Who’s Who in Commercial & Residential Real Estate Law – Joseph P. Asselta

“As the Coronavirus pandemic will clearly continue into 2021, a property owner who hires a construction contractor should ensure that its contract contains language dealing specifically with how work is to proceed under the current health threat and generally with how pandemics are to be handled,” Asselta said. “The contract should incorporate COVID-19 safety protocols governing the performance of physical work and the contractor should…

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New York Real Estate Journal 2020 Year in Review: James Ricca, Esq., Forchelli Deegan Terrana LLP

What was your most notable project, deal, or transaction in 2020? Forchelli Deegan Terrana LLP served as counsel to an institutional lender who provided $54 million in combined mortgage loans for an $80 million construction project in NYC. The deal was structured as a land loan, construction loan and project loan. It was a participation loan among three banks and we assisted our client by…

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Nassau County reassessment: What we know so far

On November 1, 2020, the 2020/21 School Tax bills were mailed to property owners across Nassau County. These were the first tax bills to be based upon the much anticipated “Nassau County Reassessment.” The Reassessment was the first countywide reassessment in nearly a decade. From tax year 2011/12 through 2019/20, real estate tax assessments were based on a “frozen roll” in Nassau County. While real…

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529 Education Savings Plans: A Memorandum

The purpose of this Memorandum is to provide an overview of the rules governing 529 Education Savings Plans, also known as “Qualified Tuition Plans.” Governed by §529 of the Internal Revenue Code (the “Code”), a 529 savings plan allows a person to establish an investment account (a “529 Account”) for each of an unlimited number of beneficiaries to provide for his or her future qualified higher education…

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Home Buyers Get a Break

Competition and free trade are the hallmarks of capitalism.  While that may be the case, when it comes to the world of residential real estate, U.S. Department of Justice does not see eye to eye. As reported this week in The Wall Street Journal, the National Association of Realtors (NAR) - the real estate industry’s largest trade group[1] - agreed to make the cost of…

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Commercial real estate in the midst of the COVID-19 pandemic

In early 2020, the economy was on a steady climb and real estate was humming along. Then came COVID-19. As society adapts to the new norm, so too must the real estate and commercial lending markets. While we all await a vaccine rescue, innovators in the real estate market are developing new ways to mitigate risks and financial exposure, while maintaining balance sheets, tenant rosters,…

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Two Recent Appellate Division Decisions Reject Segmentation Arguments: It Cannot be Segmentation Unless There is a Plan

Two recent Appellate Division decisions addressed segmentation claims and concluded that there cannot be segmentation unless there is a plan. Under SEQRA (the State Environmental Quality Review Act), it is illegal to take a project that may have significant impacts and break it in to smaller parts (segments) for environmental review purposes, each of which taken alone is not likely to have significant impacts. The…

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Forchelli Deegan Terrana LLP and the Maurice A. Deane School of Law at Hofstra University: Partners in Education

Forchelli Deegan Terrana LLP (“FDT”) is pleased to announce that, in addition to the Jeffrey D. Forchelli Endowed Scholarship, awarded to an entering student who is civic-minded and has demonstrated an obligation to the larger community, the firm has established the Forchelli Deegan Terrana LLP Annual Scholarship, awarded to an entering law student on the basis of demonstrated academic achievement. Mr. Forchelli and FDT warmly…

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Forchelli Deegan Terrana LLP Partner Daniel P. Deegan Selected as a Long Island Business News “2020 Long Island Business Hall of Fame” Inductee

Forchelli Deegan Terrana LLP warmly congratulates our partner and friend, Daniel P. Deegan, on being selected as a Long Island Business News “2020 Long Island Business Hall of Fame” inductee. LIBN convenes a panel of powerhouse members of our business community, including past Hall of Famers, to create the annual list of inductees. Applications are not accepted. Inductees are vetted based on their influence within…

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