In direct response to the COVID-19 pandemic, New York City’s City Council passed a local ordinance on May 26, 2020 in an attempt to protect tenants of commercial rental agreements. Many commercial leases in New York City contain “personal guaranty” clauses which permit landlords to collect unpaid rent, utilities or taxes directly from the business owners, who contract and agree to be responsible for the…
It has been nearly a year since governor Andrew Cuomo began promulgating and extending a series of Executive Orders prohibiting (i) the commencement of new commercial foreclosure and eviction actions, and (ii) staying the prosecution of existing ones. Presently, New York is in the process of enacting new legislation placing a further moratorium on foreclosures and evictions of small businesses. The legislation, known as the…
The Access to Justice Committee of the Nassau County Bar Association (“NCBA”), in conjunction with The Safe Center LI and Nassau/Suffolk Law Services, will be recognizing Forchelli Deegan Terrana LLP (“FDT”) as a 2018-2019 Honoree for Volunteer Service. During this time period, the firm provided the greatest number of pro bono service hours of any law firm in Nassau County. A virtual celebration will…
Mary E. Mongioi, a partner at Forchelli Deegan Terrana LLP, and chairperson of the firm’s Veterinary practice group, will be chairing VetPartners’ 2021 Virtual Annual Meeting, which will be held February 2-4, 2021. The virtual meeting environment will afford registrants the opportunity to learn and network quickly and easily. Click here to register for the Meeting. VetPartners is a nonprofit association of more than 300…
Over the last ten months, the COVID-19 pandemic has wreaked havoc on commercial real estate throughout the country. Unfortunately, Suffolk County has not been immune and vacancies in commercial real estate continue to grow. Commercial shopping centers, indoor recreation facilities, and health clubs have been hit particularly hard. Municipalities must determine how to address growing vacancies in a way that satisfies their community. It is…
Forchelli Deegan Terrana LLP warmly congratulates Gerard R. Luckman, a Partner and Chair of the firm’s Bankruptcy & Corporate Restructuring practice group, on his appointment to the Institute of Management Accountants’ (IMA) – Long Island Chapter’s Board of Directors. His one-year term began on January 12, 2021. IMA® (Institute of Management Accountants) is the worldwide association of accountants and financial professionals in business. They are…
“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…
This article was posted with the Nassau County Bar Association’s permission. It was published in the January 2021 Nassau Lawyer, Vol. 70, No. 5.
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…
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…