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Update from Duval & Stachenfeld on COVID-19

Update from Duval & Stachenfeld on COVID-19

An Update from Duval & Stachenfeld regarding COVID-19

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. 

 
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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.

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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. 

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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.

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Nonprofits in the Era of COVID-19

Nonprofits in the Era of COVID-19

Duval & Stachenfeld LLP

"The Coronavirus, Aid, Relief, and Economic Security Act (the "CARES Act"), signed into law last week, includes provisions that aim to help nonprofits weather the economic storm caused by the COVID-19 pandemic.  David Samuels, Chair of our Firm’s Tax Exempt Organizations Practice Group, together with several other attorneys at D&S, has put together the following guideline to the many resources that nonprofits can utilize during this ongoing health crisis." 

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. 

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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. 

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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.

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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."

 

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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."

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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

 

David Samuels is a featured speaker at the CLE program, Nonprofit Organizations 2019: Governance, Reporting, and Compensation Issues

David Samuels is a featured speaker at the CLE program, Nonprofit Organizations 2019: Governance, Reporting, and Compensation Issues

Practising Law Institute

On Wednesday, October 30th, The Practising Law Institute is having a continuing legal education program entitled Nonprofit Organizations 2019: Governance, Reporting, and Compensation Issues.  David Samuels, Chair of Duval & Stachenfeld's Tax-Exempt Organizations Practice Group, will be one of the speakers.

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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. 

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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.

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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.

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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

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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.

Read more>

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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5th Annual Institute on Not-for-Profit Law: Non-Profits in the Age of Technology

5th Annual Institute on Not-for-Profit Law: Non-Profits in the Age of Technology

Friday, April 7, 2017 | 9:00 am – 5:00 pm
Networking Luncheon Included

In the modern digital era, the use of the Internet, emails, and social media create a host of opportunities and potential risks for everyone, including nonprofit organizations.  Modern methods of communication facilitate messaging, branding, fundraising, grantmaking, and generally promoting a nonprofit’s mission.  At the same time, issues such as cybersecurity, hacking, accessing of inappropriate sites, and assertions of jurisdiction by far-flung regulators raise a maze of security, compliance, employment, and other issues to be confronted.  In this full-day program devoted to trends in nonprofit law, a number of the topics will address, in whole or in part, these various issues and concerns.

Follow the link for more

David Samuels featured in Crain's New York Article

David Samuels featured in Crain's New York Article

Crain's New York
March 13, 2017 

Nonprofit executives' compensation is generally a fixed amount. That ensures they are not pursing deals for personal gain, according to Nonprofit Compensation, Benefits and Employment Law, a book by David Samuels and Howard Pianko. And unlike for-profit businesses, nonprofits are required to reinvest any leftover money in the organization.

Follow the link for more >

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.

Follow the link for more >

Westcore Strikes $340M Growth Capital  Deal With Almanac Realty

Westcore Strikes $340M Growth Capital Deal With Almanac Realty

Real Estate Weekly
November 18, 2016

Industrial and office investor, Westcore Properties has struck a $340 million deal with a fund managed by Almanac Realty Investors.

As part of the agreement, the fund has committed to provide up to $337.5 million of growth capital to Westcore.

Including an investment of $197.7 million made in 2011 by a prior fund, funds managed by Almanac have committed to invest up to $535.2 million of capital in the aggregate into the Westcore platform.

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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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Duval & Stachenfeld's David Samuels, Chair of the Tax Exempt Organizations Practice Group, pens article on Charitable Interests

Duval & Stachenfeld's David Samuels, Chair of the Tax Exempt Organizations Practice Group, pens article on Charitable Interests

New York Law Journal
August 22, 2016

Bequests in wills and trusts can be a considerable source of income for charitable organizations. Over the past few years, as members of the charitably oriented "baby boomer" generation enter their 60s and 70s, such bequests have become increasingly common. An attorney for a charitable organization­—receiving a notice that an individual has died and left a considerable sum to the organization in his or her will or trust instrument—should be prepared to provide appropriate advice to the client on how to proceed.

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Duval & Stachenfeld's David Samuels, Chair of the Tax Exempt Organizations Practice Group, pens article for the New York Law Journal.

Duval & Stachenfeld's David Samuels, Chair of the Tax Exempt Organizations Practice Group, pens article for the New York Law Journal.

New York Law Journal
June 3, 2016

There are significant developments in compensation and employment law relating to charitable organizations of which attorneys counseling New York charities should be aware. This list is illustrative and not inclusive.

Follow the link for more >

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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Duval & Stachenfeld Launches Strategic Non-Profit Practice

Duval & Stachenfeld Launches Strategic Non-Profit Practice

Real Estate Weekly
February 18, 2015
Media Coverage

Duval & Stachenfeld LLP announced the launch of its Strategic Non-Profit Practice Group. The group will combine the expertise of the Firm’s Non-Profit Group, Tax Group, Real Estate Group, and Business Reorganization Group to provide mission-critical and strategic advice to non-profit organizations as they navigate this rapidly-changing sector.

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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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Duval & Stachenfeld rep SteepRock Capital in  $400 million mezzanine sub advisory deal

Duval & Stachenfeld rep SteepRock Capital in $400 million mezzanine sub advisory deal

New York Real Estate Journal
December 23, 2014
Media Coverage

Law firm Duval & Stachenfeld LLP represented SteepRock Capital LLC in a transaction for a $400 million sub advisory agreement from a major institutional investor to invest in subordinate real estate debt. The real estate investment firm plans to invest the capital over a three-year period in mezzanine loans encumbering institutional quality real estate throughout the United States. SteepRock Capital is expanding its Manhattan team to oversee investment activities.

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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

Follow the link for the text of Bruce's speech >

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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