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One of the many provisions of last year’s tax overhaul was the creation of a little-noticed program called Opportunity Zones, which was designed to give investors tax breaks for investments in designated areas. Little was heard about the program as governors went through the process of selecting where the Opportunity Zones would be located within their jurisdictions. The Treasury Department then formally designated over 8,700 low-income communities around the country as Opportunity Zones. Now, attention is starting to pick up as the program takes shape. The real estate community is expressing a lot of interest in the program, and so far at least one investment firm has launched an Opportunity Zone fund.
By Michael R. Leighton
Numerous shopping center developers use a “layer-cake” of financing, including state and federal tax incentives to reduce the costs of debt and equity financing. The industry correctly saw that the market value of the credits would drop once the Jobs Act become effective. Such tax cut could undoubtedly impact the ability of developers to raise equity, certainly for new projects not yet placed in service.
By Michael B. Gerrard and Edward McTiernan
The courts issued 41 decisions in 2017 under the New York State Environmental Quality Review Act, and changes were made to regulations themselves this year. This article summarizes the most important of these cases and regulation changes, and the patterns they represent.
Tenant Improvement Does Not Shift Repair Responsibility Away from Landlord
Attorney Fees Not Court-Ordered Cannot Be Recouped by Withholding Rent
By Janice G. Inman
In a case of first impression, and after it decided public policy would not be offended, New York’s Appellate Division, Second Department, decided earlier this year that commercial tenants may contractually waive the right to seek a Yellowstone injunction in 159 MP Corp. v. Redbridge Bedford,