During the course of real estate development and construction operations, one issue that may arise during contract negotiation (and potential subsequent litigation) is whether or not the parties intend(ed) to confer beneficiary status to a non-signatory third-party. This concept of whether said third-party is in fact granted “Intended Third Party Beneficiary” status may dictate whether or not the third-party has the right to enforce the…
Gianni V. Sbarro Associate Forchelli Deegan Terrana LLP Number of years at firm: 1 One thing on my bucket list: Fly a plane. What recent project, transaction or accomplishment are you most proud of? Assisted a large academic medical center in obtaining approvals from the town of North Hempstead Board of Zoning and Appeals in connection with their proposed plan to convert an existing commercial…
UNIONDALE, NY, APRIL 25, 2023 – Consistent with Forchelli Deegan Terrana LLP’s (“FDT”) strategic growth initiatives, the firm is pleased to announce that Anthony C. Varbero, Esq., and David C. Casagrande, Esq., have joined FDT as partners in our newly-formed Securities Litigation & Regulation practice group. Messrs. Varbero and Casagrande co-chair this group. Prior to joining FDT, Messrs. Varbero and Casagrande were affiliated with…
Of all types of property, the values of office buildings may be the most adversely affected by the pandemic. Accordingly, owners of office buildings should carefully monitor their real estate tax assessments to make sure the valuations reflect the new post-COVID economic reality. There are four main factors in the valuation of office buildings for real estate tax purposes: income vacancy and collection loss expenses…
The Corporate and Mergers & Acquisitions and Veterinary practice groups at Forchelli Deegan Terrana LLP would like to share this short overview regarding “rollover equity,” including when such equity is offered, what it is, and why it should be considered in connection with the sale of a business. Often times, when a business is purchased, not all of the consideration is…
The United States Department of Labor has issued a Field Assistance Bulletin concerning telework under the Fair Labor Standards Act (“FLSA”) and Family and Medical Leave Act (“FMLA”) discussing work at home and/or remote work.[1] While not binding law, the Field Assistance Bulletin provides guidance to Department of Labor staff on how to apply the FLSA and FMLA. As employers will recall, under the…
Forchelli Deegan Terrana LLP warmly congratulates Jeffrey D. Forchelli, the firm’s Chairman and Co-Managing Partner, on being selected as one of Long Island Business News’ Long Island Business Influencers in Law. The prominent professionals recognized in this section were chosen by LIBN’s editorial team based on their achievements and standing in the Long Island business community. Mr. Forchelli, a Lattingtown, NY resident, earned his J.D.…
As our ability to work and conduct business remotely continues to expand and become more widely accessible, the likelihood that an individual will establish a financial footprint in more than one geographical location will increase. What happens if a non-domiciliary passes away with property located in New York or with significant ties to New York? How will a New York Surrogate’s Court accept jurisdiction in…
At the end of 2022, New York State passed legislation requiring a 45-day notice prior to filing a tax assessment challenge for any properties which are subject to an agreement to make Payments in Lieu of Taxes (PILOTs). The most common type of PILOT arrangement is through an Industrial Development Agency (IDA). IDAs provide incentives in the form of exemptions from real property taxes in…
"Lenders will need to think carefully before unequivocally accelerating a loan so that the statute of limitations does not start running to their disadvantage." Click here to read Lindsay Mesh Lotito and Zachary J. Manasia’s article, “Foreclosure Exposure.” The article originally appeared in the 2023 Best Lawyers – Real Estate & Infrastructure Issue on pages 48-49.