Failed Debt Deal Not Just Business As Usual for CRE
November 23, 2011 -- GlobeSt.com
Dennis Russo says the failure of the so-called Congressional super-committee to act on a tax plan creates uncertainty for the economy and, by extension, the commercial real estate market. Dennis says uncertainty is even worse than bad news, and the committee's deadlock adds to the recent uncertainty over whether Congress would raise the debt ceiling or possibly default on our national debt, and adds to the upcoming uncertainty of which party will control the White House and Congress.
Landlord Is Ordered to Pay Fees of Tenant Who Averted Eviction
September 20, 2011 -- New York Law Journal
Scott Mollen analyzes a recent New York State appellate decision that clarifies when a tenant who prevails in litigation may recover legal fees under the state's real property laws. Even though this decision held that the landlord had to pay the tenant's legal fees, Scott says the decision helps landlords and tenants by clarifying the larger issue of when tenants may recover fees.
The Debt Deal Viewed Through Real Estate’s Prism
August 3, 2011 -- GlobeSt.com
Dennis Russo opines that the cuts in government spending that the Republicans demanded to pass a debt ceiling increase will slow economic activity. Dennis says that for overall economic activity to remain unchanged in the face of a diminution in government spending, the private sector will have to spend as much as the government cuts -- a prospect he views as unlikely in this economic climate.
March 15, 2011 -- Real Estate Bisnow
Herrick, Feinstein's office condo seminar is featured in this item, which includes photos of the panelists and information on why more developers are converting office buildings to commercial condos and why more business owners are buying their spaces instead of renting. The coverage quotes Douglas Heller on the process by which rental office may be converted to office condos and on the market for such properties.
Renting Rules for Condo Owners
February 13, 2011 -- The New York Times
Doug Heller tackles a reader's question about what a condo board can do to restrict unit-owners from renting their units -- or charge a transactional fee -- when the condominium declaration allows rentals but is silent on the issue of restrictions and fees.
Hudson Yards development tries to tempt a tenant
January 17, 2011 -- Crain's New York Business
In this front-page story about how The Related Cos. is seeking office and retail tenants at Hudson Yards, Richard Brown says finding the first tenant is critical, with others sure to follow. Richard says that is the norm when owners seek to lease space in previously undeveloped or underdeveloped markets.
Midtown south's moment has arrived
January 17, 2011 -- Crain's New York Business
In this commercial real estate article about midtown south's new-found panache, Jonathan Adelsberg compares that market to midtown and downtown. People with open collars and iPhones are emblematic of midtown south, he says, while the BlackBerry is more prevalent in midtown and downtown.
Small Business Bill, Accounting Change Could Pack Wallop
September 27, 2010 -- GlobeSt.com
Howard Peskoe explains why pending legislation, designed to spur lending to small businesses, probably will not tend to cause those businesses to buy commercial property, rather than lease. But the bill, in combination with proposed changes to the accounting rule FASB 13, might do so, he says, because the changes would require businesses to include lease payments as debt on their balance sheets, possibly leading some to buy instead of lease.
Empty Desks May Slow Upturn in Real Estate
May 25, 2010 -- The New York Times
Ben Kursman says that so-called shadow space -- commercial space that is underutilized but not easily rented -- might stunt the rebound in the commercial leasing market because that space must be absorbed before companies take on new space.
Structuring Your Lease to Cover Retirement
April 21, 2010 -- Medical Office Today
Neil Shapiro says medical office leases should be signed under the name of the medical practice -- not the individual doctors -- to minimize the doctors' liability in this article about how to prepare for a doctor's retirement from a practice.
When Do You Need a Real Estate Attorney? This is one specialist to have on your team.
April 14, 2010 -- Medical Office Today
Neil Shapiro, who represents doctors and medical practices as well as property owners looking to lease space to them, is quoted in this weekly e-newsletter. He opines that smaller medical practices and those without commercial real estate experience or professional management should call on commercial real estate attorneys early in the process of leasing or buying space, expanding the practice or anything else that would involve real estate.
The Industry Could Get Boost from SBA Proposals
February 10, 2010 -- GlobeSt.com
The Obama Administration's plan to urge community banks to lend to small businesses might benefit the commercial real estate industry, but only indirectly, Howard Peskoe says. SBA loans to entrepreneurs help businesses get started and expand, and that increased economic activity leads to additional sale or leasing of office, warehouse and retail space, he says. But he does not anticipate that the Administration's initiative will increase the number of direct loans from community banks to real estate developers and investors.
Industry Welcomes Unemployment Drop with Open Arms
February 5, 2010 -- GlobeSt.com
A drop in unemployment rates augers well for the commercial real estate market in New York and other office-heavy primary markets around the country, Benjamin Kursman says. Continued improvement in the employment outlook, coupled with absorption of sublease space and fewer corporate tenants looking to sublease their space, should stablize rent prices, which, in turn, makes commercial properties more valuable, he says.
NJ waterfront loses its competitive edge; Rents aren't low enough to lure businesses from NY
January 17, 2009 -- Crain's New York Business
Jonathan Adelsberg says this is a tenants' market -- not an owners' market -- in a story that examines relative values to be found on both sides of the Hudson River. Jonathan, co-chair of Herrick's commercial leasing practice, represents owners and corporate tenants in both New York and New Jersey, giving him insight into what both states offer.
Stuyvesant Town woes may pave way for loan changes
November 11, 2009 -- Reuters
Scott Mollen opines that litigation surrounding Stuyvesant Town's rent rolls could last for years in this story about how the litigation might affect the value of the property.
Commercial market report: Landlords dangle record amounts of free rent
November 1, 2009 -- The Real Deal
Commercial owners in New York have, in some instances, gone from offering a year's free rent to two years' worth, Jonathan Adelsberg says. He notes that some landlords prefer to offer a longer term of free rent in exchange for higher per-square-foot rates during the downturn.
Real Estate Community Greets Growth with Caution
October 29, 2009 -- GlobeSt.com
Dennis Russo says that growth in the GDP and the likely official end of the recession are good signs for the commercial real estate market. He cautions, however, that the market lags the larger economy and that lenders and developers must regain confidence before they regain their appetite to do deals.
Quality Rules in Bigger Deals
October 23, 2009 -- Real Estate New York
Banks are assuming that office rents will decrease as they decide how to underwrite loans, as opposed to assuming automatic escalations as they did in past years, Jeffrey Kaufman says. He notes that some of his clients are sprucing up Class B properties, choosing to improve their portfolios incrementally, rather than going for "the big kill," so they can ride out the current doldrums.
Deals, No; Workouts, Yes
October 23, 2009 -- Real Estate New York
Neil Shapiro acknowledges concern over the length of time between Lehman's filing for bankruptcy protection and no substantial increase in availability of financing.
2009 Women of Influence
September-October -- Real Estate New York
Belinda Schwartz are named to the magazine's 2009 list of the most influential women in New York real estate.
Capmark highlights woes of commercial real estate
October 13, 2009 -- Reuters
In a story about how Capmark Financial Group's likely demise highlights challenges facing the troubled market for retail and office buildings, Stephen Selbst disputes the notion that commercial real estate woes will not affect the broader economy. He equates the relationship between commercial real estate and the larger economy with the subprime market's woes and the economy, and notes that optimists' predictions that the subprime issues were contained and wouldn't be contageous proved incorrect.
OUT OF THE 3Q WOODS
October 7, 2009 -- Real Estate Bisnow
Landlords, tenants, and lenders all need to be creative to make lease deals work in today's challenged market, Dena Cohen told the New York State Society of CPAs at an event that Bisnow covered.
Syska Hennessy's 64,000 s/f lease
October 6, 2009 -- Real Estate Weekly
This article notes that Jonathan Adelsberg represented the tenant, Syska Hennessy, also known as the SH Group, which signed a nearly 65,000 square foot, 15-year lease at 1515 Broadway.
Tenants call lease auditors for help; Landlords fight back
October 5, 2009 -- Crain's New York Business
In response to office tenants' retaining lease auditors to find overbillings, some commercial landlords are including in leases restrictions on who may perform audits and when, Richard Brown says. In a sidebar to the main story, Richard, who co-chairs the Herrick leasing practice group, says that some property owners drafting lease provisions that allow only CPAs from major accounting firms or fee-only auditors, and then only within 30 days of an annual statement.
Instinet trades up to 100,000 square feet
August 31, 2009 -- Crain's New York Business.com
Richard Brown, co-chair of Herrick's leasing practice, represented Instinet in this lease, which Crain's describes as one of the largest office transactions this year.
Some developers use downturn to plot comeback
May 29, 2009 -- The Real Deal
Slowdowns in the commercial real estate market generally represent an ideal time for property owners to apply for special permitting -- zoning and otherwise -- that will make their portfolios more valuable when the markets heat up again, Mitchell Korbey says.
Tenants React to Rising Unemployment
April 5, 2009 -- GlobeSt.com
Rising unemployment leads to rising vacancy, and that, in turn, leads to an increase in corporate tenants seeking to surrender their leased office space, Dennis Russo says.
It's a Good Time to Hunt for Office Space in Manhattan
March 22, 2009 -- WNYC
In this radio spot on the local NPR affiliate, Richard Brown describes how increased availability of sublease space in Manhattan helps prospective tenants find inexpensive space but hurts property owners, who are competing with their own tenants to fill space.
Conversion Time: A slumping residential market has some developers turning their condos into rentals
January 2009 -- New York Construction News
Dennis Russo, who represents condo developers and lenders and who has developed condo projects himself, says developers' plans to turn stalled condo developments into rentals are confounded by the inability of rent revenue to cover debt service. He notes that the only scenarios where rent cover the debt are when lenders restructure the loans or the developer has owned the property for a long time.
Deutsche Bank slashes price tag for two Macklowe buildings
December 9, 2008 -- The Real Deal,com
Dennis Russo opines that Deutsche Bank cut the asking price on two buildings from Harry Macklowe's troubled portfolio because no large tenant is on the hook and none seems to be on the horizon.
Linens leaves ripple of concern
December 3, 2008 -- The Record of Hackensack
Scott Tross, who represents the special servicer administering a mortgage-backed security containing the mortgage on a New Jersey property where bankrupt Linens 'N' Things is a tenant, says that unless the property owner can find a new tenant, the landlord might default on its mortgage.
Global Retail Figures Tease, Fall Expected
November 21, 2008 -- GlobeSt.com
Andrew Gold analyzes changes in the economic climate since the end of the third fiscal quarter, and how those changes augur poorly for the health of shopping malls.
Hudson River Park Board Weighs Proposals for 15th Street Pier Development
November 19, 2008 -- The New York Times
This story notes that our client, Youngwoo & Associates, is proposing a $191 million pier project at the western terminus of 15th Street in Chelsea. The proposal includes a new home for a major auction house, a contemporary cultural center consisting of art galleries and concert space, public access to the waterfront, and a large public market similar to Seattle's Pike Place.
Retail rent drops offset by concessions
November 5, 2008 -- The Real Deal.com
Jonathan Adelsberg opines on the findings of an industry report on Manhattan retail rents and notes that there can be a large delta between asking rents and taking rents.
2008 Women of Influence
November 2008 -- Real Estate New York
Belinda Schwartz are profiled as women of influence in the New York real estate world.
2008 All Stars
July 23, 2008 -- Real Estate Weekly
Dennis Russo is featured in the Real Estate Weekly 2008 All Stars which notes that Dennis closed a $72 million construction loan on a major Madison Avenue office building with collateral of a multi-faceted, long-term ground lease, and that "the structure of the ground lease contained aspects well out of the ordinary that could have killed the financing."
2008 All Stars
July 23, 2008 -- Real Estate Weekly
Neil Shapiro is featured in the Real Estate Weekly 2008 All Stars -- a special section that the publication says is to "recognize the creme de la creme of the real estate industry." Real Estate Weekly notes that Neil focuses his practice on "sophisticated financings, joint ventures, sales, acquisitions, development and leasing."
Macklowe Tower Rises Under Radar
May 16, 2008 -- The Real Deal
Jonathan Adelsberg is quoted on the prospect for leasing deals at Harry Macklowe's speculative office tower project at 510 Madison Ave.
Court Ruling a Warning to Aggressive Landlords
February 8, 2008 -- The Real Deal
Scott Mollen is quoted on a court ruling that cautions commercial landlords not to exaggerate tenants' violations or be overzealous in their use of notices to cure.
A Place So Crowded, Nobody Goes There Anymore
January 9, 2008 -- The New York Times
Dennis Russo is quoted in an article describing why companies continue to occupy space in -- and even relocate to -- Times Square despite the congestion there.
Big Block Leasing Activity Taps the Brakes
December 5, 2007 -- The Real Deal
Richard Brown is quoted regarding how financial services companies have become more cautious about leasing large blocks of office space because of fears driven by uncertainty in the credit markets.
Realty Law Digest
November 7, 2007 -- New York Law Journal
Ray Hannigan's litigation success on behalf of a commercial tenant who sued a landlord for failing to complete construction of a leased premises in a timely manner is mentioned in this column. The court awarded direct damages and attorneys' fees, and also damages arising from lost profits.
Real Estate Round-Up
July 25, 2007 -- Brooklyn Daily Eagle
Irwin Kisnher is quoted on the regional market for luxury suits at stadiums and arenas, opining that the area would sustain many more than currently exist.
Realty Law Digest
May 9, 2007 -- New York Law Journal
Jonathan Adelsberg is quoted on the need to address carefully issues of percentage of gross receipts in assignment and subletting clauses in retail leases.