December 1, 2016

Ross F. Moskowitz quoted in "The sloppy 421a Dispute"

THE REAL DEAL | Ross F. Moskowitz, a partner in Stroock’s Real Estate Practice Group and the head of its Land Use Practice Group, was quoted in a Real Deal article that discusses the possible return of the 421a developer tax exemption after a year of negotiations.


Andrew DeNatale to speak at PLI's Nuts and Bolts of Corporate Bankruptcy 2016

Stroock Of Counsel Andrew DeNatale will serve as Co-Chair of PLI's Nuts and Bolts of Corporate Bankruptcy 2016 conference. The event will take place December 19-20, 2016 in New York, NY.

  • November 10-11, 2016
    December 5-6, 2016
    - PLI's 18th Annual Commercial Real Estate Institute
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  • December 6, 2016 - Can Media Actions Impair Justice?
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  • December 14, 2016 - What's the Future of the CFPB?
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  • November 18, 2016 | STROOCK SPECIAL BULLETIN

    "New IRS Partnership Regulations Shut Down Bottom Guarantees and Significantly Limit Use of Leveraged Partnerships"

    On October 5th, 2016, the Internal Revenue Service published final, temporary and reproposed regulations under Sections 707 and 752 of the Internal Revenue Code of 1986. These regulations, which substantially modify regulations proposed in 2014 effect significant changes to the partnership disguised sale and debt allocation rules.

    Notably, the new regulations restrict the ability to enter into “leveraged” partnership transactions by modifying the disguised sale rules so as to take into account all liabilities for disguised sale purposes as if such liabilities were nonrecourse, thereby preventing partners from guaranteeing debt in order to avoid recognition of gain.

    The regulations also preclude the use of “bottom-dollar” guarantees to allocate debt for basis purposes, even outside the context of a disguised sale.

    This Stroock Special Bulletin examines these changes, which are particularly important for those entering into real estate deals involving partnerships or joint ventures, as real estate often has significant debt and built-in gain, which would be recognized on a deemed sale.

  • November 11, 2016 | STROOCK SPECIAL BULLETIN

    "421-a Makes a Comeback"

    On November 10, 2016, with the full support of Governor Andrew Cuomo, the Building and Construction Trades Council of Greater New York (“BCTC”) and the Real Estate Board of New York (“REBNY”) released news that they have reached an agreement to extend the 421-a tax exemption program.

    The agreement is contingent on the State passing a new bill, but Governor Cuomo is urging legislators to call an extraordinary session to pass the legislation as quickly as possible. This Stroock Special Bulletin provides an overview of the agreement and what to expect next.

  • November 9, 2016 | STROOCK SPECIAL BULLETIN

    "Election Implications for the CFPB"

    The election of a Republican President and Republican Congress raises many questions regarding the leadership and regulatory activism of the Consumer Financial Protection Bureau as we know it. This Stroock Special Bulletin addresses some of those

    questions, including whether new CFPB leadership is likely to be installed soon, whether the CFPB is likely to become more reticent in its regulatory activities, and whether the financial services industry will face a lower threat of enforcement action.

  • November 7, 2016 | NEW YORK LAW JOURNAL

    "Public Sector Pensions Under Attack"

    Around the country, despite an improving economy, state and local governments are struggling to balance budgets and have taken aim at public employee pensions. Although New York has well-funded and well-protected public pension plans, this pressure,

    and the upcoming referendum on a state Constitutional Convention—which carries the threat of stripping safeguards against unfair impairment—will likely bring renewed attention to the level of benefits and the legal protections public employees possess.

  • November 2, 2016 | NEW YORK LAW JOURNAL

    "Warranty of Habitability in 2016: Facts Determine the Outcome"

    Under New York law, landlords, including boards of cooperative housing corporations, have an express obligation to provide residential tenants with premises that are fit for human habitation. This statutory warranty of habitability (WOH) is non-waivable and requires that residential tenants be provided with the essential functions of a residence and not be exposed to conditions that are dangerous, hazardous or detrimental to their life, health or safety. The residence must also conform with uses reasonably intended by the parties. Importantly, the WOH does not apply to condominium apartment owners because they have no landlord-tenant relationship (condominium apartment owners own their apartments in fee simple).

    Our 2014 column addressed cases applying the WOH to secondhand smoke, noise, mold, lead-based paint and bedbug conditions. This column examines cases decided subsequent to publication of our 2014 column and analyzes how secondhand smoke, mold, bedbugs, intended uses of the residence and tenant/co-op apartment owner actions, impact on the courts’ application of the WOH.