Bisnow
A&S Managing Partner Terri Adler will be a speaker on the “Developing Buildings to Satisfy Demand: Key Locations and Asset Classes” panel at Bisnow’s New York Future Forum event.
On the panel Terri, alongside other experts on New York’s CRE market, will discuss the various strategies real estate investors can utilize to ensure that their developments thrive in this economic climate.
Learn more about the event.
Business Wire
After her 25 years of unparalleled legal experience in the real estate sector, we are proud to elevate Terri Adler to name partner, and begin this new chapter as Adler & Stachenfeld.
“This firm has been my professional home for the last 25 years, and it is a true honor to be added to the firm’s name alongside my mentor and partner Bruce Stachenfeld,” says Managing Partner, Terri Adler. “Our collaborative approach, commitment to our culture, and ability to help clients grow their business have been hallmarks of our firm’s success for many years. I am excited to be part of the team that will write Adler & Stachenfeld’s next chapter.”
As our firm begins its second quarter-century, we are thrilled to announce we have changed our name to Adler & Stachenfeld LLP. The name change reflects our current leadership, and A&S will continue its commitment to providing the highest level of business and legal counsel to the real estate sector.
Commercial Observer
Northwell Health recently signed a long-term lease for 42,000 SF at Savanna’s One Court Square located in Long Island City, Queens.
D&S Leasing Practice Co-Chair Eric Menkes, along with a team of D&S attorneys, represented Savanna in the transaction.
Read the Commercial Observer article for more on the deal.
Bisnow
D&S Leasing Practice Co-Chair Eric Menkes moderated a discussion at Bisnow’s Brooklyn State of the Market event earlier this week. During the panel, CRE experts discussed the current leasing trends in the Brooklyn market and explored how it differs from the market in Manhattan. Read more.
Connect CRE
Congratulations to D&S Real Estate Practice Co-Chair Christopher Gorman on this accolade from Connect Commercial Real Estate, which recognizes him for his success in real estate law and his outstanding contributions to the community.
Commercial Property Executive
D&S Managing Partner Terri Adler was recently featured in a Commercial Property Executive article exploring how CRE is impacted by a “looming recession.” In the article, Terri provides her insights on the distressed real estate market, including how lenders will respond.
Read the full article written by Gail Kalinoski for more CRE expert predictions
The New York State Bar Association is holding its annual CLE Program, Advanced Real Estate Topics. D&S NYC Real Estate Tax Incentive Practice Group Chair YuhTyng Patka will be giving a virtual lecture on New York City’s Local Law 97 on Thursday, December 8.
NAIOP
D&S Corporate Real Estate Partner Michael Pollack wrote an informative article featured in the summer issue of NAIOP’s Development Magazine, highlighting the challenges of leasing in the life science industries and offering strategies to help owners manage these risks.
D&S Partner Joseph Galvano and Associates Asher Belsky and Michelle Brown represented Angelo Gordon and Metropolitan Realty Associates LLC (MRA) in the $28.3-million sale of two industrial properties in Ronkonkoma, N.Y. The acquisitions are part of MRA’s and Angelo Gordon’s $50 million programmatic joint venture, focused on industrial properties in Long Island's supply-constrained industrial market.
The Real Deal
D&S Partner Joseph Galvano and Real Estate Practice Group Associate Michael Attias represented Angelo Gordon, a privately-held alternative investment firm, in the acquisition of a two-story retail building located at 2250 Broadway. Angelo Gordon purchased the building, which houses a Staples, for $27 million.
Read the full article by The Real Deal.
Commercial Observer
Amidst the supply chain crisis, it is crucial for contractors and owners to have clear-cut, well-thought-out construction agreements to mitigate supply chain risk.
In the Commercial Observer, D&S Real Estate Practice Group Partner Michael Kupin outlines four best practices that can significantly alleviate the potential impact of supply chain issues on developers.
Read the full article to learn more.
U.S. News
We are proud to share that Duval & Stachenfeld has been recognized nationally in the 2023 U.S. News & World Report – Best Lawyers®️ "Best Law Firms" rankings, earning a Tier 2 ranking in Real Estate Law as well as Tier 1 and Tier 2 metropolitan rankings, for Real Estate Law and Tax Law, respectively.
D&S Partner Robin Kramer will be leading a Lorman Education Services live webinar entitled “Development Rights: Current Trends and Legal Concerns” next Wednesday, November 9. Robin will be discussing the intricacies of air rights, the difference between air space and air rights, and how these assets can be transferred. Learn more.
D&S Managing Partner Terri Adler spoke today on the "Advancing Women in Commercial Real Estate" panel at iGlobal Forum's ESG & DEI in Commercial Real Estate Summit alongside moderator Kayla Gross, and fellow panelists Chun Yee Y., Kelsey Harstad, and Elisabeth Troni.
The panel reflected on the progress that has been made towards achieving gender diversity and addressed ways to further equity in the industry including tackling the gender pay gap.
Thank you iGlobal Forum for providing a platform for this important and illuminating conversation!
Commercial Mortgage Alert
D&S Pace Finance Chair YuhTyng Patka was recently featured in a Commercial Mortgage Alert article on the revival of NYC’s C-PACE program. In the article, YuhTyng shares her perspective on the new C-PACE loan guidelines relating to the city’s mortgage recording tax.
Crain's
Congratulations to Duval & Stachenfeld Director of HR and Benefits, Neela Persaud, on being honored by Crain's New York Business in this year’s list of Notable HR Leaders. Neela joins a cohort of 62 honorees, being recognized for navigating their firm through the unprecedented challenges presented by the pandemic and their professional accomplishments.
On behalf of the D&S attorneys and staff, we thank you for your hard work and dedication to making D&S a safe and supportive work environment!
See the full list of honorees here.
October 7th marked the 25th anniversary of Duval and Stachenfeld!
Over the past 25 years, Duval & Stachenfeld has grown and evolved into one of the largest and most active real estate law firms in the country. Through our commitment to provide exceptional legal services using our pure play model and our mission of helping to grow our clients’ businesses, we have created a truly unique firm unmatched in our dedication to our clients.
We would like to extend a thank you to all of our attorneys and staff for being excellent representatives of Duval & Stachenfeld and for their commitment to upholding the values of our firm.
And, most importantly, we would like to thank our clients for entrusting us with their most important and complicated transactions over the past 25 years.
We are proud to be celebrating the anniversary of this remarkable law firm and look forward to celebrating for years to come!
Bisnow
Rising interest rates and the prospect of an economic downtown have led property owners to curb spending on ESG projects in order to cut costs. D&S NYC Real Estate Tax Incentive Practice Group Chair YuhTyng Patka was featured in a recent Bisnow article, sharing how some clients have pivoted from their initial environmental commitments as a result of the interest rate hikes.
Read the full article written by Ciara Long to learn more.
Thomson Reuters
D&S is proud to share that Partners Danielle Ash, Ilya Leyvi, and Paul M. Schwartz, Special Counsel Max Feder, and Associate Daniel Phelan were included on this year’s New York Metro Rising Stars list.
Super Lawyers, part of Thomson Reuters, is a rating service of outstanding lawyers who have attained a high degree of peer recognition and professional achievement.
Congratulations to our attorneys on receiving recognition for their astounding work!
Thomson Reuters
D&S is pleased to announce that eleven of our attorneys were selected to the 2022 New York Metro Super Lawyers list. Congratulations to:
Bruce Stachenfeld
Terri Adler
Brian Blitz
Christopher Gorman
Eric Menkes
Kirk Brett
Richard Schulman
Risa Letowsky
Robin Kramer
Stephen Land
Thomas O'Connor
Super Lawyers, part of Thomson Reuters, is a rating service of outstanding lawyers who have attained a high degree of peer recognition and professional achievement.
Congratulations to these well-deserving awardees on being recognized for their outstanding work.
We are excited to announce the new hires joining the Duval & Stachenfeld team! Welcome to Corporate Real Estate Partner Michael Pollack, Senior Tax Associate LaShawn Oxendine, and Talent Acquisition & Diversity Coordinator Sarah Clive.
Special welcome to our new class of first-year real estate associates – Catherine Korsh, Lauren Zapcic, Isabella Lecompte, Gabriel Bildirici, Anna Zhuravlova, Victoria Agosta, and Katherine La-Rotta, Esq. We look forward to supporting your professional growth!!
Commercial Observer
In this week's Commercial Observer, Tom Acitelli profiles D&S Managing Partner Terri Adler. Terri recounts her journey from a childhood in Utah to founding Duval & Stachenfeld and also discusses her most prominent real estate deals and advice for ambitious women in male-dominated industries.
Read the full article to learn more about how Terri's solutions-oriented approach helps real estate firms shape the skyline of cities across the country.
GlobeSt.com
Especially with rising interest rates, ground leases have become an attractive option for developers looking to finance new construction projects, enabling them to bolster their capital stack with a cash infusion from a ground lessor/capital partner.
In a GlobeSt.com article, D&S Real Estate Group Partner Danielle Ash discusses the characteristics of modern ground leases — which include a sale-leaseback to the capital partner — and touches on their benefits for ground landlord and ground tenant alike.
Read the full article to learn more.
Law.com
In a Q&A with Law.com reporter Tasha Norman, D&S Real Estate Group Partner and Co-Chair Christopher Gorman discusses his career path and his best piece of advice for aspiring lawyers with hopes of becoming a partner. Read the full Q&A for all of Chris' insight.
D&S is pleased to share Max Feder was recognized in the 2023 edition of the Best Lawyers: Ones to Watch in America™ for his excellence in Real Estate Law!
Max has been given this honor by The Best Lawyers® — the oldest and most respected peer-reviewed legal publication — after a peer-evaluation by the world’s leading lawyers.
Congratulations Max!
Best Lawyers US News
D&S is proud to announce that five of our attorneys – Founding Partner and Chairman Bruce Stachenfeld (Real Estate Law), Managing Partner Terri Adler (Real Estate Law), and Partners Eric Menkes (Real Estate Law), Stephen Land (Tax Law), and Michael Kupin (Real Estate Law) — were listed in the 2023 edition of The Best Lawyers in America®!
Best Lawyers® is the oldest and most respected peer-reviewed publication in the legal profession, recognizing some of the most remarkable lawyers in the country. Our industry-leading attorneys were given this accolade after comprehensive surveys in which the world’s leading lawyers evaluated their peers.
Congratulations to Bruce, Terri, Eric, Stephen, and Michael on being recognized for their phenomenal work!
Multifamily Executive
As demand for rental properties in New York City continues to increase, developers are converting existing buildings, such as hotels, into multifamily properties. D&S Real Estate Practice Group attorneys, Danielle Ash, Morgan Stevens, and Jenna Imbrogno, advised Montgomery Street Partners on the acquisition and ground lease of the Hudson Hotel, which will be repurposed into a Class-A rental property. Read the full Multifamily Executive article.
The Real Deal
Congressional discussion about eliminating the carried interest tax break is making big ripples in the real estate and private equity industries. In a recent The Real Deal article by Keith Larsen, D&S Tax Practice Chair Stephen Land predicts the impact that eliminating the loophole will have on the CRE sector.
The Real Deal
A team of D&S attorneys led by Danielle Ash recently represented Montgomery Street Partners in a ground-lease deal at the Hudson Hotel. The transaction will facilitate the historic building’s transformation into 438 residential units, delivering a much-needed rental product to the Manhattan market. Check out the full article by The Real Deal.
GlobeSt.com
A&S Partner and Real Estate Practice Co-Chair C. Kim Le was recently honored by GlobeSt.com Real Estate Forum as one of its “Women of Influence.” In selecting Kim, the publication highlighted her extensive experience working on complex joint ventures and the positive impact she has within the firm and on her clients. Congratulations!!
The Real Estate Philosopher®
In this month’s issue of The Real Estate Philosopher, Bruce Stachenfeld shares his takeaways from a 1400-year-old company’s longstanding success about the importance of developing a Power Niche for business success. Subscribe to The Real Estate Philosopher for more.
The Real Deal
A&S NYC Real Estate Tax Incentive Practice Group Chair YuhTyng Patka was featured in the “In Their Words” section of the June issue of The Real Deal, highlighting her thought-provoking commentary on the real estate industry in the wake of 421a’s expiration.
GlobeSt
An Adler & Stachenfeld team led by Terri Adler and Ilya Leyvi recently advised Faropoint on its $481-million sale of a portfolio of last-mile logistics buildings, one of the largest such transactions in the last few years. Read the full story on GlobeSt.com.
Adler & Stachenfeld LLP
With rising interest rates, the potential for a recession, and the crypto market in chaos, A&S Chairman Bruce Stachenfeld recently released his latest “Real Estate Philosopher” column, sharing his predictions on the impact of all of these macro issues on real estate.
Commercial Observer
C-PACE (Commercial Property Assessed Clean Energy) is emerging as an attractive financing solution for CRE developers. In addition to its financial advantages, C-PACE financing influences developers to “do well by doing good through implementing energy-efficient building improvements.”
A&S NYC Real Estate Tax and Incentives Practice Group Chair YuhTyng Patka and Nuveen Green Capital CEO Jessica Bailey recently co-authored an article for the Commercial Observer that explores the benefits of C-PACE financing for CRE companies.
In observance of Juneteenth, this week A&S hosted a DEI SNACS & Facts Session on Juneteenth, where we reflected on the historical significance of the holiday.
As we celebrate Juneteenth, we keep in mind the words of the late Congressman John Lewis, who once said, “Freedom is not a state; it is an act… Freedom is the continuous action we all must take, and each generation must do its part to create an even more fair, more just society.”
Commercial Observer
On June 15, the New York 421a tax abatement expired, removing a critical incentive for New York City developers. D&S NYC Real Estate Tax and Incentives Practice Group Chair YuhTyng Patka talked with Commercial Observer reporter Aaron Short on how this is impacting the investment decisions of her clients.
Law.com
What is the key to having a successful law career? Partner and Co-Chair of A&S' Real Estate Finance Practice Group Ilya Leyvi talks with Law.com reporter Tasha Norman about his career trajectory and how — like any team sport — leading a practice area requires constant collaboration and a strong support staff.
Read More
GlobeSt.com
Real estate crowdfunding platforms first emerged following the signing of the JOBS Act, but they've grown significantly in the past 18 months. A&S Chairman Bruce Stachenfeld spoke with GlobeSt.com reporter Kelsi Borland to reflect on the rapid growth of these platforms and the increasingly significant role crowdfunding can have in the capital stack.
Read more
The Real Deal
D&S NYC Real Estate Tax and Incentives Practice Group Chair YuhTyng Patka recently provided counsel to developers Bushburg and The Moinian Group, enabling them to obtain Mandatory Inclusionary Housing (MIH) approvals for 2840 Atlantic Avenue in Brooklyn. The project will bring 320 apartments, including 77 affordable units (averaging 60% AMI) to the growing East New York neighborhood.
Read More
GlobeSt.com
Congratulations to D&S Leasing Practice Group Co-Chairs Eric Menkes and Risa Letowsky, who have been selected as Influencers
in Retail by GlobeSt.com's Real Estate Forum, honoring their accomplishments as two of the country's most accomplished professionals serving the retail real estate sector.
Bisnow
Partner and Co-Chair of A&S' Leasing Practice Eric Menkes recently spoke at Bisnow's National Retail Summit on a panel discussion on creative lease deals amid the pandemic and flexible lease terms. As cited in the article about the event, Eric noted that getting creative in lease structures requires more than an agreement between landlord and tenant: “This really comes back to the lenders; how flexible are they willing to be in allowing their property owners to cut deals that are nontraditional?”
NY Post
Partners Eric Menkes and Michael Kupin represented tenant Global Relay in its new 77,000 square-foot lease at 1155 Sixth Ave., a 740,000 square-foot tower in Midtown Manhattan.
Commercial Observer
Partner and Chair of the NYC Real Estate Tax and Incentives Practice Group YuhTyng Patka authored a recent article for the Commercial Observer in support of the 421a tax exemption. In the article, Tyng dives into why the 421a program is essential to building affordable housing in NYC and addresses some of the misleading claims made by its opponents.
Law.com
Partner and Leasing Practice Co-Chair Eric Menkes was featured in a recent Law.com article by reporter Dan Packel on the future of Big Law offices and how firms can efficiently adjust to the new hybrid landscape.
Read More
Long Island Business News
Partner Joseph Galvano and Associate Jonathan Rothstein represented Metropolitan Realty Associates and Angelo Gordon on the $22-million acquisition of 81 Spence St., a 128,000 square-foot industrial property in Bay Shore, NY.
RealCrowd
Chairman Bruce Stachenfeld and Managing Partner Terri Adler presented alongside RealCrowd CEO Adam Hooper, CCIM on a live webinar on March 16. They discussed who real estate crowdfunding is best for and why you need to start paying attention to the growth of the crowdfunding industry in 2022.
Wealth Management
Partner Paul M. Schwartz was featured in a recent Wealth Management Real Estate (WMRE) article by reporter Beth Mattson-Teig on increased competition among equity investors for a place in JV deals.
City & State
We are excited to share that our Managing Partner Terri Adler has been named to the City & State NY Law Power 100 List, honoring her accomplishments as one of New York's most influential and prominent legal leaders.
Multifamily Investing Academy
Chairman Bruce Stachenfeld was recently featured on the Multifamily Investing podcast with host Charles Dobens, discussing how to creatively and effectively source capital for commercial real estate deals.
On #InternationalWomensDay, we proudly honor the accomplishments and contributions of contemporary and historical women - including the courageous female trailblazers who have paved the way in law. We are also continuing our tradition of highlighting and supporting a charitable organization for women this year with Her Justice. Her Justice stands with women living in poverty in New York City by recruiting and mentoring volunteer lawyers to provide free legal help to address individual and systemic legal barriers.
Lexis Practice Advisors
In a recent LexisNexis Practical Guidance article, Partner Brian Blitz and Real Estate Associate Rayelle Washington discuss the Department of the Treasury’s Financial Crimes Enforcement Network’s (FinCEN) proposed regulations to implement the beneficial ownership reporting requirements under the Corporate Transparency Act.
NYREJ
Partner Joseph Galvano and Associate Matthew Carpinello served as counsel for Metropolitan Realty Associates and Angelo Gordon on the $19 million refinancing of a newly renovated two-story retail property in Nanuet, NY by IDB Bank.
HuffPost
Partner and Tax Practice Chair Jessica Millett was featured in a recent HuffPost article by reporter Molly Redden on how wealthy crypto investors are hoping to take advantage of opportunity zone tax breaks, despite the program’s original purpose to aid low-income communities. Jessica explains how these investors’ plans may play out in light of current OZ regulations and IRS oversight.
OpportunityZone.com
Partner and Tax Practice Chair Jessica Millett has been named to OpportunityZone.com Magazine's 2022 "Top 25" list in the attorney category for the third year in a row, joining a group of highly accomplished experts in tax and OZs.
Lexis Practice Advisors
NYC Real Estate Tax and Incentives Practice Group Chair YuhTyng Patka authored a recent LexisNexis Practical Guidance article on the NYC Mandatory Inclusionary Housing program, explaining the ins and outs of the program and the application process for developers seeking to build in newly rezoned neighborhoods.
Commercial Property Executive
Partner Joseph Galvano and Associate Michelle Brown recently served as counsel for Angelo Gordon and White Oak Realty on the $130-million sale of 200 W. Jackson, a Chicago office tower, to Nightingale Properties.
GlobeSt.com
Partner Danielle Ash was featured in a recent GlobeSt.com article by reporter Kelsi Maree Borland, explaining how construction lenders are utilizing ground leases as alternative capital to help fund new developments and de-risk their deals.
2021 was an incredible year for Duval & Stachenfeld, and we are proud to celebrate the many accomplishments of our attorneys. Over the course of the year, our strategies evolved to support our diverse roster of clients, we remained on the cutting-edge of real estate law helping clients navigate C-PACE and other complex issues, and many of our leading attorneys were publicly awarded for their work and recognized in the media.
Bisnow
Partner and Chair of D&S' NYC Real Estate Tax and Incentives Practice YuhTyng Patka was featured in reporter @Miriam Hall's recent Bisnow article, where she offered her positive take on Governor Hochul's new affordable housing proposal.
Read more.
Commercial Property Executive
Partner and Co-Chair of the Adler & Stachenfeld Leasing Practice Group Eric Menkes was featured in a recent Commercial Property Executive story on the current leasing landscape. In the article, reporter IvyLee Rosario quotes Eric and other experts on the impacts of the pandemic on the office sector and discusses how office landlords are adopting new strategies
to boost leasing activity.
Commercial Observer
D&S Partner and Finance Practice Co-chair Ilya Leyvi recently represented White Oak Realty in their $53-million bridge loan to Townhouse Management.
Mann Report
A&S is pleased to announce that Max Feder has been promoted to Special Counsel. In eight years at the firm, Max has distinguished himself by carving out a special niche regularly representing sponsors and investors in connection with all aspects of fund formations and equity syndications, including structuring, preparing disclosure and other offering materials, and drafting and negotiating the operative fund and underlying transaction documents.
Lexis Practice Advisors
Tax Practice Chair Jessica Millett and Tax Associate Jonathan Hagler co-authored a recent Nexis Practical Guidance article on operating businesses in opportunity zones, as an increasing amount of investments use the program to kickstart new businesses in an OZ.
The article explains how expanded use of the OZ program presents a novel avenue for growth within designated opportunity zones — and a win-win scenario for real estate investors and operating businesses. Jessica and Jonathan provide insights on how to attract tenants to developments using OZ tax benefits as a marketing tool and showcasing what operating businesses stand to gain by signing a lease in an OZ.
ROI-NJ
Partner and Co-Chair of A&S' PACE Financing Practice YuhTyng Patka was featured in a recent article on C-PACE in New Jersey by ROI-NJ reporter Brett Johnson.
The article discusses how the C-PACE financing program has expanded to New Jersey, and how we can expect it to play out based on the program's success in NYC. YuhTyng discusses her clients' experiences with PACE loans and the benefits of implementing eco-friendly improvements in development plans.
New York Post
Leasing Practice Group Co-Chair Eric Menkes recently led a A&S team in structuring a lease with British luxury carmaker Aston Martin for its first-ever Manhattan showroom. The showroom will be located at 450 Park Ave., and will feature million-dollar luxury vehicles in an immersive experience.
OpportunityZone.com
Partner and Tax Practice Chair Jessica Millett was featured in a recent OpportunityZone.com article about a request to the Department of the Treasury to consider new requirements aimed at boosting opportunity zones benefits.
The article lays out the suggestions from the committee, focused on reporting, transparency, and disclosure, and how these changes may come into play in the OZ community. In the article, Jessica discusses the potential impact of the proposed regulations, how reporting requirements produce essential data for the program, and the possible downfalls of instating a more rigorous certification process.
Multi-Housing News
Partner and Chair of the Tax Practice Jessica Millett was featured in a recent article on the long-term appeal of opportunity zones amid changes in tax policy and regulations.
The article discusses the strength of investor interest since the OZ program's inception. With the potential for a less favorable tax policy being passed, allocating capital to opportunity funds offers a level of security to investors. In the article, Jessica speaks to the future of OZ's and sustained momentum for strategic deals that utilize the program.
Crain's
Congratulations to Managing Partner Terri Adler on her latest accolade as a recipient of Crain's New York Business's 2022 Notable Women in Law Awards! One of the most accomplished real estate attorneys in the city, Terri is continually recognized as a leader and inspiration for women throughout the industry.
IREI
Our founding Partner and Chairman Bruce Stachenfeld recently spoke with Mike Consol on IREI's podcast for an Author Spotlight discussing Bruce's latest book, "The Real Estate Philosopher's Guide: The Secrets to Real Estate Success." In the conversation, Bruce offers his insights and predictions for the future of real estate, advice on differentiating your investments, and inspirational anecdotes amid these unprecedented times.
Connect Media
Congratulations to Managing Partner Terri Adler, a deserving recipient of the Connect Commercial Real Estate 2021 Lawyers in Real Estate Awards! Terri joins a group of highly skilled and accomplished professionals driving change and innovation in the industry.
Bisnow
Tyng, was quoted in the article, "Uncertainty Over Affordable New York Abatement Reverberating Through Investment Sales Market."
New York Post
Eric Menkes of D&S facilitated recent deals in Brooklyn's Industry City, working to bring in tenants Porsche Cars North America, Volvo Group, and Union Square Hospitality Group to the space. As mentioned in a recent New York Post article, these deals, among others, mark a major rise in popularity for Industry City's space, with the complex leasing 800,000 square feet of space since March 2020.
The Real Deal
Congratulations to our founder and chairman Bruce Stachenfeld on being featured in "The Closing" in the latest issue of The Real Deal!
Bruce joins a long line of NYC real estate titans profiled in The Closing, which explores the lives and careers of the industry's power players. In the feature, interviewer Keith Larsen dives into Bruce's innovations in preferred equity structuring, his decision to compete in Ironman competitions, and why he identifies so strongly with the hedgehog.
Managing Partner Terri Adler was featured in a recent article on ground leases by Bisnow reporter Brian Rogal.
The article explains how ground leases are rising in popularity nationwide as developers work to put deals together despite rising borrower and construction costs. Terri provides insights on ground leases' value to developers, how the proceeds enter the capital stacks for construction projects, and why they are gaining traction among D&S clients.
U.S. News
We are honored to announce our rankings in Best Lawyers “Best Law Firms” 2022 edition, which recognizes Duval & Stachenfeld's local and national expertise in real estate and tax law.
Best Lawyers is the oldest and most respected peer-review publication in the legal profession, with rankings compiled by conducting exhaustive peer-review surveys in which tens of thousands of leading lawyers confidentially evaluate their professional peers.
Partner Joseph Galvano recently led a A&S team representing Angelo Gordon in structuring a joint-venture partnership for the development of the Alloy Sunnyside development in Denver, a 209-unit multifamily property with 2,400 square feet of retail space.
Thomson Reuters
We are proud to announce the selection of four of our attorneys to the 2021 New York Metro Super Lawyers Rising Stars list. Congratulations to:
Danielle Ash
Ilya Leyvi
Max Feder
Paul M. Schwartz
Super Lawyers, part of Thomson Reuters, is a research-driven, peer-influenced rating service of outstanding lawyers who have attained a high degree of peer recognition and professional achievement.
Thompson Reuters
We are proud to announce the selection of nine of our attorneys to the 2021 New York Metro Super Lawyers list. Congratulations to:
Bruce Stachenfeld
Christopher Gorman
Eric Menkes
Kirk Brett
Robin Kramer
Stephen Land
Terri Adler
Thomas O'Connor
Risa Letowsky
Super Lawyers, part of Thomson Reuters, is a research-driven, peer-influenced rating service of outstanding lawyers who have attained a high degree of peer recognition and professional achievement.
Bisnow
Leasing Practice Group Co-Chair Eric Menkes was featured in a recent Bisnow article by Dees Stribling, giving his insights on New York City’s post-pandemic retail recovery.
The article dives into the gradual upswing in downtown retail markets and includes Eric's perspective on New York retail rent and leasing activity, how deals between landlord and tenants have evolved, and his own observations of the city coming back to life.
Adler & Stachenfeld LLP (“A&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.
Real Estate Investing- Live From New York
Our founding Partner and Chairman Bruce Stachenfeldrecently joined James Nelson on his "Real Estate Investing- Live From New York" podcast to discuss finding success in the real estate industry. In the conversation, Bruce dives into his 'Power Niche' concept, the value of differentiation, and his new book, "The Real Estate Philosopher's Guide: The Secrets to Real Estate Success."
You can listen to Bruce's episode on Apple Podcasts
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.
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.
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'.
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 Adler & 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
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
We are also happy to announce our newest mid-level real estate associate joining Adler & Stachenfeld! A very warm welcome to Adam Hassan Morsy, Esq. — we are so excited to see you do great things at the firm.
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.
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.
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!
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!
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!
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
LexisNexis
In an exclusive interview with Lexis® Practical Guidance, Eric Menkes, Leasing Co-Chair at Adler & 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.
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
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
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.
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 Adler & 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.
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
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:
Wealth Management
"With the increase in rents for SFRs, multifamily is really the next viable housing option."
Adler & 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.
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 Adler & 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.
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
LexisNexis
Part of LexisNexis' 2021 Leasing Report, Eric discussed what commercial leasing has been like throughout the pandemic. Read more.
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.](/content/news/news_143_image.jpg)
Managing Partner and Real Estate Chair of Adler & 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
The Real Deal
“My clients are not talking about [carbon trading] at all,” said YuhTyng Patka, co-chair of law firm Adler & 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
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!
A&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.
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..
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, Adler & Stachenfeld LLP.
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 Adler & 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.
The Real Deal
Land Use Chair, Robin Kramer, was quoted in The Real Deal article, Developers Race to Ulurp Before DeBlasio Administration Ends.
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."
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.
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.
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@adstach.com
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.
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."
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@adstach.com
YuhTyng Patka (NYC Climate Mobilization Task Force Co-Chair) ypatka@adstach.com
David Gardner (Real Estate Partner) dgardner@adstach.com
David Miller (Real Estate Associate) dpmiller@adstach.com
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.
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.
Happy International Women’s Day from Adler & 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!
Law360
Managing Partner and Real Estate Chair Terri Adler, and NYC Tax & Incentives Chair, YuhTyng Patka, were interviewed by Law360 in the article, "Adler 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.
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.
As part of our pro bono mission at Adler & 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!
Adler & Stachenfeld thanks all of the attorneys who have worked and continue to work on these cases and thanks Immigration Equality for their amazing work.
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.
The Real Deal
YuhTyng Patka, who chairs the real estate and tax incentives group at Adler & 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.”
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.
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.
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.
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.”
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.
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.
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.
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.
Adler & 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, Adler & 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.
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.
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!”
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.
An Update from Duval & Stachenfeld regarding COVID-19
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:
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!
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:
A&S Snippeter
October 2020
As mentioned in prior issues of our Snippeter, we here at Adler & 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.
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 Adler & 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.”
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.
Real Crowd
Predictions For The Real Estate Industry
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.
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 Adler & Stachenfeld, told The Real Deal.
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.
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.
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.
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.
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.
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.
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.
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."
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.
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.
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.
Adler & 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.
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."
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 Adler & 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."
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.
New York Law Journal
A&S Partner, Thomas O'Connor, Chair of our Real Estate Finance Practice Group, YuhTyng Patka, Partner and Chair of the A&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.
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 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.
Adler & 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.
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.
Real Estate Weekly
June 2019
Real Estate Weekly’s Leading Ladies list includes the following Adler & Stachenfeld attorneys:
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.
Press Release
May 20, 2019
Adler & 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.
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.
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.
Lexis Nexis Practical Advisor
May 2019
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 Adler & Stachenfeld LLP.
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.
Real Estate Weekly
April 2019
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.
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.
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.
"Dealing with the liabilities of a QOF is one aspect of the new regime that future guidance will address. Jessica Millett of Adler & 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."
A&S proudly supports International Women’s Day 2019! Please read below the letter from managing partner, Terri Adler, for International Women’s Day 2019.
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.
Eric Menkes, head of the Leasing Practice Group, is a Panelist at NYC Bar Event for the Commercial Real Estate Leases CLE Program.
At Adler & 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.
Real Estate Weekly
September 26, 2018
Commercial Observer
September 25, 2018
Press Release
Adler & 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.
Terri Adler, chair of our Real Estate Practice Group, was recently named:
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.
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.
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.
Press Release
February 2nd, 2017
Adler 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 Adler & 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.
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.
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.
The Plain & Simple
December 10, 2015
Adler & 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.
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.
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.
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.
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.
Follow the link for more >
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.
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
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.
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.
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.
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.
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.
Law360
July 11, 2014
Media Coverage
New York law firm Adler & 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.
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.
Law360
June 5, 2014
Media Coverage
Terri L. Adler is a co-founder of Adler & 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.
New York Law Journal
April 21, 2014
Media Coverage
Adler & 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.
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.
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!
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.
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.
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.
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.
Project REAP
Our Tax Practice Chair Jessica Millett and PACE Financing Practice Co-Chair YuhTyng Patka will be lecturing an upcoming session for the Urban Land Institute and PROJECT REAP 2022 Spring Academy on May 12. Jessica and Tyng will be part of a class on alternative financing methods, and will be leading in-depth discussions on Opportunity Zones and C-PACE, respectively.
NYCRE Summit
Partner Danielle Ash is moderating a panel at the 2022 New York Commercial Real Estate Summit on "CRE Redevelopment Strategies & Emerging Opportunities". Danielle will lead panelists through a discussion on creative strategies, tactics, and novel opportunities in New York real estate.
NYCRE Summit
Tomorrow our Leasing Practice Co-Chair Eric Menkes is moderating a panel at the 2022 New York Commerical Real Estate Summit titled "New York State of the Retail Property Market". Eric will lead panelists in a conversation about current trends and issues in the retail real estate sector in New York.
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