Owners of most income-producing properties in New York City have an obligation to file an annual Real Property Income & Expense (“RPIE”) form with the NYC Department of Finance (“DOF”). (For more information about the purpose of the RPIE forms and which owners are obligated to file same, see article written by colleague, Christopher Caslin.) For… Continue Reading
Category Archives: Real Estate
Subscribe to Real Estate RSS FeedNew Jersey Adopts FEMA Flood Maps; DEP Releases FAQs on the Stringent Requirements for Rebuilding Along the Shore
Posted in New Rules and Legislation, Real EstateOn January 24, 2013, Governor Chris Christie adopted the advisory flood maps released last December by the Federal Emergency Management Agency, which establish new, tougher standards for rebuilding along the Jersey Shore, including higher elevations of homes and buildings located in such flood-prone areas. The New Jersey Department of Environmental Protection acted quickly to amend… Continue Reading
Damage From Superstorm Sandy Means Substantial Real Property Tax Relief May Now Be In Order
Posted in Real Estate, TaxWhen Superstorm Sandy hit New Jersey on the evening of October 29, many local residents and businesses did not expect the devastation that followed. Numerous suffered substantial business and residential property losses as a result of the storm. While many have been busy and perhaps overwhelmed with filing insurance claims and claims with the Federal… Continue Reading
Superstorm Sandy Damage Means Substantial Real Property Tax Relief May Now be in Order:
Posted in Real Estate, TaxMany of our local residents and businesses have no doubt suffered substantial business and property losses as a result of the recent devastating storm. While the filing of claims with insurance companies and perhaps even with the Federal Emergency Management Agency (FEMA) are clearly of paramount importance, property owners should not overlook another critical component… Continue Reading
New Jersey Liquor License Renewal
Posted in Real Estate, TaxFor many, Spring is the time to break out the golf clubs and enjoy a day in the sun, but for those in New Jersey holding a liquor license it is the dreaded liquor license (the “License”) renewal season. All Licenses must be renewed annually whether they are actively used or pocketed. A License term… Continue Reading
Appellate Court Aids Negligent Mortgage Lenders by Rejecting “Gross Negligence” Exception to Equitable Subrogation Rule
Posted in Real EstateThanks to a recent appellate court decision, refinancing mortgage lenders in New Jersey who seek to subrogate to an original mortgagee’s position, but are negligent in discovering intervening judgment liens, can rest easier and not worry that their liens will be subordinated. In Investors Savings Bank v. Keybank National Association, 2012 WL 762087 (N.J. Super…. Continue Reading
New Jersey Governor Signs into Law Act Permitting Private Companies to Construct and Operate Public Schools in Newark, Trenton and Camden
Posted in Real EstateOn January 12, 2012, New Jersey Governor Chris Christie signed into law the Urban Hope Act (“Act”), S3173/A4426, which allows private companies to construct, operate and manage up to twelve public schools in three under-performing public school districts in the State: the Newark School District, the Trenton School District and the Camden School District. These… Continue Reading
New York State Bans Private Transfer Fee Obligations; Joins Majority
Posted in Finance, New Rules and Legislation, TaxOn September 23, 2011, New York Governor Andrew Cuomo signed into law Senate Bill 5203A and Assembly Bill 7358A, codified as the “Private Transfer Fee Obligation Act” in Article 15 of the New York Real Property Law. The new law imposes a ban on all new private transfer fees (“PTFs”), and provides notice, disclosure and… Continue Reading
New York Law Permits Electronic Recording of Real Property Conveyances
Posted in New Rules and LegislationOn Friday, September 23, 2011, New York Governor Andrew Cuomo signed into law Senate Bill 2373A and Assembly Bill 6870A. The bill authorizes the electronic recording (“e-recording”) of instruments affecting real property in the form of digitized images of original, executed paper instruments and of electronically executed instruments. Modeled on the federal Uniform Electronic Transactions… Continue Reading
2011 Amendments to the New Jersey Bulk Sale Law and Their Application to Single- and Two-Family Residences
Posted in New Rules and Legislation, TaxOn Wednesday, September 14, 2011, Governor Christie signed into law amendments to the New Jersey Bulk Sale Law. Enacted as chapter 124 of the Public Laws of 2011, these amendments narrow the scope of N.J.S.A. 54:50-38, signed into law on June 28, 2007 by Governor Corzine, by exempting the sale, transfer or assignment of single-… Continue Reading
Commercial Clients are Urged to Consider Whether a Tax Appeal Makes Sense in Today’s Troubling Real Estate Market
Posted in TaxThe 2011 Property Tax Environment is Ripe for Appeals and Represents a Real Opportunity for Significant Tax Reductions: With measurable declines in the real estate market, evidenced by continued high vacancy and historically low rental rates, the pursuit of a real property tax appeal has never been more compelling. In fact, municipalities are again bracing themselves for what is expected… Continue Reading
Accounting Boards Take Aim At Leases
Posted in LeasingThe Financial Accounting Standards Board and the International Accounting Standards Board are proposing significant changes to real estate lease accounting. At the prodding of the Securities and Exchange Commission, the Boards are attempting to ensure that the assets and liabilities associated with leases are more accurately reflected on a company’s balance sheet, thereby creating more… Continue Reading
Don’t Lose Your Right to Challenge Your Tax Assessment
Posted in TaxMany property owners lose their right to challenge their real property tax assessment by ignoring the annual request by their local Tax Assessor to complete an Income and Expense Statement. This request is authorized by N.J.S.A. 54:4-34 and is known as a Chapter 91 filing. If you are served with a Chapter 91 request you… Continue Reading
Tax Appeal Seminar Urges Property Owners to Take Action to Reduce Their Tax Bills
Posted in TaxCole Schotz, along with professional appraisers from Integra Realty Resources, presented an informative seminar to clients and interested commercial property owners, managers and brokers titled "The Time to Fight City Hall is Now — Why a Real Estate Tax Appeal Makes Sense" on March 3, 2010. The presenters covered the nuts and bolts of tax… Continue Reading
New Jersey COAH Regulations on Hold
Posted in New Rules and LegislationOn February 9, 2010, Governor Christie signed an Executive Order immediately suspending the operation of the Council on Affordable Housing (“COAH”) and appointing a panel to study the issue of affordable housing and make recommendations to the Governor within 90 days. This comes at the heels of the Introduction of Legislation S:1 by State Senators Lesniak… Continue Reading
The Annual Real Property Tax Appeal Countdown Has Begun
Posted in TaxThe 2010 Property Tax Environment is Ripe for Appeals and Represents a Real Opportunity for Significant Tax: With measurable declines in the real estate market, evidenced, by rising vacancy and falling rental rates, the pursuit of a real property tax appeal has never been more compelling. In fact, municipalities are already bracing themselves for what… Continue Reading
Creditors’ Rights Risk Under Title Insurance Policies
Posted in InsuranceThe creditors’ rights exclusion under a title insurance policy is intended to make clear that a title insurance policy does not provide protection for post-policy challenges to the insured title or to the validity, enforceability, or priority of the lien of the insured mortgage arising solely out of the insured transaction (not one in the… Continue Reading
The New Bulk Sales Notification Requirements and Their Application to New Jersey Real Estate Transactions – Part II
Posted in New Rules and Legislation, Real EstateBulk Sale Notification Requirements Apply To Deed in Lieu of Foreclosure Based upon the findings of the Tax Court in N.J. Hotel Holdings, Inc. v. Dir., Div. of Taxation, 15 N.J.Tax 428, 437 (Tax Ct. 1996), the New Jersey Division of Taxation is enforcing recent changes in the New Jersey bulk sales notification requirements contained… Continue Reading
The New Bulk Sales Notification Requirements and Their Application to New Jersey Real Estate Transactions – Part I
Posted in New Rules and Legislation, Real EstateIntroduction Recent changes to the bulk sales notification requirements under New Jersey law have resulted in the application of these requirements to a wider array of real estate transactions and this means that New Jersey real estate attorneys must now, in the greater majority of cases, comply with New Jersey’s bulk sales notification requirements prior… Continue Reading
The Plight of the Unwary – Mezzanine Loan Foreclosures
Posted in FinanceIn the wake of the economic crisis and distress of the real estate markets, issues related to the foreclosure of mezzanine loans have become the subject of much discussion. A mezzanine loan put simply is a loan given to a business entity which is secured by the ownership interests in that business entity. In real… Continue Reading
$3.6 Million in Deposits Must Be Returned for Failure to Render “Marketable Title”
Posted in Real EstateIn a recently decided New York case, 325 Schermerhorn LLC v. Nevins Realty Corp., decided April 27, 2009, Superior Court Kings County, New York, a purchaser under a contract of sale for real property was awarded the return of its $3.6 million contract deposit after the Kings County Supreme Court held the seller was in… Continue Reading
Short Cuts Will Not Be Tolerated When it Comes to Real Property Value Determinations
Posted in New Rules and Legislation, TaxIn a newly decided New Jersey Appellate Division case, Pansini Custom Design Associates LLC v. City of Ocean City, the court, made clear that application of the simpleton approach of merely averaging comparables or the results of competing appraisal reports, will not do. In Pansini, the court found that such an approach to valuation represents… Continue Reading
Can Towns Make Real Estate Developers Set Aside Open Space in Their Projects?
Posted in New Rules and LegislationReal estate developers in New Jersey often face a myriad of state and local regulations under which their development activities must comply. The Appellate Division issued a ruling in two lawsuits brought by builders associations against two New Jersey municipalities which should give developers some welcome relief. In May 2003, Jackson Township passed an ordinance requiring… Continue Reading
Buyer Beware?
Posted in New Rules and LegislationOn March 9, 2009, the New Jersey Supreme Court decided the case of Pagano Company v. 48 South Franklin Turnpike, LLC. At issue was “whether a purchaser of commercial property is liable for the real estate broker commissions due under the leases it acquired under a general assignment from the seller.” The decision provides useful guidance for… Continue Reading