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Chairman, Bruce Stachenfeld Quoted in Commercial Observer

Chairman, Bruce Stachenfeld Quoted in Commercial Observer

Commercial Observer

Our chairman and founding partner Bruce Stachenfeld recently shared his thoughts with Commercial Observer on the need for more proptech advisors, how they can aid growth for startups, and challenges to consider when hiring for advisor positions.

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Duval & Stachenfeld Steers $89-Million Disposition of 111 Washington Street to Partnership for Planned 54-Story Apartment Property

Duval & Stachenfeld Steers $89-Million Disposition of 111 Washington Street to Partnership for Planned 54-Story Apartment Property

Duval & Stachenfeld LLP (“D&S”), the largest real estate-focused law firm in New York City, announced that it represented Pink Stone Capital Group in its disposition of 111 Washington Street, a development site in the Financial District, to a partnership consisting of Grubb Properties (“Grubb”) and Pink Stone. With the disposition and partnership formation complete, Grubb plans to commence construction on a mixed-use multifamily and retail development that will feature some 400 rental apartment units and 22,000 square feet of ground-floor retail space. 

Read more

Ilya Leyvi Named Real Estate Finance Co-Chair

Ilya Leyvi Named Real Estate Finance Co-Chair

Law.com

In this role, Leyvi will helm the practice group alongside Tom O’Connor, who has chaired the real estate finance practice since he joined D&S in 2014.

Currently a partner at D&S, Leyvi first joined the firm as a summer associate before joining full-time as an associate in 2013. Leyvi regularly represents lenders and borrowers on bridge loans, construction loans, mezzanine loans, and commercial mortgage-backed securities, as well as preferred equity investments. He has served as counsel on deals across all property types, including luxury residential developments, hotel resorts, retail centers. In one marquee transaction, he represented the buyer in the acquisition of a portfolio of franchised hotels valued at $260 million as well as the associated mortgage and mezzanine financing.

Read the full press release.

Keeping 'PACE' | New York City PACE Financing Update

Keeping 'PACE' | New York City PACE Financing Update

D&S Snippeter

As you know, the New York City PACE program officially opened over the summer with its first PACE closing at 111 Wall Street. With now a second PACE loan closing under their belt, it is apparent that the NYC PACE program is picking up steam.
 
NYC’s second PACE loan closed at the end of last month in the amount of $28M for a renovation of 730 Third Ave.  The PACE loan was provided by Greenworks Lending by Nuveen.  This was Greenworks’ first New York City PACE loan.  
 
More evidence of progress in NYC’s opening of their PACE program is that the first batch of approved NYC PACE lenders has been released. 

Read more

PACE Goes Live in New York: Watch Out for the Pot Holes

PACE Goes Live in New York: Watch Out for the Pot Holes

New York Law Journal

PACE Practice Co-Chairs, Thomas O'Connor and YuhTyng Patka, pen article for the New York Law Journal about the new NYC PACE legislation and it's potential 'potholes'. 

Read more.

Real Estate Finance Co-Chair Ilya Leyvi Leads D&S Team in Closing $28.5M Loan for White Oak Real Estate Capital

Real Estate Finance Co-Chair Ilya Leyvi Leads D&S Team in Closing $28.5M Loan for White Oak Real Estate Capital

White Oak Global Advisors recently provided a $28.445 million senior secured loan to 1784 Capital Holdings, LLC for the development of a Class-A self-storage facility in the city of Goleta, California. This is WOREC's first loan since it launched in July 2021.

Ilya Leyvi, Real Estate Finance Co-chair at Duval & Stachenfeld, led the deal with assistance from associates, Matthew Carpinello, and Sean Rhinehart.

"Eric Tanjeloff and his talented team at White Oak Real Estate Capital are committed to efficiently utilizing their deep lending capabilities and national scope to provide competitive financing options and certainty of execution. We were most pleased with the White Oak experience and look forward to growing the relationship," said Shane Albers, CEO and founder of 1784 Capital Holdings, LLC.

Read more

Leasing Practice Co-Chair Eric Menkes Speaks at Project Reap Event

Leasing Practice Co-Chair Eric Menkes Speaks at Project Reap Event

Project REAP

We are honored to have our Leasing Practice Group Co-Chair Eric Menkes be a part of the upcoming PROJECT REAP panel on current legal issues in #commercialrealestate. REAP academy is an introductory program covering the basics of real estate asset classes and the various functional disciplines in commercial real estate (CRE), and we are happy to have built a relationship with such a well-respected program.

REAP alumni Eric will join moderator Lesley Horton Campbell, Esq., General Counsel & Secretary & SVP of ICSC, and fellow expert panelists Jillian Joseph, Managing Director of Nuveen, and Ian Labitue, Director of Finance & General Counsel Kaufman Development, for the discussion on November 1st from 5pm to 6:30pm EST.

Learn more about REAP academy here

Adam Morsy Joins Duval & Stachenfeld Real Estate Group

Adam Morsy Joins Duval & Stachenfeld Real Estate Group

We are also happy to announce our newest mid-level real estate associate joining Duval & Stachenfeld! A very warm welcome to Adam Hassan Morsy, Esq. — we are so excited to see you do great things at the firm.

Melissa Cifone, Michael Attias, Jenna Imbrogno and Michelle Brown Join Duval & Stachenfeld's Real Estate Group

Melissa Cifone, Michael Attias, Jenna Imbrogno and Michelle Brown Join Duval & Stachenfeld's Real Estate Group

We are so excited to announce our new class of first-year real estate associates joining Duval & Stachenfeld! Welcome to the team Melissa Cifone, Michael Attias, Jenna Imbrogno and Michelle Brown  — we look forward to seeing you excel at our firm.

Partner, YuhTyng Patka, Moderates Panel at Bisnow's National Real Estate Finance Summit

Partner, YuhTyng Patka, Moderates Panel at Bisnow's National Real Estate Finance Summit

Our very own NYC Real Estate Tax and Incentives Practice Group Chair YuhTyng Patka is moderating at the Bisnow National Real Estate Finance Summit on Tuesday, October 5th. Tyng will be  part of the panel titled Bottomline Optimization: What Type of Property Upgrades Really Work & How To Finance Them, alongside fellow
real estate experts Sara Queen of MetLife, Peter Duncan of George Comfort & Sons, Jessica Bailey of Greenworks Lending, and Zach Aarons of MetaProp.

The panel will dive into how investors and operators diversify/optimize their portfolios, attract tenants, finance property upgrades, and the right moves to make the maximum returns. They will cover the panel topics as well as share information valuable to any professional in real estate — whether they're looking to learn more about upgrades or have questions on how to succeed in the space.

Chairman, Bruce Stachenfeld, Publishes Second Book

Chairman, Bruce Stachenfeld, Publishes Second Book

Our Chairman Bruce Stachenfeld is coming out with yet another riveting, insightful book on real estate — set for hardcover release on October 5th, The Real Estate Philosopher's Guide: The Secrets to Real Estate Success takes a deep dive into exactly how to succeed in the real estate industry.

Bruce has filled the book with ideas and advice wrought from his years of experience and unique perspective on the space. He gifts readers with the secrets of the trade needed to make returns, outsmart the competition, build power niches, and sustain their growth over time.

Order your copy now and discover how to expand your future in real estate and learn from a renowned industry expert in The Real Estate Philosopher's
Guide! 

Pro Bono Committee Successfully Helps Client Gain Asylum Status in Partnerships with Immigration Equality and Sanctuary for Families

Pro Bono Committee Successfully Helps Client Gain Asylum Status in Partnerships with Immigration Equality and Sanctuary for Families

We are thrilled to announce that our second #ProBono client through Immigration Equality was officially granted asylum in the United States! Our Pro Bono Committee took on this client in 2016 and has finally received notification that his application has been approved.

As part of our pro bono program, we help individuals achieve U nonimmigrant (“U-Visa”) and Asylum status through partnerships with Immigration Equality and Sanctuary for Families. To date, our firm has successfully helped two clients obtain their Asylum status, and nine clients receive their U-visa. We are determined to keep working hard for those who require aid, but do not have access to the necessary resources.

Congrats again to our Pro Bono Committee on this win! 

Pro Bono Committee Partners with WHEDco to help out with their Rooftop Urban Farm in the South Bronx

Pro Bono Committee Partners with WHEDco to help out with their Rooftop Urban Farm in the South Bronx

Last Friday, a dedicated group of volunteers from our Pro Bono Committee partnered with WHEDco to help out with their Rooftop Urban Farm in the South Bronx. The Rooftop Urban Farm, located at Intervale Green, promotes healthy living by improving access to fresh food for low-income families — regularly hosting workshops, food demonstrations, and more.

Thanks to Danielle Ash for cultivating our relationship with WHEDco and organizing the event alongside Jessica Millett and Francesca Zito A big thank you to our other volunteers Jenna, Alexa, Sean, Maria, Josh, Ilya, Evelyn for attending as well — our awesome volunteers spent the day working with the farm manager to help with weeding, composting, planting, and harvesting.

We are so happy to participate and give back to our local NYC communities and look forward to more #probono firm events in the near future!

Chairman, Bruce Stachenfeld, Featured in Law.com's, "How I Started My Own Firm"

Chairman, Bruce Stachenfeld, Featured in Law.com's, "How I Started My Own Firm"

Law.com

In a recent Law.com feature by Tasha Norman, our Chairman and Founder Bruce Stachenfeld discusses how he built the firm from the ground up and transformed it into a legal powerhouse with a fantastic reputation in the real estate industry.

Bruce details the keys to his successful business development, his greatest influences, advice for aspiring leaders, firm initiatives, and more.

Read the full interview here

Expert Interview on Commercial Leasing in the COVID-19 and Post-COVID-19 World with Leasing Co-Chair Eric Menkes

Expert Interview on Commercial Leasing in the COVID-19 and Post-COVID-19 World with Leasing Co-Chair Eric Menkes

LexisNexis

In an exclusive interview with Lexis® Practical Guidance, Eric Menkes, Leasing Co-Chair at Duval & Stachenfeld, LLP provides insight on the implications of Commecial Leasing in the COVID-19 and post-COVID-19 world. Even as individuals adjust to COVID-19 restrictions, questions remain about the effect of possible long-term behavioral changes on the future of the office and retail sectors.

Read more

 

Partners, Chris Gorman and Kim Le, Named Real Estate Practice Co-Chairs

Partners, Chris Gorman and Kim Le, Named Real Estate Practice Co-Chairs

In case you missed it, we recently announced that two of our most accomplished attorneys C. Kim Le and Christopher Gorman have been promoted to Co-Chairs of our renowned real estate practice.

We continue to celebrate their new roles with the latest coverage from Mann Publications - read more

Managing Partner, Terri Adler, Featured in Bisnow Origin Stories

Managing Partner, Terri Adler, Featured in Bisnow Origin Stories

Bisnow

In the latest Bisnow Origin Stories feature by Catie Dixon, our Managing Partner Terri Adler dives into her fearless personal journey with commercial real estate.

Terri divulges details on her beginnings in law school, being a founding member of the firm as an associate alongside Chairman Bruce Stachenfeld), as well as the struggles and triumphs throughout her career. Terri's origin story illustrates exactly how she became the creative powerhouse and leader in commercial real estate law that she is today.

Read more about Terri's vast history and experience in commercial real estate

Partner, YuhTyng Patka, Speaking at New York State Bar Association PACE CLE, October 5. 2021

Partner, YuhTyng Patka, Speaking at New York State Bar Association PACE CLE, October 5. 2021

On Tuesday, October 5th, the New York State Bar Association is hosting a CLE PACE webinar that consists of a 60-minute program giving attendees a 101 on PACE and its benefits to the greater real estate legal community. The webinar features 4 expert speakers, including Duval & Stachenfeld LLP Partner and NYC Climate Mobilization Act Task Force Co-Chair YuhTyng Patka, and will dive into how PACE works, lender due diligence, and differing use. 


US News

Congratulations to our Founding Partner and Chairman Bruce Stachenfeld, Managing Partner Terri Adler, and Partners Michael Kupin, Stephen Land, Eric Menkes, and Jessica Millett for being listed to the 2022 Edition of The Best Lawyers in America!

Best Lawyers is the oldest and most respected peer-review publication in the legal profession, and our outstanding real estate and tax lawyers were chosen for this honor through comprehensive surveys in which tens of thousands of leading lawyers confidentially evaluate their peers.

As honorees on the 2022 list, Bruce, Terri, Michael, Stephen, Eric, and Jessica join a group of respected attorneys in the U.S. universally recognized for their exceptional work and presence in the legal space.  

Leasing Co-Chairs, Eric Menkes & Risa Letowsky, Pen Article, "Creative Commercial Lease Negotiations Can Help Revive NYC"

Leasing Co-Chairs, Eric Menkes & Risa Letowsky, Pen Article, "Creative Commercial Lease Negotiations Can Help Revive NYC"

Law360

Our Leasing Practice Group Co-Chairs Eric Menkes and Risa Letowsky discuss in a featured Law360 guest column how, as New York City emerges from its pandemic lockdown, office building owners and their retail tenants can’t easily revert to old business models.

Manhattan’s business districts — Midtown and the Financial District — remain sparsely populated. As such, Eric and Risa argue, legal practitioners must be ready to sit at the negotiating table between owners and tenants, recognizing the reality that, in today’s market, the coffee shop (an amenity to the office users above) will go under if forced to pay the rent it paid in years past. 

Read more from Eric and Risa on alternative arrangements between ground floor retail tenants and office owners here

Land Use Chair, Robin Kramer, Discusses New Sidewalk Zoning Proposal

Land Use Chair, Robin Kramer, Discusses New Sidewalk Zoning Proposal

Our Land Use Chair Robin Kramer discusses a recent zoning proposal in New York City in regards to sidewalk cafes and the implications for current leases prohibiting them. The proposal cuts back on zoning regulations and geographic restrictions for restaurants, and names the City’s DOT as the agency responsible for governing sidewalk cafes.

"If you own or lease or have a client who has a building with a ground floor restaurant tenant, existing limitations in the lease that prohibited such cafes may no longer be sufficient to prohibit the sidewalk/roadway café."

Read more to find out what this could mean for ground floor restaurant tenants and which existing establishments can be protected:
 

Real Estate Practice Co-Chair, Christopher Gorman, Speaks with Wealth Management about SFRs

Real Estate Practice Co-Chair, Christopher Gorman, Speaks with Wealth Management about SFRs

Wealth Management

"With the increase in rents for SFRs, multifamily is really the next viable housing option."

Duval & Stachenfeld LLP Partner Christopher Gorman recently spoke with WealthManagement.com on the skyrocketing single-family rental (SFR) market and the implications for multifamily investors.

Read the full article here to learn more about the benefits of SFR growth.

Managing Partner, Terri Adler, Named to GlobeSt.com's 2021 Women of Influence

Managing Partner, Terri Adler, Named to GlobeSt.com's 2021 Women of Influence

GlobeSt.com

We are proud to announce that our Managing Partner, Terri Adler, has been chosen for recognition as part of GlobeSt.com’s Women of Influence awards 2021.

Terri is the first female real estate chair and managing partner at the firm, and the founder of Duval & Stachenfeld LLP’s women’s initiative, where she continues to help other women break the barriers they face in the commercial real estate law space. As a GlobeSt honoree, she joins an influential group of women who are dedicated to making progress in high power positions — for the betterment of the industry and longstanding change.

Read more about Terri and the other honorees here.

Bankruptcy and Litigation Chair, Kirk Brett, Quoted in WWD.com

Bankruptcy and Litigation Chair, Kirk Brett, Quoted in WWD.com

WWD.com

Last month, Washington Prime Group Inc. filed for Chapter 11 bankruptcy, highlighting the effect of store closures on malls and mall REITs as retail's future remains uncertain.

Kirk Brett, our Chair of the Bankruptcy, Creditors’ Rights and Business Reorganizations Practice Group, speaks to how tenancy and rents dictate the value of retail in this article from WWD

Read more.

Leasing Chair, Eric Menkes, Expert Interview on Commercial Leasing in the COVID-19 and Post-COVID-19 World

Leasing Chair, Eric Menkes, Expert Interview on Commercial Leasing in the COVID-19 and Post-COVID-19 World

LexisNexis

Part of LexisNexis' 2021 Leasing Report, Eric discussed what commercial leasing has been like throughout the pandemic.  Read more. 

Land Use Chair, Robin Kramer, Pens Article, "Zoning and Land Use Laws"

Land Use Chair, Robin Kramer, Pens Article, "Zoning and Land Use Laws"

LexisNexis

The United States was created by the 13 original colonies, each of which would otherwise form a separate sovereign entity, transferring some of their powers to the new federal government. All powers of the states that were not transferred remained with the states (Constitution of the United States the “U.S. Constitution,” Amendment X). Local governments are not mentioned in the U.S. Constitution and have no independent status. As the Supreme Court explained in 1907, “[m]unicipal corporations are political subdivisions of the state, created as convenient agencies for exercising such of the governmental powers of the state as may be intrusted to them. . . . The state, therefore, at its pleasure, may modify or withdraw all such powers . . .”

Managing Partner and Real Estate Chair, Terri Adler, is set to be a featured panelist at The Inclusion, Diversity & Change [Virtual Summit] #NewYork hosted by CenterForce USA.

Managing Partner and Real Estate Chair, Terri Adler, is set to be a featured panelist at The Inclusion, Diversity & Change [Virtual Summit] #NewYork hosted by CenterForce USA.

Managing Partner and Real Estate Chair of Duval & Stachenfeld LLP Terri Adler is set to be a featured panelist at The Inclusion, Diversity & Change [Virtual Summit] #NewYork hosted by CenterForce USA.

On June 2nd Terri will share her insights in "A Few Good Men: Moving Beyond #MeToo" with fellow co-panelists Jacqueline Yecies Levy of Akin Gump Strauss Hauer & Feld LLP, Gail Rodgers (She/Her/Hers) of DLA Piper, Inna Jackson of HSBC, and Michael Golland of Complex Networks.

You can register for The Inclusion, Diversity & Change [Virtual Summit] here: https://bit.ly/2SKMvcG

YuhTyng Patka, quoted in The Real Deal article, "NYC landlords could find a lifeline in carbon trading"

YuhTyng Patka, quoted in The Real Deal article, "NYC landlords could find a lifeline in carbon trading"

The Real Deal

“My clients are not talking about [carbon trading] at all,” said YuhTyng Patka, co-chair of law firm Duval & Stachenfeld’s Climate Mobilization Act practice group. “The real estate industry is finally waking up to Local Law 97. Carbon trading is way too far off.”

But Patka expects that Local Law 97 will soon become a bigger deal to landlords. So far, lawmakers have not entertained previously proposed workarounds aimed at helping building owners comply with the law.

“Building owners are going to have an ‘oh shit’ moment,” said Patka

PACE Practice Chair, Tom O'Connor Speaks with Millionacres about CPACE Financing

PACE Practice Chair, Tom O'Connor Speaks with Millionacres about CPACE Financing

Millionacres Spotlight

Partner Thomas O'Connor was featured on the Millionacres, A Motley Fool Service Spotlight, discussing the virtues of C-PACE financing in promoting sustainable improvements in commercial properties. A great primer on the program, and especially relevant as New York City moves closer to launching the program locally! 

Watch here

 

Duval & Stachenfeld's Latest OZ RoadMap, "Opportunity Zones and the Working Capital Safe Harbor | What Real Estate Businesses Should Know."

Duval & Stachenfeld's Latest OZ RoadMap, "Opportunity Zones and the Working Capital Safe Harbor | What Real Estate Businesses Should Know."

D&S Tax Team

Read our latest #opportunityzone update, "Opportunity Zones and the Working Capital Safe Harbor | What Real Estate Businesses Should Know," written by Tax Chair Jessica Millett.

Navigating the Land of OZ can be tricky, especially at the outset of a project. The Opportunity Zone program (“OZ Program”) is chock full of requirements and deadlines, and every part of the structure has a different set of rules. For example:  In order to claim the tax benefits associated with an opportunity zone investment, investors must invest the right type of eligible capital gain into a qualified opportunity fund (“QOF”) before their reinvestment period expires, and that reinvestment period can differ for each investor.

TAX UPDATE: President Biden Takes Tax Stab at Real Estate

TAX UPDATE: President Biden Takes Tax Stab at Real Estate

D&S Tax Team

Read our latest tax update, ”President Biden Takes Tax Stab at Real Estate,” from Tax Practice Chair Jessica Millett and our tax team.

President Biden’s American Families Plan is a bold domestic policy agenda that would be funded by changes to tax provisions that are near and dear to the real estate industry. This could be the first significant tax reform since the Tax Cuts and Jobs Act of 2017 (TCJA). While the TCJA was largely viewed as being real estate friendly, the President’s current proposal is not being received warmly by the real estate community and is making other investors moo-dy (with the exception of farm owners).  

The proposal is just a starting point to likely lengthy negotiations, of which the members of Congress will have their own ideas. We expect the current proposal to go through a more moderate revamp before being finalized since changes will be hard-fought in Congress where the Democrats hold only a slender majority.

Some of the key proposals affecting real estate include..

Read more

 

Real Estate Partner, Danielle Ash, featured in Law.com’s ”How I Made Partner” Series

Real Estate Partner, Danielle Ash, featured in Law.com’s ”How I Made Partner” Series

Law.com

Real Estate Partner, Danielle Ash, was featured in Law.com’s ”How I Made Partner” Series. Read more below on the advice Danielle has for associates and how to succeed in the legal industry. 

"Be a good firm citizen. Being a partner means you are an owner of the firm, responsible for employee morale and productivity, as well as client satisfaction and support." —Danielle Ash, Duval & Stachenfeld LLP. 

Read more

 

Jessica Millett Quoted in GlobeSt about Biden's Tax Proposal

Jessica Millett Quoted in GlobeSt about Biden's Tax Proposal

GlobeSt

Tax Chair, Jessica Millett, was quoted in GlobeSt.com's article, "Biden Tax Proposals Could Mean Pain in Real Estate."

“Real estate has long had a pretty good deal,” Jessica Millett, a partner, and chair of the tax department at real estate-focused law firm Duval & Stachenfeld, tells GlobeSt.com. 

That had continued through the 2017 Tax Cuts and Jobs Act, which limited some corporate and individual tax breaks. “For virtually every limitation that Congress put into the 2017 tax act, there was usually a ‘but real estate gets a better deal’ [caveat],” Millett says.

 

Land Use Chair, Robin Kramer, Quoted in The Real Deal

Land Use Chair, Robin Kramer, Quoted in The Real Deal

The Real Deal

Land Use Chair, Robin Kramer, was quoted in The Real Deal article, Developers Race to Ulurp Before DeBlasio Administration Ends.

Duval & Stachenfeld's Tax Team's Latest OZ RoadMap, "Conscious Decoupling"

Duval & Stachenfeld's Tax Team's Latest OZ RoadMap, "Conscious Decoupling"

New York State has finalized its fiscal 2022 budget, which includes a significant change related to the opportunity zone program. The budget includes legislation to decouple from the U.S. federal income tax deferral benefit available under the OZ Program. We unpack what this means and how this may impact New York taxpayers in Jessica Millett's latest Opportunity Zone Roadmap, "Conscious Decoupling."

Bankruptcy Practice Chair Kirk Brett, and Real Estate Partner Michael Kupin, will be panelists at The National Law Institute's free virtual CLE class entitled "Tricks & Traps in the Making & Enforcement of Commercial Leases."

Bankruptcy Practice Chair Kirk Brett, and Real Estate Partner Michael Kupin, will be panelists at The National Law Institute's free virtual CLE class entitled "Tricks & Traps in the Making & Enforcement of Commercial Leases."

Bankruptcy Practice Chair Kirk Brett, and Real Estate Partner Michael Kupin, will be panelists at The National Law Institute's free virtual CLE class entitled "Tricks & Traps in the Making & Enforcement of Commercial Leases."

The panel will be on Thursday, April 15th, from 4-5:30 PM.

The panel is being hosted by Roy S. Fenichel, Esq. of Newmark Title Services. Michael and Kirk will be joined on the panel by Joel Binstok, Esq. of York Group LLC, and Randall Paulikens of Friedman LLP.

Register at the link below.

Jessica Millett To Be Panelist at 2021 OZ Expo

Jessica Millett To Be Panelist at 2021 OZ Expo

Tax Chair, Jessica Millett, will be a panelist at the Novogradac & Company LLP's 2021 Spring Opportunity Zones Virtual Conference. The conference will be from April 22nd-23rd.
 

Climate Mobilization Co-Chair, YuhTyng Patka, quoted in the Real Deal

Climate Mobilization Co-Chair, YuhTyng Patka, quoted in the Real Deal

The Real Deal

Climate Mobilization Act Co-chair & NYC Real Estate Tax & Incentives Chair, YuhTyng Patka, was quoted in The Real Deal's latest article, "Building owners face deadline for relief from emission caps."

If you have any questions about CMA/LL97 please email Tyng at ypatka@dsllp.com

Tax Chair, Jessica Millett, Pens Article for Opportunity Zone Magazine

Tax Chair, Jessica Millett, Pens Article for Opportunity Zone Magazine

Opportunity Zone Magazine

D&S Tax Chair, Jessica Millett, wrote the article, "OZ Roadmap – Navigating the New Lines of the 2020 Census Tracts" in Opportunity Zone Magazine's latest issue (OpportunityZone.com). The article is about the impact the redrawn census tracts from the 2020 census have on the OZ program.

 

 

Real Estate Finance Chair, Thomas O'Connor, Speaks About PACE Financing in The Real Deal

Real Estate Finance Chair, Thomas O'Connor, Speaks About PACE Financing in The Real Deal

The Real Deal

Real Estate Finance Chair, Thomas O'Connor, was quoted in The Real Deal's latest PACE article, "NYC Slow to Start C-PACE Program for Clean Energy Funding."

Read more

PACE Financing is Going Live in NYC!

PACE Financing is Going Live in NYC!

After Two Years of Waiting - PACE Financing is Going Live in NYC! Read more in our latest update about PACE Financing below.

If you have any questions about PACE Financing, reach out to one of our team members:

Thomas O'Connor (Real Estate Finance Chair) toconnor@dsllp.com
YuhTyng Patka (NYC Climate Mobilization Task Force Co-Chair) ypatka@dsllp.com
David Gardner (Real Estate Partner) dgardner@dsllp.com
David Miller (Real Estate Associate) dpmiller@dsllp.com

NYC Tax & Incentives Chair, YuhTyng Patka Participating in "Property Tax issues Post-Covid.”

NYC Tax & Incentives Chair, YuhTyng Patka Participating in "Property Tax issues Post-Covid.”

New York City Real Estate Tax & Incentives Chair YuhTyng Patka will be participating in the Appraisal Institute’s virtual program, entitled, “Property Tax issues Post-Covid.” The event will be on Wednesday, March 31st, from 10 AM – 12 PM. 

Read more

Partner, Brian Blitz Published in LexisNexis

Partner, Brian Blitz Published in LexisNexis

LexisNexis

Partner Brian Blitz's Corporate Transparency Act update, "Disclose or Beware: What the Corporate Transparency Act Means for Investors and Lenders," was published by LexisNexis. 

Read more

D&S Celebrates International Women's Day

D&S Celebrates International Women's Day

Happy International Women’s Day from Duval & Stachenfeld! We promote the success of women every day, as we are an organization that runs on #girlpower with women leadership in almost every department of operation. Every year we participate in #IWD by raising awareness for one cause impacting women around the world. This year we invite you to join in this tradition as we focus on the Fistula Foundation, an organization bringing awareness to obstetric fistula. Obstetric fistula is a serious health condition endured by women in less fortunate countries experiencing difficulties during childbirth and lack access to sufficient natal care. See below to learn more about the Fistula Foundation and donate today!

https://fistulafoundation.org/

Terri Adler and YuhTyng Patka Interviewed by Law360

Terri Adler and YuhTyng Patka Interviewed by Law360

Law360

Managing Partner and Real Estate Chair Terri Adler, and NYC Tax & Incentives Chair, YuhTyng Patka, were interviewed by Law360 in the article, "Duval Real Estate Leaders Hope NYC Will Loosen Restrictions." Terri and Tyng spoke about PACE Financing as part of a series of Q&A's with female real estate leaders during Women's History Month.

Read more

 

Duval & Stachenfeld's Bronx Practice Group is Hosting A Virtual Event | March 18th 5PM

Duval & Stachenfeld's Bronx Practice Group is Hosting A Virtual Event | March 18th 5PM

Duval & Stachenfeld’s Bronx Practice Group presents a virtual panel discussion with Jed Resnick of Douglaston Development and Ben Kleinbaum of Capalino & Company. The presentation will focus on evaluating current legislative proposals at the New York State and City levels and how they might impact development and investment opportunities in the Bronx. Following the panel discussion, attendees will have the opportunity to participate in randomized, small-ground networking sessions with the panelists and other attendees.

Click here to register

Duval & Stachenfeld Partners with Immigration Equality

Duval & Stachenfeld Partners with Immigration Equality

As part of our pro bono mission at Duval & Stachenfeld, we partner with charities and organizations benefitting the community. One is Immigration Equality., which is America's leading LGBTQ and HIV-positive immigrant rights organization. In conjunction with our partnership, we recently were able to help one of our clients be granted asylum in the US. The case took almost 4 years of hard work, but we are so pleased with the outcome for our client!

Duval & Stachenfeld thanks all of the attorneys who have worked and continue to work on these cases and thanks Immigration Equality for their amazing work.

Corporate Partner, Brian Blitz, and The Transparency Task Force Published in LexisNexis

Corporate Partner, Brian Blitz, and The Transparency Task Force Published in LexisNexis

LexisNexis

The Corporate Transparency Act (the Act) became law on January 1, 2021, as part of the National Defense Authorization Act for Fiscal Year 2021. Under the Act, “reporting companies,” which are corporations, limited liability companies, and similar entities (presumably including limited partnerships) formed in the U.S., or non-U.S. entities registered to do business in the U.S., will be required to report certain information about each beneficial owner, including their name, date of birth, current address, and a unique identifying number from an acceptable identification document, such as a driver’s license or non-expired passport number. Reporting companies will be required to file the report with the Financial Crimes Enforcement Network of the Department of the Treasury (FinCEN) upon registration or formation. Entities that already exist as of the effective date of the regulations will have a two-year grace period before reporting is required. The Act requires that the information reported to FinCEN be kept confidential and will not be made public, but can be requested by a financial institution in connection with their customer due diligence requirements (with the consent of the reporting company) and in connection with certain law enforcement activities.

NYC Tax & Incentives Chair, YuhTyng Patka, quoted in The Real Deal article, "Last Call For Senior Housing Program."

NYC Tax & Incentives Chair, YuhTyng Patka, quoted in The Real Deal article, "Last Call For Senior Housing Program."

The Real Deal

YuhTyng Patka, who chairs the real estate and tax incentives group at Duval & Stachenfeld, lamented that the program is being ended before really taking off. She noted that the second deadline set by HPD is in June, typically a busy month for the agency.

“Everyone is concerned about meeting a deadline that is, in part, out of their hands,” she said, referring to the PFASH regulatory agreements. She noted that HPD gave builders little headway by not revealing until December that it was shutting down the program. “In the world of real estate development,” Patka said, “six months is nothing.”

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Managing Partner, Terri Adler, Featured Speaker at the Real Estate Women's Forum

Managing Partner, Terri Adler, Featured Speaker at the Real Estate Women's Forum

Greenpearl Events

Managing Partner and Real Estate Chair Terri Adler spoke on the panel, "Streets of Gold: Real Estate Equity Investment and Debt Finance Trends," at GreenPearl's 10th Annual Real Estate Women's Forum. Terri was joined by an amazing group of women leaders in real estate:

Marianne Ganster, Managing Director and Head of U.S. Asset Management, AIG
Sarah Schwarzschild, Managing Director, Co-Head of Metropolitan Real Estate and Global Head of Secondaries, The Carlyle Group
Sherry Wang, Managing Director, Goldman Sachs
Sherry L Rexroad, CFA, Managing Director – Global Real Asset Securities, BlackRock
Anita Paryani Rice, Senior Vice President Capital Markets, Marcus & Millichap
Michelle Liu, Director, CIT Real Estate Finance

If you missed the panel, a recording is linked here.

Real Estate Partner, Kim Le, Leads D&S Team in representing Angelo, Gordon & Co. in the financing of two office properties

Real Estate Partner, Kim Le, Leads D&S Team in representing Angelo, Gordon & Co. in the financing of two office properties

Commercial Observer

Partner, Kim Le, with associates Katherine Chew and Sean Rhinehart, represented Angelo, Gordon & Co. in the financing of two office properties. The joint venture between Angelo Gordon & Co. and The WE’RE Group has nabbed nearly $72 million of financing for two office properties in Melville, N.Y., Commercial Observer has learned.

Tax Chair, Jessica Millett Pens Article for Law360, "Opportunity Zone Pandemic Relief Is Welcome, But Limited

Tax Chair, Jessica Millett Pens Article for Law360, "Opportunity Zone Pandemic Relief Is Welcome, But Limited

Law360

The opportunity zone program is riddled with deadlines and time-sensitive requirements, so the further relaxation and extension of some of these deadlines and requirements is welcome news. Although the IRS did not include any new areas of hoped-for relief, the extension of the relief provisions from the June 2020 notice will be helpful for investors, qualified opportunity funds and qualified opportunity zone businesses.

Read more

NYC Tax and Incentives Chair, YuhTyng Patka, quoted in Bisnow

NYC Tax and Incentives Chair, YuhTyng Patka, quoted in Bisnow

Bisnow

“421a is the driving force behind new construction of residential units in New York City, we saw back in 2015 when 421a ceased to exist, and without certainty that it was going to be renewed we saw projects dried up," she said. "Projects stalled and projects died and projects didn’t even happen.”

Read more

Real Estate Partner, Michael Kupin, Represented Metropolitan Realty Associates in their Lease with NYC Department of Transportation.

Real Estate Partner, Michael Kupin, Represented Metropolitan Realty Associates in their Lease with NYC Department of Transportation.

Real Estate Weekly

Michael, who has particular expertise representing the landlord in leases against the City and its agencies, represented, our client, MRA, in this lease. 

Read more

Update on the New York State Tax That Would Apply to Mezzanine Loans and Preferred Equity

Update on the New York State Tax That Would Apply to Mezzanine Loans and Preferred Equity

As you may recall, last summer, we noted a potential new tax that was introduced in New York State, which, if enacted, would subject mezzanine loans and preferred equity investments pertaining to real estate transactions in New York State to a new tax akin to New York mortgage recording tax. At that time, we advised the State Senators and Assemblyman sponsoring the bills that we had significant concerns that another tax on real estate may have serious unintended negative consequences and provided a memorandum that highlighted potential issues and ambiguities that could result from passing the bills in their current form.    

Read more

Partner, YuhTyng Patka, pens OpEd for Crains New York about Proposal to Eliminate 421-a

Partner, YuhTyng Patka, pens OpEd for Crains New York about Proposal to Eliminate 421-a

Crain's New York

With the arrival of the new year also comes the arrival of renewed efforts to eliminate the 421-a law, otherwise known as the Affordable New York Housing Program.  The program is blamed for gentrification, and mayoral candidate Scott Stringer argues that 421-a primarily benefits market-rate housing. 

Not only are these contentions misguided, but they fail to take into account that eliminating 421-a will directly hurt the very people politicians claim to want to protect. 

Read more

Disclose or Beware - What the Corporate Transparency Act Means For Investors and Lenders

Disclose or Beware - What the Corporate Transparency Act Means For Investors and Lenders

Written By:

Corporate Real Estate Partner, Brian Blitz

The Corporate Transparency Act (the Act) became law on January 1, 2021, as part of the National Defense Authorization Act for Fiscal Year 2021.  Under the Act, “reporting companies,” which are corporations, limited liability companies, and similar entities (presumably including limited partnerships) formed in the U.S., or non-U.S. entities registered to do business in the U.S., will be required to report certain information about each beneficial owner, including their name, date of birth, current address, and a unique identifying number from an acceptable identification document, such as a driver’s license or non-expired passport number.

Read more

Duval & Stachenfeld Announces Real Estate Repurposing Practice

Duval & Stachenfeld Announces Real Estate Repurposing Practice

Duval & Stachenfeld believes that repurposing real estate is one place where fortunes in the real estate world will be made in the coming years. To address the incoming flux of these types of transactions, Duval & Stachenfeld has launched our Repurposing Practice Group, which is dedicated to helping our clients “create” deals out of the repurposing of real estate. Read more on how our team will be an invaluable partner for our clients.

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Managing Partner, Terri Adler Quoted in The Real Deal

Managing Partner, Terri Adler Quoted in The Real Deal

The Real Deal

Managing Partner and Real Estate Chair, Terri Adler, was quoted in The Real Deal article, "Full disclosure: New Law Requires Shell Companies Reveal True Ownership." Terri commented on the new Corporate Transparency Act that requires true owners of shell companies to identify themselves to the U.S. Treasury Department’s Financial Crimes Enforcement Network.

Read more.

Duval & Stachenfeld LLP Announces Election of Three New Partners

Duval & Stachenfeld LLP Announces Election of Three New Partners

Duval & Stachenfeld LLP – The Pure Play in Real Estate Law – is thrilled to announce that Danielle Ash, David Gardner and Ilya Leyvi have been elected to the Firm’s partnership effective January 1, 2021.

This class of new partners represents the next generation in the Firm’s industry-leading real estate group. Managing partner, Terri Adler, stated, “I couldn’t be happier to have Danielle, David and Ilya as partners at the firm. Each one has continuously shown their talent in delivering stellar legal work, providing value to clients on the business side, and carving out niches for themselves within the industry. In addition, they are excellent firm citizens and exhibit the qualities that make them leaders not only in the legal industry but within the firm. Congratulations!”

Read more.

Corporate Transparency Act Likely Imminent – If You Are in Real Estate, This is Important to Read

Corporate Transparency Act Likely Imminent – If You Are in Real Estate, This is Important to Read

There is a significant change coming to your obligation to disclose to the US government the beneficial ownership and control interests in LLCs, LPS, and corporations not only that you form for your transactions but also your operating and ownership vehicles. This will be of importance to you, as you may find that you are required to report to the US Government what was previously private information regarding the ownership and control of these entities. 

Click here for more >

Update from Duval & Stachenfeld on COVID-19

Update from Duval & Stachenfeld on COVID-19

An Update from Duval & Stachenfeld regarding COVID-19

Partner, YuhTyng Patka, Gives Warning that the Climate Mobilization Act is Full Speed Ahead in NYC and Not Slowing Down for Covid

Partner, YuhTyng Patka, Gives Warning that the Climate Mobilization Act is Full Speed Ahead in NYC and Not Slowing Down for Covid

D&S Snippeter

With all that is going on in NYC, I am confident that almost no one wants to think about the coming requirements of the Climate Mobilization Act / Local Law 97; however, whether or not justified, the City has not slowed down its timetables or requirements of compliance.  In a nutshell, the things to be prepared for are as follows:

 

Click here to read more

Tax Chair, Jessica Millett, Speaking at Virtual Opp Zone Expo

Tax Chair, Jessica Millett, Speaking at Virtual Opp Zone Expo

The online conference provides a two-day agenda with an impressive lineup of keynote and panel speakers, including Colorado Governor Jared Polis. Topics will include structuring QOFs, potential post-election changes to the program, and investment trends in the post-COVID economy. Person-to-person networking with Opportunity Zone funds, investors, lawyers, and CPAs. Attorneys can also receive 6 hours of CLE credits!

Click here to read more

Duval & Stachenfeld LLP Announces Collaboration with Parabellum Capital, Which is a Leader in Real Estate Litigation Finance

Duval & Stachenfeld LLP Announces Collaboration with Parabellum Capital, Which is a Leader in Real Estate Litigation Finance

D&S Snippeter

Duval & Stachenfeld LLP, the Pure Play in Real Estate Law (“D&S”), announces its collaboration with Parabellum Capital, a leader in real estate litigation finance (“Parabellum”), to enhance its unique Real Estate Litigation Practice.

At D&S, we think of litigation as a great servant but a bad master for our clients:

  • Many good and strong cases are not filed or fail over time because they cannot be properly financed.
  • Many cases continue on too long due to lawyers benefiting from the longevity.
  • Many cases are filed that shouldn’t be
  • Many litigation firms without real estate expertise miss critical legal theories due to their lack of real estate expertise.

Click here to read more

NYC and NYS PACE Update - Progress Is Being Made!

NYC and NYS PACE Update - Progress Is Being Made!

D&S Snippeter

October 2020

As mentioned in prior issues of our Snippeter, we here at Duval & Stachenfeld have been all over PACE financing for years.We see it as a revolutionary financing mechanism that is changing the financing landscape for both borrowers and lenders alike. 

Click to read more>

Partner, YuhTyng Patka, quoted in The Real Deal

Partner, YuhTyng Patka, quoted in The Real Deal

The Real Deal

“Many lenders will not allow the borrower to let the taxes go into arrears even if most of it will be exempted retroactively upon approval of the 421a application,” explained YuhTyng Patka, a partner with Duval & Stachenfeld who does not represent either property. “So I always advise my clients to expect to pay the first year’s taxes upon completion unless otherwise negotiated with their lender.”

Read More.

 

New York State is Considering a (New) Tax That Would Apply to Mezzanine Loans and Preferred Equity

New York State is Considering a (New) Tax That Would Apply to Mezzanine Loans and Preferred Equity

D&S Snippeter

We are alerting you to a potential new tax that, if enacted, will apply to mezzanine loans and preferred equity pertaining to real estate transactions in New York State. 
 
In a nutshell:
 
The bill places a recording tax on mezzanine debt and preferred equity investments. 

Read more. 

Chairman, Bruce Stachenfeld, Featured on Real Crowd's Podcast

Chairman, Bruce Stachenfeld, Featured on Real Crowd's Podcast

Real Crowd

Predictions For The Real Estate Industry

Listen here

What Does the Opportunity Zone Program Look Like under a Biden Presidency

What Does the Opportunity Zone Program Look Like under a Biden Presidency

by: Jessica Millett

Politics aside, some in the Land of OZ have started to get nervous about the November election. As presumptive Democratic presidential nominee Joe Biden has gained in the polls, many have begun to wonder what changes could be made to the Opportunity Zone program (OZ program) under a Biden presidency.

This nervousness is understandable. Given the 2019 legislative proposals to modify the OZ program,1 Representative Ocasio-Cortez’s amendment just a few weeks ago to defund the OZ program, and the recent proposal by New York State Senator Michael Gianaris for New York to decouple from the Opportunity Zone tax incentives, the OZ program has seemed a bit like a punching bag lately. 

Chairman, Bruce Stachenfeld, Quoted in The Real Deal

Chairman, Bruce Stachenfeld, Quoted in The Real Deal

The Real Deal

“The idea is that the real estate industry is experiencing real pain. This would help get through this rough patch,” Bruce Stachenfeld, chairman of the New York real estate law firm Duval & Stachenfeld, told The Real Deal.

Click here to read more.

Tax Chair, Jessica Millett, Named To "Top 25 Overall OZ Influencers"

Tax Chair, Jessica Millett, Named To "Top 25 Overall OZ Influencers"

Opportunity Zone Magazine

Our Wizard of OZ, Jessica Millet (for a second year!), has been named to Opportunity Zone Magazine’s Top 25 OZ Influencers list.   
  
Jessica is listed in the top ten – the only attorney in the top ten, by the way – and is only one of four attorneys to make the list.   She has also been named to the Top 25 Attorneys in OZ list. 
 
Jessica continues to be one of the most prominent industry leaders in opportunity zones.  To date, she has been featured in Opportunity Zone Magazine, The Wall Street Journal, Real Estate Weekly, Tax Notes, Bloomberg, and was a contributing writer to the book How To OZ: A Guide to Opportunity Zones for Investors, Developers, and Industry Professionals. 
 

Click here to read more.

With All That’s Happening, Should You Think About Opportunity Zones? Answer: Yes!

With All That’s Happening, Should You Think About Opportunity Zones? Answer: Yes!

By: Bruce Stachenfeld & Jessica Millett

If you have been reading the recent articles of The Real Estate Philosopher, everyone is focusing on Distressed Real Estate Debt, hotels, retail, and other down-and-out propositions.  As I have said before wearing The Real Estate Philosopher hat, I think the pricing of (most of) these assets will be bid up quite quickly.

 

Read more here
 

COVID-19 Does NOT Give Relief From New York City’s Climate Mobilization Act

COVID-19 Does NOT Give Relief From New York City’s Climate Mobilization Act

By: Partner, Yuhtyng Patka

The world has significantly transformed since last year's passage of  Local Law 97 ("LL97"), informally known as New York City's Climate Mobilization Act (the "Climate Mobilization Act").   As owners grapple with COVID-19's catastrophic economic effects to their P&L statements, they must also be mindful of the Climate Mobilization Act's January 1, 2024 compliance date. 

 
Click here to read more.

Team of D&S attorneys' article on CARES Act featured in Lexis Nexis Practice Advisor Journal

Team of D&S attorneys' article on CARES Act featured in Lexis Nexis Practice Advisor Journal

Lexis Nexis Practice Advisor Journal

Summer 2020

"Seven Ways the CARES Act Impacts the Real Estate Industry", was written by Partners, Brian Blitz, Craig Brown and Stephen Land and Associates Sang H. Lee and Edward Baker.   

Click here to read more > >

COVID-19's Effect on Local Law 97 - or lack thereof

COVID-19's Effect on Local Law 97 - or lack thereof

Lexis Practice Advisor

By: YuhTyng Patka & David Miller

New Yorkers’ lives, much less the real estate world. Now, with changes to air handling systems, elevator banks, and other capital improvements inevitably occurring due to COVID-19, even buildings that were initially in compliance with LL97 might be surprised to now find themselves struggling to comply when the COVID-19 related changes take place. Thus, owners will need to evaluate how capital improvements and operation changes made in response to COVID-19 will impact the building’s carbon emissions for LL97 compliance.

Click here for more >

COVID-19 Timing Relief for QOFs, QOZBs and Opportunity Zone Investors

COVID-19 Timing Relief for QOFs, QOZBs and Opportunity Zone Investors

Last week the IRS granted some very welcome relief to those in the Land of OZ as a result of the ongoing COVID-19 pandemic. The Opportunity Zone program (the “OZ Program”) is riddled with deadlines and time-sensitive requirements, so the relaxation or extension of some of these provisions in IRS Notice 2020-39 should help at every level. Investors, fund managers, and developers each got some explicit timing relief. 

Click here to read more

A Team of D&S Attorneys has Published an Article Summarizing Key Provisions of the CARES Act

A Team of D&S Attorneys has Published an Article Summarizing Key Provisions of the CARES Act

Lexis Nexis Practice Advisor

April 2020

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law, and on April 2, 2020, the Small Business Administration (SBA) released interim final guidance on the Paycheck Protection Program.The Coronavirus, also known as COVID-19, has impacted and will continue to impact the health of Americans and the strength of our economy for the foreseeable future.

Click here to read more >

Our "Wizard of O.Z.", is quoted in Tax Notes article, "The Impact of the Coronavirus Crisis on Opportunity Zone Planning"

Our "Wizard of O.Z.", is quoted in Tax Notes article, "The Impact of the Coronavirus Crisis on Opportunity Zone Planning"

Tax Notes

March 31, 2020

"Investors are generally scarce during periods of great economic uncertainty, and that seems to be especially so when the cause is a pandemic.  No specific pandemic-related Opportunity Zone guidance is expected soon, but Treasury and possibly even Congress could turn to it once the public health crisis has subsided and tax considerations become more of a priority."

Click here to read more >

Seven Ways the CARES Act Impacts the Real Estate Industry

Seven Ways the CARES Act Impacts the Real Estate Industry

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law.  The Coronavirus, also known as COVID-19, has impacted and will continue to impact the health of Americans and the strength of our economy for the foreseeable future.  Although the real estate industry did not receive the same types of direct economic dollars as the airline and healthcare industries, the law will help tenants, landlords, and businesses meet their basic financial obligations.  Business loans will help companies pay their employees, rents and mortgages.  Forbearance and foreclosure moratoriums will provide relief to landlords and tenants alike.  However, despite this aid, leases, loans and other arrangements will likely need to be renegotiated, requiring cooperation from all stakeholders.

Click here for more >

How does COVID-19 impact Opportunity Zones?

How does COVID-19 impact Opportunity Zones?

The past few weeks have been dramatic as the country, and the rest of the world has reacted to the coronavirus pandemic. Businesses are shuttered, residents in some states are under a lockdown (or close to it), schools and universities are closed, and everyone is watching nervously as the stock market tumbles downwards while the number of coronavirus cases ticks upwards.

While we all try as much as possible to keep our heads together, and protect our investments and our livelihood, here is our advice to those quarantined in the Land of OZ. 

Click here for more >

Real Estate Transactions Subject to Federal CFIUS Review

Real Estate Transactions Subject to Federal CFIUS Review

Lexis Practice Advisor

Kirk Brett, Chair of our Litigation Practice Group and Bankruptcy, Creditors’ Rights and Business Reorganizations Practice Group has written an article for @LexisNexis Practice Advisor regarding the Federal Government's recently implemented regulations that expand the authority of the Committee on Foreign Investment in the United States (CFIUS) to review and investigate any commercial real estate transaction that could result in foreign control over an entity which could raise national security concerns. 

Click here for more >

The D&S Opportunity Zones Practice Group Releases a Road Map to Opportunity Zones: "The Final Opportunity Zone Regulations - Coasting To the Finish Line"

The D&S Opportunity Zones Practice Group Releases a Road Map to Opportunity Zones: "The Final Opportunity Zone Regulations - Coasting To the Finish Line"

Duval & Stachenfeld LLP

In a big year-end push, Treasury released final regulations (the "Final Regulations") on the Opportunity Zone program (the "OZ Program") on December 19, 2019. With remarkably few exceptions, the Final Regulations are extremely taxpayer friendly, adding much needed clarity to certain critical issues and significant flexibility to previously inflexible structuring rules.

Click here to read more >

Jessica Millet, our "Wizard of OZ", is quoted in Tax Notes article, "Do You Hear the People Sing_A Guide to the Final O-Zone Regs"

Jessica Millet, our "Wizard of OZ", is quoted in Tax Notes article, "Do You Hear the People Sing_A Guide to the Final O-Zone Regs"

Tax Notes

January 6, 2020

"The maxim about the best gifts coming in small packages doesn't apply to the final Opportunity Zone regulations package. It's massive and includes plenty of pleasant surprises for investors, as well as a handful of encouraging developments for local communities."

 

Click here to read more >

Tax Chair Jessica Millett featured in Tax Notes article "Patching Up the Cracks in the Road to OZ"

Tax Chair Jessica Millett featured in Tax Notes article "Patching Up the Cracks in the Road to OZ"

Tax Notes
December 14, 2019

"...Finalizing the rule that investors can exclude any allocation of capital gain on a Schedule K-1 if the QOF sells qualified Opportunity Zone property after 10 years wouldn’t be particularly helpful to two-tier structures in which the QOF owns the QOZB, said Jessica Millett of Duval & Stachenfeld LLP. But allowing the exclusion for investors if the QOZB sells the property would simplify structuring by making commingled funds less cumbersome, she said. It could also help encourage investments. “The reason that there hasn’t been quite as much uptake is that the current construct is very clunky and works best with a single asset,” she said, in contrast to a private equity fund that can, and usually does, hold multiple assets in a single fund."

Click to read more>

New Legislative Proposals for the Opportunity Zone Program

New Legislative Proposals for the Opportunity Zone Program

The Opportunity Zone program (the “OZ Program”) has been receiving some (perhaps unwelcome) attention over the past few weeks as several legislative proposals have been released in Congress. The legislation is most certainly in response to the unfavorable press, in the New York Times and elsewhere, which paints a picture of the OZ Program as a tax shelter for the wealthy that is not achieving its goal of funneling investments to low-income communities. 

 

Click here to read more

How New York City is Picking Up the 'PACE'

How New York City is Picking Up the 'PACE'

New York Law Journal

D&S Partner, Thomas O'Connor, Chair of our Real Estate Finance Practice Group, YuhTyng Patka, Partner and Chair of the D&S Real Estate Tax and Incentives Practice Group, and David Miller, Real Estate Associate detail the commercial side of PACE financing in NYC as a result of the Climate Mobilization Act bills passed earlier this year.

To find out how lenders are becoming increasingly familiar and comfortable with PACE financing, click here >

New Qualified Opportunity Fund Reporting Requirements

New Qualified Opportunity Fund Reporting Requirements

Last week, the IRS released a new form (“Form 8996”). On its face, the new form expands the technical reporting requirements that a Qualified Opportunity Fund (“QOF”) has to comply with.  More importantly, though, new Form 8996 is the first step towards the data collection and impact measurements that many believe will be critical to the success of the Opportunity Zone program.  Our Wizard of OZ, Jessica Millett, breaks down the new form and its requirements in our latest update, “New Qualified Opportunity Fund Reporting Requirements.”

Tax Chair, Jessica Millett,  Contributing Writer for “How To OZ: A Guide to Opportunity Zones for Investors, Developers and Industry Professionals”

Tax Chair, Jessica Millett, Contributing Writer for “How To OZ: A Guide to Opportunity Zones for Investors, Developers and Industry Professionals”

Tax Chair and Wizard of O.Z., Jessica Millett,  was one of the contributing writers for the book “How To OZ: A Guide to Opportunity Zones for Investors, Developers and Industry Professionals”. The book was just released and is now available on Amazon.

Click here to purchase a copy!

Duval & Stachenfeld Presents 2019 Annual Report

Duval & Stachenfeld Presents 2019 Annual Report

Duval & Stachenfeld LLP

Every now and then we let you know what is going on with our law firm and, since we are involved throughout the entire real estate world, our update also includes a great deal about what we see going on across the real estate industry.

Click here to read more

 

YUHTYNG PATKA pens ARTICLE about "The Housing Stability and Tenant Protection Act of 2019: What Owners and Potential Owners Should Do to Protect Themselves"

YUHTYNG PATKA pens ARTICLE about "The Housing Stability and Tenant Protection Act of 2019: What Owners and Potential Owners Should Do to Protect Themselves"

Lexis Practice Advisor

On June 14, 2019, the landscape of the New York City residential rental market swiftly changed with the passage of the Housing Stability and Tenant Protection Act of 2019 (the Act) into law. The Act drastically reformed the laws of rent regulation by placing new limits on tools available to an owner to legally increase rents, along with other changes impacting security deposits, eviction procedures, and Martin Act requirements. The Act provides rent-regulated tenants with protections not seen before in recent memory, including the elimination of an owner’s ability to deregulate rentstabilized units. This article discusses the impact the Act will have on the commercial real estate market in New York City and what owners should do in light of the passage of the Act.

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Ten Duval & Stachenfeld Attorney's Listed on Real Estate Weekly's Leading Ladies Real Estate 2019

Ten Duval & Stachenfeld Attorney's Listed on Real Estate Weekly's Leading Ladies Real Estate 2019

Real Estate Weekly

June 2019

Real Estate Weekly’s Leading Ladies list includes the following Duval & Stachenfeld attorneys:

  • Terri Adler
  • Danielle Ash
  • Robin Kramer
  • Kim Le
  • Risa Letowsky
  • Jessica Millett
  • YuhTyng Patka
  • Alexis Riordan
  • Beth Turtz
  • Caroline Katz Zelniker

Click to read more>

Tyng Patka & David Miller Explain Requirements of the Climate Mobilization Act for Lexis Practice Advisor

Tyng Patka & David Miller Explain Requirements of the Climate Mobilization Act for Lexis Practice Advisor

Lexis Nexis Practical Advisor
June 2019

This article briefly summarizes how owners can comply with the emissions limits set forth in the Climate Mobilization Act. The New York City Council recently passed a series of bills, together known as the “Climate Mobilization Act,” with the laudable goal to reduce citywide greenhouse gas emissions by 40% by 2030 and 80% by 2050. 

Click to read more> >

Duval & Stachenfeld LLP Announces Formation of New York City Climate Mobilization/PACE Task Force

Duval & Stachenfeld LLP Announces Formation of New York City Climate Mobilization/PACE Task Force

Press Release
May 20, 2019

Duval & Stachenfeld LLP – The Pure Play in Real Estate Law® – announces the formation of its New York City Climate Mobilization Task Force. The Task Force will address all client needs with respect to the newly adopted Climate Mobilization Act in New York City including the statute enabling PACE (Property Assessed Clean Energy) financing, which was enacted as part of the Climate Mobilization Act. The City included PACE so that it would assist in paying for the costs of compliance. PACE provides a way for owners to finance up to 100% of the cost of the improvement that will be needed to meet the requisite carbon reduction targets.

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Tax Co-Chair Jessica Millett listed in Top 25 Opp Zone Influencers

Tax Co-Chair Jessica Millett listed in Top 25 Opp Zone Influencers

Opportunity Zone Magazine
May 2019

Tax Co-Chair Jessica Millett featured on the cover of Opportunity Zone Magazine. The inaugural issue lists Ms. Millett as one of the Top 25 Opp Zone Influencers. 

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Managing Partner Terri Adler listed in City and State 2019 Law Power 50

Managing Partner Terri Adler listed in City and State 2019 Law Power 50

City and State 
May 2019

Terri Adler named to City & State's "Law Power 50 List" which honors the 50 most influential people in law in NYC.

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Tax Co-Chair Jessica Millett clarifies second round of Opp Zone Regulations for Lexis Practice Advisor

Tax Co-Chair Jessica Millett clarifies second round of Opp Zone Regulations for Lexis Practice Advisor

Lexis Nexis Practical Advisor
May 2019

Click to read more >

Tax Co-Chair Jessica Millett featured in TaxNotes article on Opp Zones

Tax Co-Chair Jessica Millett featured in TaxNotes article on Opp Zones

TaxNotes
May 2019

Investors and managers of qualified Opportunity Zone funds can breathe a little easier following the release of the second set of proposed regulations, but despite Treasury’s suggestion that there might not be a third set coming, questions remain. Overall, the new rules succeed at working toward the legislative goals for the program and encouraging more investors to enter the regime.

The proposed regulations (REG-120186-18) provide more flexibility in structuring investments in qualified opportunity funds, but they aren’t a blank check. “If you have an asset sale, there are still hurdles,” said Jessica Millett of Duval & Stachenfeld LLP.

Click to read more >

Jessica Millett & Bradley T. Borden featured in Bloomberg Tax Podcast on Opp Zones

Jessica Millett & Bradley T. Borden featured in Bloomberg Tax Podcast on Opp Zones

Bloomberg Tax

In the latest Practitioner Insight, Bradley T. Borden and Jessica Millett, talk with Andrea L. Ben-Yosef about favorable and unfavorable aspects of the 2019 proposed regulation package and some remaining uncertainties.

Click to read more>

Tax Co-Chair Jessica Millett named Real Estate Weekly 2019 Rising Star

Tax Co-Chair Jessica Millett named Real Estate Weekly 2019 Rising Star

Real Estate Weekly
April 2019

Click here to read more>

Chairman Bruce Stachenfeld on Commercial Observer Power Counsel List

Chairman Bruce Stachenfeld on Commercial Observer Power Counsel List

Commercial Observer
April 23, 2019

They’re needed for every step along the way: for the buying and selling, deal-making and developing, restructuring and rezoning, and applying for tax breaks. And they’re the ones who navigate the network of laws and regulations that govern all of the above.

And while we could probably list 100 lawyers who are crucial to the real estate industry of New York, we picked five, who have become the authorities in their area, whether it be for community groups trying to prevent a development, the developer trying to build it, or the owner and landlords who want to sell it. 

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Duval & Stachenfeld Announces NYC Real Estate Tax and Incentives Practice with Addition of Newest Partner, YuhTyng Patka

Duval & Stachenfeld Announces NYC Real Estate Tax and Incentives Practice with Addition of Newest Partner, YuhTyng Patka

The new practice group will focus on representing New York City real estate owners and developers on all aspects relating to real estate taxes and government incentive programs. Ms. Patka regularly advises owners in challenging their property taxes (certiorari), developers in NYC real estate tax incentive programs (421-a, ICAP, FRESH), and not-for-profits in obtaining real estate tax exemptions.

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Tax Co-Chair Jessica Millett pens article for Law 360 on Opportunity Zones

Tax Co-Chair Jessica Millett pens article for Law 360 on Opportunity Zones

Law 360
 

As knowledge of the Opportunity Zone Program (the OZ Program), which was tucked away inside the 2017 Tax Reform package (codified at I.R.C. Sections 1400Z-1 and 1400Z-2), trickled out to the real estate community, ears began to perk up all over the country. As tax professionals parsed through the new provisions in the Internal Revenue Code (the Code) and explained the suite of take benefits, investors and developers alike sat up a bit straighter in their chairs to make sure they had heard correctly. 

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Tax Co-Chair Jessica Millett featured in Tax Notes Article "Making Subchapter K Play Nice in O-Zones"

Tax Co-Chair Jessica Millett featured in Tax Notes Article "Making Subchapter K Play Nice in O-Zones"

"Dealing with the liabilities of a QOF is one aspect of the new regime that future guidance will address. Jessica Millett of Duval & Stachenfeld LLP said it’s clear that the statutory intent was that the basis bump at the end of the 10-year holding period should cover the taxpayer’s share of any liabilities since the taxpayer’s basis increase refers to FMV."

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D&S Supports International Women’s Day!

D&S Supports International Women’s Day!

D&S proudly supports International Women’s Day 2019! Please read below the letter from managing partner, Terri Adler, for International Women’s Day 2019.

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Managing Partner, Terri Adler, Speaks at 8th annual Real Estate Women’s Forum

Managing Partner, Terri Adler, Speaks at 8th annual Real Estate Women’s Forum

Managing Partner, Terri Adler, Speaks at 8th annual Real Estate Women’s Forum.  Ms. Adler was a panelist on “Room at the Top: Organizational, Industry & Social Leadership” alongside other notable women in the industry.  

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Eric Menkes Panelist at NYC Bar Event, Commercial Real Estate Leases CLE Program

Eric Menkes Panelist at NYC Bar Event, Commercial Real Estate Leases CLE Program

Eric Menkes, head of the Leasing Practice Group, is a Panelist at NYC Bar Event for the Commercial Real Estate Leases CLE Program. 

TERRI ADLER NAMED TO CRAIN'S LEADING WOMEN LAWYERS IN NEW YORK CITY

TERRI ADLER NAMED TO CRAIN'S LEADING WOMEN LAWYERS IN NEW YORK CITY

At Duval & Stachenfeld, Terri Adler oversees one of the largest real estate practice groups in New York City. During a career that has spanned more than two decades, Adler has gained a range of expertise in the real estate field, with a particular focus on complex joint ventures and corporate transactions.

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D&S Tax Co-Chair Jessica Millett Discusses Opportunity Zones with Real Estate Weekly

D&S Tax Co-Chair Jessica Millett Discusses Opportunity Zones with Real Estate Weekly

Real Estate Weekly
September 26, 2018

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Opportunity Zone Industry Leaders, Jessica Millet & Bruce Stachenfeld, Featured in Commercial Observer

Opportunity Zone Industry Leaders, Jessica Millet & Bruce Stachenfeld, Featured in Commercial Observer

Commercial Observer
September 25, 2018

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Duval & Stachenfeld Names Terri Adler as Managing Partner - BruceStachenfeld to Become Chairman

Duval & Stachenfeld Names Terri Adler as Managing Partner - BruceStachenfeld to Become Chairman

Press Release

Duval & Stachenfeld LLP – The Pure Play in Real Estate Law – is pleased to announce that Terri Adler, a founding member of the Firm and chair of the Real Estate Department, will be the new Managing Partner of the Firm effective as of October 7, 2018 (coinciding with the Firm’s 21st anniversary). Bruce Stachenfeld – a founding member of the Firm and the current Managing Partner – will become Chairman of the Firm effective on the same date.

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Terri Adler named to Bisnow New York Power Women 2018 and RE Weekly Leading Ladies 2018

Terri Adler named to Bisnow New York Power Women 2018 and RE Weekly Leading Ladies 2018

Terri Adler, chair of our Real Estate Practice Group, was recently named: 


 

Terri Adler Speaking at the 7th Annual Real Estate Women's Forum

Terri Adler Speaking at the 7th Annual Real Estate Women's Forum

D&S is pleased to announce that Terri Adler, chair of the Real Estate Department, will be speaking at the 7th Annual Real Estate Women's Forum to be held on Friday, February 23rd at The New Yorker Hotel.  

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Robin Kramer, Chair of the Land Use Practice at Duval & Stachenfeld, Pens Article On Air Rights in New York City

Robin Kramer, Chair of the Land Use Practice at Duval & Stachenfeld, Pens Article On Air Rights in New York City

Law 360
January 3, 2018

The transfer of air rights (also referred to as developments rights) to a development site is often utilized by developers to facilitate construction of a taller building on the development site than would have been possible had such rights not been transferred. This article discusses air rights in New York City: what they are, the as of right (i.e., without government approval) acquisition of air rights, and the documents necessary to acquire such rights for development of land. 

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Terri Adler & Jessica Millett Named to Crain's Leading Women Lawyers in New York City

Terri Adler & Jessica Millett Named to Crain's Leading Women Lawyers in New York City

The 100 New Yorkers named to the inaugural list of Leading Women Lawyers in New York City, powered by Crain’s Custom, are trailblazers who found multiple paths to excellence. Some are partners and practice leaders at the city’s big law firms, others corporate counsel at Manhattan companies. Some unabashedly champion their fellow minority female attorneys, while others feed their passions for public service by donating their time generously to pro bono causes. These are women who juggle both distinguished careers and exceptional civic and philanthropic activities. 

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Duval and Stachenfeld LLP Hosts First Annual Women’s Real Estate Roundtable

Duval and Stachenfeld LLP Hosts First Annual Women’s Real Estate Roundtable

Press Release
February 2nd, 2017

 

Duval and Stachenfeld LLP hosted their first annual women's real estate roundtable on Thursday, February 2nd. The event featured a panel of respected and established women in the New York real estate world. The panel was moderated by Terri Adler, Real Estate Department Chair, of Duval & Stachenfeld and the panel included Elysa Goldman of Extell Development Company, Mindy Novak of Hudson's Bay Company and Christine Lyndon of Angelo, Gordon & Co.

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NYC Garment District Office Property Commands $108M

NYC Garment District Office Property Commands $108M

Commercial Property Executive
December 30, 2016

ATCO Properties & Management has acquired 240-246 West 35th St., an 18-story Class A office building in Manhattan’s Garment District, from the RPW Group for $108 million.

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Bruce Stachenfeld Pens Article For Bisnow "Rebuttal: China Investors in U.S. Real Estate Aren't Crazy At All"

Bruce Stachenfeld Pens Article For Bisnow "Rebuttal: China Investors in U.S. Real Estate Aren't Crazy At All"

Bisnow
August 24, 2016

In response to the article penned last month in Bisnow by his colleague Peter Fuhrman, titled How Chinese Investors Can Find Long-Term Success In US Real Estate, well-known NY real estate attorney Bruce Stachenfeld has written his take on Chinese investment in the US real estate market.

Bruce has practiced real estate law for more than 30 years and his firm, Duval & Stachenfeld, works all over the capital stack. The following from Bruce includes some insight into his views on the US real estate market and how Chinese investors, and their US counterparts, can best invest in the market for long-term success.

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The Plain & Simple: This is About Tax &#8212 But You Really Should Read This One &#8212 IRS Can Now Collect Partners' Taxes on Audit Directly from Partnerships

The Plain & Simple: This is About Tax — But You Really Should Read This One — IRS Can Now Collect Partners' Taxes on Audit Directly from Partnerships

The Plain & Simple
December 10, 2015
Duval & Stachenfeld LLP

Legislation passed on November 2, 2015 will give the IRS the power to collect taxes directly from partnerships that result from an audit of the partnership’s tax return. 
 
What this means – to make it super simple – is if a partnership has a tax liability as a result of an audit, the partnership will be responsible for paying off that tax liability to the IRS. 

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Duval & Stachenfeld Expands Leasing Practice Group With the Addition of Partner, Risa Letowsky

Duval & Stachenfeld Expands Leasing Practice Group With the Addition of Partner, Risa Letowsky

Real Estate Weekly
August 25, 2015
Media Coverage

Duval & Stachenfeld LLP announced the expansion of its Leasing Practice Group with the addition of partner, Risa Letowsky.

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Duval & Stachenfeld Represents Boies, Schiller & Flexner as First Tenant at 55 Hudson Yards

Duval & Stachenfeld Represents Boies, Schiller & Flexner as First Tenant at 55 Hudson Yards

citybizlist
June, 11, 2015
Media Coverage

New York City-based Duval & Stachenfeld LLP represented Boies, Schiller & Flexner LLP in its lease of 83,000 square feet of office space (subject to expansion rights set forth therein) at 55 Hudson Yards.  The 51-story tower in Manhattan’s Hudson Yards is still being developed and the law firm’s space will span initially three floors. The lease marks the first tenant to sign on to 55 Hudson Yards, which is a roughly $1.4 billion building being developed by a joint venture of Related Cos., Mitsui Fudosan America Inc. and Oxford Properties Group.  

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Duval & Stachenfeld Launches Tax Controversy Practice Group

Duval & Stachenfeld Launches Tax Controversy Practice Group

New York Real Estate Journal
February 24, 2015
Media Coverage

Duval & Stachenfeld LLP, New York’s preeminent “Pure Play” real estate law firm, has launched its tax controversy practice group. The practice group will meld the extensive expertise of the firm’s tax, litigation, not-for-profit, real estate and general counseling practices into an integrated practice group that is dedicated to protecting the Firm’s clients from adverse results in controversies or other situations in which there is a real risk of actual liability, litigation from the government or a third party, or reputational damage.

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Tax Controversy Group Co-Chair Stephen Land Quoted by Bloomberg on UBS Bond Probe

Tax Controversy Group Co-Chair Stephen Land Quoted by Bloomberg on UBS Bond Probe

Bloomberg Business
February 12, 2015
Media Coverage

U.S. investigators scrutinizing whether UBS Group AG illegally used unregistered securities to help Americans dodge taxes want to know whether such conduct occurred while the bank was under Justice Department supervision in an earlier tax-evasion case, a person familiar with the probe said.

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Caribbean team works $30M mezz loan

Caribbean team works $30M mezz loan

Real Estate Weekly
December 24, 2014
Media Coverage

New York-based law firm Duval & Stachenfeld LLP represented Melody Capital Partners in a transaction for a $30 million mezzanine loan to a subsidiary of British Virgin Islands-based Dolphin Capital Investors, a leading global investor and developer of large-scale residential resorts in emerging markets. 

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Managing Partner Bruce Stachenfeld Gives Key Note Address at  IMN's Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt

Managing Partner Bruce Stachenfeld Gives Key Note Address at IMN's Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt

Speech by Bruce Stachenfeld entitled, “A Counterintuitive Strategy for Sourcing High-Margin Mezzanine Loans”
IMN's Borrower & Investor Forum on Real Estate

Mezzanine Financing & Subordinated Debt
November 10, 2014

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Gorging on Leverage - Always a Dumb Idea?

Gorging on Leverage - Always a Dumb Idea?

Mortgage Observer
November 2014

Heresy according to the dictionary means "any belief or theory that is strongly at variance with established beliefs, customs, etc."

These days, I would argue, it is considered heresy to advocate a lot of leverage, at least for "conservative investors: in investment funds. Nonetheless, I am going to do exactly that. 

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Adler of Duval & Stachenfeld Discusses Greatest Accomplishment

Adler of Duval & Stachenfeld Discusses Greatest Accomplishment

New York Real Estate Journal
October 28, 2014
Media Coverage

 In the last 12 months, which project, transaction, honor or accomplishment are you most proud of and why?

My greatest accomplishment has been participating in the growth and development of our clients and our attorneys on some very innovative deals like NorthStar's investment in RXR Realty, the Angelo Gordon/Extell Carlton House deal and the Halpern Realty Varick Street assemblage. Each deal required intensive collaboration between the lawyers and clients on unique and complex issues and structures with tight time frames. That being said, teaching my kids to ride their bikes was probably as challenging (and rewarding) as closing any $2 billion deal. 

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Mortgage Observer Weekly: Q&A with Bruce Stachenfeld

Mortgage Observer Weekly: Q&A with Bruce Stachenfeld

Mortgage Observer Weekly
September 5, 2014
Media Coverage

I graduated from Harvard Law School in 1983 and started work at a now-de- funct law firm called Shea & Gould. I started as a litigator and I utterly hated it. I eventually asked the managing partner if I could transfer into the corporate department but he said they were “full up” and wondered if I might try real estate. I still remember my saying to him “what do they do?” Then in 1985, a 50-lawyer real estate group joined Shea & Gould from Weil, Gotshal & Manges and suddenly we were the biggest and hottest real estate group in the city.  

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D&S Handles the Acquisition of the Apple Store in Santa Monica

D&S Handles the Acquisition of the Apple Store in Santa Monica

Los Angeles Business Journal
August 11, 2014
Media Coverage

The global appeal of Santa Monica’s Third Street Promenade and the cachet associated with Cupertino tech giant Apple Inc. has made for another jaw-dropping real estate deal.

Two years after the glass-clad Apple store on the promenade sold for what was considered an eye-popping $60 million, it has sold again for even more.

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D&S Handles 46,000 SQFT Lease For Landlord  Jamestown at 1250 Broadway

D&S Handles 46,000 SQFT Lease For Landlord Jamestown at 1250 Broadway

New York Law Journal
July 16, 2014
Media Coverage

Norman Berlin, a partner at Pepper Hamilton, and associate Lauren Balsamo, who are based in Philadelphia, represented Varonis.

The asking rental rate for class-A office space in Midtown Manhattan near 1250 Broadway is about $76 per square foot, according to Cushman & Wakefield’s first quarter of 2014 report.

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Duval & Stachenfeld Kicks off  Caribbean Real Estate Practice

Duval & Stachenfeld Kicks off Caribbean Real Estate Practice

Law360
July 11, 2014
Media Coverage

New York law firm Duval & Stachenfeld LLP launched a new Caribbean and Central America real estate practice group, naming two partners snagged from Cooley LLP last year 
as the group’s co-chairs, the firm said Friday.

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Managing Partner Bruce Stachenfeld Gives Key Note Address at IMN'S 2014 US Real Estate Opportunity  & Private Fund Investing Forum

Managing Partner Bruce Stachenfeld Gives Key Note Address at IMN'S 2014 US Real Estate Opportunity & Private Fund Investing Forum

Speech by Bruce Stachenfeld 
IMN'S 2014 US Real Estate Opportunity 
& Private Fund Investing Forum
June 12, 2014

 

Of all the regrets I have in life, one of my greatest is that I never had the chance to meet Peter Drucker before he died. Have you ever heard of Peter Drucker? He is one of my intellectual heroes. 

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Terri Adler Featured in Law360's Female Power Brokers

Terri Adler Featured in Law360's Female Power Brokers

Law360
June 5, 2014 
Media Coverage

Terri L. Adler is a co-founder of Duval & Stachenfeld LLP in New York and chairwoman of the firm's real estate practice group. She has handled a multitude of national and international real estate and corporate real estate transactions. She was named as one of the Top 50 Women Attorneys in New York Super Lawyers in both 2012 and 2013. Additionally, Adler was elected to The Commercial Observer’s Power 100 Reader’s Poll along with Bruce Stachenfeld.

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Duval & Stachenfeld LLP Profiled in New York Law Journal Article, "Midsize Real Estate Firm to Offer Big Law Salaries"

Duval & Stachenfeld LLP Profiled in New York Law Journal Article, "Midsize Real Estate Firm to Offer Big Law Salaries"

New York Law Journal
April 21, 2014 
Media Coverage

Duval & Stachenfeld, a 66-attorney real estate firm, is more than doubling its salary for starting associates to $175,000—above the large law firm standard—to compete with its rivals in attracting and retaining top talent. The firm says it is not planning to raise associate billing rates to make up for the 
extra cost.

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Terri Adler Profiled in Real Estate Weekly

Terri Adler Profiled in Real Estate Weekly

Real Estate Weekly
March 12, 2014 
Media Coverage

Terri Adler grew up in a suburb of Salt Lake City, Utah, where she was one of the few kids in school whose family wasn’t Mormon. Her father, a meteorologist, was stationed in the southwest by the National Weather Service.
It wasn’t until a visit to the city during her college years that she found her real home.

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Managing Partner Bruce Stachenfeld Gives Key Note Address at November Mezz Conference

Managing Partner Bruce Stachenfeld Gives Key Note Address at November Mezz Conference

Speech by Bruce Stachenfeld 
IMN’s 2013 Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt
November 18, 2013

I admit I am a little afraid to give this little speech to you people this morning. But here goes, my speech is titled:

Money doesn’t mean a thing!

Let me start with a story. This is the story of Enterprise Rent-A-Car. I am sure
you all know the company. They started out I think about 30 or 40 years ago. And they
started out by renting cars “not” at the airport!

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Bruce Stachenfeld Profiled in Real Estate Weekly

Bruce Stachenfeld Profiled in Real Estate Weekly

Real Estate Weekly
July 10, 2013 
Media Coverage

Bruce Stachenfeld, founding and managing partner of Duval and Stachenfeld, likes to read
books on business and management theory.

One of those books, Jim Collins’ Good to Great, has had a particularly formative effect on the face Duval and Stachenfeld presents to the world.

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Managing Partner Bruce Stachenfeld Gives Key Note Address at May Real Estate Conference

Managing Partner Bruce Stachenfeld Gives Key Note Address at May Real Estate Conference

Speech by Bruce Stachenfeld 
IMN’s 2013 US Real Estate Opportunity & Private Fund Investing Forum 
May 29, 2013

I read a book a year or so ago called The Purple Cow, by Seth Godin. Let me tell you about it.

The theory of the Purple Cow in a nutshell is that you should try to STAND OUT like a ….purple cow would stand out.

If you don’t STAND OUT then you just blend in and you are nothing at all.

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Thomas O'Connor and Alan Cohen Featured in Real Estate Weekly's Who's News

Thomas O'Connor and Alan Cohen Featured in Real Estate Weekly's Who's News

The Commercial Observer
April 29, 2013
Media Coverage

Duval & Stachenfeld LLP announced the addition of real estate attorneys, Tom O’Connor and Alan S. Cohen, as partners in its New York office.


O’Connor was formerly the chair of Cooley LLP’s National Real Estate Practice Group and Cohen was a senior partner in the Group. Both partners worked out of Cooley’s New York office.

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Bisnow Real Estate Features Duval & Stachenfeld's Real Estate Practice Group

Bisnow Real Estate Features Duval & Stachenfeld's Real Estate Practice Group

Bisnow Real Estate
February 25, 2013
Media Coverage

 

Bisnow Real Estate Features Duval & Stachenfeld’s Real Estate Practice Group

Don't know Duval & Stachenfeld? With the addition of a 50th realestate attorney, they believe they're now the biggest concentration of such lawyers in New York City. Managing partner Bruce Stachenfeld (above with real estate chair Terri Adler) started building the firm 15 years ago with fellow Latham alum Patrick Duval.

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