are now experiencing reverse migration back to the urban centers. This trend links to baby boomers who are now ‘empty nesters’ looking to eliminate work commutes and fulfill a desire for proximity to urban entertainment and cultural centers. Millennials have a role in this demographic shift, favoring a lifestyle where … Continue Reading

(US) Take the Over or Under? 2014 commercial real estate predictions

A new year brings the inevitable macroeconomic predictions and conjecture about how those predictions will affect real estate and capital markets, in addition to real estate asset class and market forecasts. The CoStar Group summarized 14 predictions it likes for 2014, and other real estate firms, such as Colliers International and Jones Lang LaSalle, offered … Continue Reading
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