On March 20, 2024, a new law goes into effect which significantly modifies the New York Property Condition Disclosure Statement (PCDS) which replaces and modifies a law that has been on the books since 2002. This law, which applies to sales of residential real estate, arms buyers of residential property with more information about various aspects of a property. (Note, residential real estate means a…
Forchelli Deegan Terrana LLP congratulates partner Kathleen Deegan Dickson on being appointed Co-Chair of the firm’s Land Use & Zoning practice group. She also co-chairs the firm’s Cannabis practice group. “I am honored to have been appointed to this position by my partners,” said Kathleen Deegan Dickson. “In my thirty-plus years of practice, I have gained a tremendous amount of knowledge and built lasting relationships…
Gregory S. Lisi shared his forecast for the Employment and Labor Industry in 2024. The year 2024 will be a watershed year for Labor & Employment Laws for all sized companies. The big issues will include; 1) tracking wage and hour issues for employees who work from home; 2) working with the uptick in union organizing attempts of small and mid-sized companies; 3) navigating the…
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2023? Aside from obtaining large tax assessment reductions for commercial property owners, I predicted in the pre-season that Aaron Rodgers would be injured by the third NY Jets game and out for the year. Instead, it happened four plays into the season. When you are a NY Jets fan you can never…
John V. Terrana is Forchelli Deegan Terrana LLP’s co-managing partner. Terrana also co-chairs the firm's Tax Certiorari Practice Group. During his career, Terrana has obtained millions of dollars in real estate tax refunds and savings for clients, including national, regional and local owners and tenants of commercial and residential property. Properties include office buildings, retail shopping centers, industrial facilities, commercial banks, self-storage facilities, golf courses, apartment complexes, co-ops, condominiums and assisted…
Forchelli Deegan Terrana LLP’s Securities Litigation and Regulation practice group is pleased to share with you the below alert, which details an issue argued this week in the U.S. Supreme Court. It seems that the legislative acorn of Rule 10b-5 was never meant to be grown outside of the federal courtroom, and in the SEC’s own backyard. The Securities and Exchange Commission’s internal enforcement division actions may…
With interest rates for commercial loans at levels not seen since the 1990s, origination activity has trickled to a standstill for most commercial real estate and commercial and industrial loans, as credit and underwriting standards have tightened and borrowers are trying to wait it out until interest rates drop to a predictable level. Despite the uncertainty and dire predictions that the we are headed for…
In September 2022, the Corporate Transparency Act (the “CTA”) was enacted by Congress adopting new beneficial ownership information (“BOI”) reporting for many U.S. businesses. The CTA applies to corporations, limited liability companies, and various partnerships. There are a number of businesses that will be exempted from the filing requirements of the CTA, including banks, credit unions, securities brokers or dealers, insurance companies, tax exempts, and…
Industrial Development Agencies (IDAs) are public benefit corporations established pursuant to the NY General Municipal Law that provide benefits to for-profit companies in order to incentivize job creation and economic development. The typical applicant to the IDA is an owner or developer or a company planning on leasing an entire building. However, companies planning on leasing commercial or industrial space in a multi-tenant building should…
Forchelli Deegan Terrana LLP warmly congratulates our partner, Kathleen Deegan Dickson, on being selected as a Long Island Business News “2023 Long Island Business Hall of Fame” inductee. Launched in 2015, the Long Island Business Hall of Fame includes the most distinguished leaders in our business community. Induction into the Hall of Fame is the highest honor for those who demonstrate a commitment to excellence.…