Real Estate / TAG Property (J)



Meet the Co-chairs - TAGLAW

Klose, Dr. Christoph
RWP Rechtsanwälte

Real Estate / TAG Property (J)

Author: Douglas Heller

At a time when landlords lose sleep waiting for news of increased rent regulation while their taxes and other expenses increase and lifestyles decrease, it may be a good idea to consider alternatives to continued ownership.

One way out is a condominium conversion. The owner spends significant amounts of money to improve the building and units, allowing market leases to expire and buying out amenable tenants.

Read more: Could Co-op Conversions Make a Comeback?

Author: Ronan Daffey

The Court of Appeal has sent a strong message to developers not to build on land in breach of a restrictive covenant and then present the court with a fait accompli and challenge the judge not to order demolition but allow them to compensate the frustrated covenant holder instead.

In the context of an acute housing shortage, and especially of social housing, the decision to order the developer to demolish a block of 13 affordable flats is both remarkable and resolute.

Read more: Developers are warned by the Court of Appeal not to take the law into their own hands

Authors: Patrick J. O’Sullivan and Louis Tuchman

On October 19, 2018, the Treasury Department issued proposed regulations that address many, but not all, of the open questions surrounding the Opportunity Zone tax incentive adopted as part of the Tax Cut and Jobs Act of 2017. The Treasury Department promises more regulations by the end of this year. In addition, the Internal Revenue Service (“IRS”) issued Revenue Ruling 2018-29, embodying some of the points in the proposed regulations.

Read more: Treasury and IRS Issue First Installment of Opportunity Zone Guidance

Contact: Peter Lewis

For those who have come across Commercial Property Standard Enquiries (CPSEs), it might be hard to believe that it was not too long ago (pre-2002) that CPSEs did not exist.

Commercial property lawyers who experienced those days will recall trawling through long and imaginative property enquiries and then working with their client to come up with a suitable response to often obscure questions in order to assuage the purchaser's overly zealous solicitor.

Thankfully those days are gone. Since their introduction in 2002 the CPSEs have worked wonders in speeding up commercial property transactions for both lawyers, and more importantly, our clients. Instead of a tenant or buyer's lawyer issuing their own bespoke set of enquiries, the CPSEs have become accepted as the standard enquiries to be answered when you are looking to sell or let out a commercial property.

Read more: Replies to CPSEs – make sure you check them!

Author: Jeff Margolis

Florida, along with 28 other states, have legalized marijuana for medicinal purposes. In addition, nine states and the District of Columbia have legalized marijuana for recreational use. The growth of the legal cannabis industry is proving to be big business, not only for growers and sellers, but also for owners of real estate serving the industry. The impact of the cannabis industry on real estate markets is starting to be realized. For example, industrial rents and sales price premiums for properties and facilities which are suited for the cannabis industry are reported to have risen dramatically in markets in which medical and recreational cannabis use is legal. Warehouses, industrial facilities, storage facilities, agricultural and other properties well suited for the cannabis industry are experiencing a resurgence in interest and demand which may be due, in part, to the need for facilities for cultivation and processing of cannabis and related products. As the industry continues to grow, the interest and demand for property which can be used for retail and growing cannabis are likely to increase.

Read more: The Business of Marijuana and How it Will Affect the Real Estate Market