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New York City to implement Brownfield program

USA - October 22 2010 An August 2010 Memorandum of Agreement (MOA) entered into by the New York City Mayor's Office and the New York State Department of Environmental Conservation (NYSDEC) further advances the city's program to return "Brownfield" sites in the city to productive reuse....

Lowell D. Plotkin, Norman W. Spindel, Susan Yeu, Inshirah A. Muhammad.

Recent amendments to New York power of attorney law excludes most corporate transactions from rigid disclosure and execution requirements

USA - October 22 2010 Power of attorney forms are frequently used in connection with real estate transactions....

Lowell D. Plotkin, Norman W. Spindel, Susan Yeu, Inshirah A. Muhammad.

Yellowstone relief denied for commercial tenant relying on technical circumvention of default

USA - October 22 2010 On September 23, 2010, in KB Gallery LLC v 875 W 181 Owners Corp, 2010 WL 3701381 (NYAD 1 Dept.), 2010 NY Slip Op 06697, the New York Appellate Division, First Department, upheld a June 8, 2010 Supreme Court, New York County, decision (see KB Gallery LLC v. 875 W 181 Owners Corp., No. 603766- 2009, slip op. at 3 (N.Y. Sup. Ct., Jun. 8, 2010)), which held that a commercial tenant could not maintain a Yellowstone application for injunctive relief that was filed after the default cure period under the lease had expired....

Lowell D. Plotkin, Norman W. Spindel, Susan Yeu, Inshirah A. Muhammad.

Additional NYS income tax is proposed on carried interests of out-of-state fund managers

USA - July 6 2010 The New York State Legislature is considering legislation that would tax all investment fund managers (including real estate fund managers) who work in New York but live outside the state on the income received from their "carried interests."...

Inshirah A. Muhammad, John S. Stolz, James Stewart.

Springing recourse liability for limited recourse obligorsno good deed goes unpunished

USA - July 6 2010 Common in real estate lending is a variety of loan in which personal liability of the borrower or guarantor is triggered only if the borrower commits certain identified malfeasance, such as fraud upon the lender or misapplication of operating funds....