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When renowned architect Carl Elefante once observed that “the greenest building is one that is already built,” he was speaking to the virtues of adaptive reuse as a vehicle for community revitalization, a concept that is not necessarily novel but is always evolving. Adaptive reuse is the practice of adapting existing buildings and structures to serve a function that they were not initially designed to serve. What’s more, an especially appealing aspect of adaptive reuse is that there is no limit to how much or how little of a building needs to be repurposed. While this practice has existed in some form for hundreds of years, it attracted widespread attention in the 1970s when environmental initiatives gained traction and developers recognized both an ethical and cultural obligation for landmark preservation as well as profit and gentrification. A half-century later, adaptive reuse is a necessity in a post-COVID world where previously filled office buildings now have substantial vacancies amid return-to-work initiatives, and where real estate professions now turn their attention to maximizing use and efficiency.
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By Howard B. Epstein and Theodore A. Keyes
Many businesses have sought to recover their pandemic losses under commercial property insurance policies, only to be denied coverage. A significant number of policyholders have filed lawsuits challenging these disclaimers, primarily in state courts. But to the dismay of the insureds, a growing majority of high state courts have sided with the insurers in these disputes.
Navigating the Intersections of Commercial Real Estate and Eminent Domain Actions
By Ellen Smith and Elizabeth Story
For real estate attorneys, knowing how to navigate around eminent domain actions in the midst of various transactions and operations is critical to best position clients for the future condemnation conundrum.
A Prepackaged Bankruptcy Could Be the Answer to a Mortgage Default
By Timothy Little, Scott Vetri, Julie Lee and Peter Siddiqui
This article discusses the value of prepackaged bankruptcy as an alternative route for addressing commercial mortgage defaults in high tax jurisdictions.
NJ Supreme Court: Commercial Property Owners Have a Duty to Maintain Abutting Sidewalks
By Colleen Murphy
In a 4-3 decision on June 13, the New Jersey Supreme Court reversed an Appellate Division opinion in a slip-and-fall case, concluding that all commercial landowners have a duty to maintain public sidewalks and are liable to pedestrians who are injured as a result of their negligent failure to do so.