Many commercial real estate land parcels in New York are held through a long-term ground lease structure. This includes approximately 100 co-op buildings in New York City that are located on property that is ground leased....more
The so-called “mansion tax” approved by Los Angeles voters in 2022 and effective April 1, 2023 (Measure ULA) is a misnomer. It establishes a new 4% documentary transfer tax on the sale of any real property priced or valued...more
As businesses begin to emerge from the COVID-19 pandemic, brick-and-mortar retail and restaurant leasing is showing strong growth. U.S. retail vacancy fell to 6.1 percent in the second quarter of 2022, the lowest level in at...more
On March 30, 2022, the New York State Supreme Court, New York County (the “Court”) decided in Times Square JV LLC v. Walber Broadway LLC that a ground lease-tenant that is in default under the ground lease for failure to pay...more
In this episode of Digging Into Land Use Law, Nossaman Real Estate Group Co-Chair David Graeler and associate Maya Hamouie discuss myriad problems that may arise when a market rent adjustment provision in a long-term ground...more
Once the building on a ground-leased property is completed, the ground landlord has a very secure rent stream. While the rent under the ground lease is based on the value of the unimproved land, if the ground tenant defaults...more
As a commercial leasing attorney, I have nervously and carefully been watching the leasing industry during this pandemic that we call the new normal. After a lull in leasing activity, I am happy to report that as of the...more
This article examines the different types of preferential rights in ground leases for medical office buildings, and examines strategies in drafting preferential rights provisions to protect the interests of both ground...more
A five-part seminar series that will provide Hampton Roads businesses with ideas on how they can be more profitable and reduce risk in 2020. This presentation will highlight the key provisions that tenants should negotiate...more
This note briefly looks at an issue that continually arises in connection with the financing of ground leases (as well as long-term triple net leases generally), of which any real estate fund looking to invest in such...more
The Federal Communications Commission recently closed a spectrum auction that raised more than $41 billion. Among the companies making a large investment in the auction was Verizon. It reportedly spent $10.4 billion for this...more