Foundation

December 2016

Foundation

To read the full text of the articles in the December 2016 edition of Foundation, please download the PDF

A Note from the Chairs
by Pelayo Coll and Samuel M. Walker

We are pleased to present our last edition of Foundation for the year, and hope that you have enjoyed the issues we have put together in 2016. We have worked hard to provide you with timely and relevant articles in a user-friendly format, and are pleased to see that our readership continues to steadily increase. (Read more)

Understanding the Role of CFIUS in Real Estate Transactions with Foreign Buyers and Lenders
by Brian S. Gocial, George T. Boggs, and Martin Luskin

The Committee on Foreign Investment in the United States ("CFIUS") is an interagency committee, chaired by the Department of the Treasury, authorized to review and investigate foreign investments in the United States to evaluate potential threats to national security posed by such transactions. CFIUS has authority to initiate review of almost any foreign investment in a U.S. company that may negatively affect the national security of the United States. (Read more)

Celebrating 70 Years

Did you know that in 1946, Blank Rome started as a Philadelphia-based law firm of just two attorneys, then known as the law offices of Blank & Rudenko? This year we are celebrating our 70th anniversary by reflecting upon the many milestones and successes we have achieved on behalf of our clients, for the communities in which we live and work, and as an innovative firm that continues to grow and evolve. (Read more)

Condominium Ownership in a Retail Leasing Transaction—Examining the Unintentionally Omitted
by Samuel M. Walker and Henri Chalouh

While leasing retail space in New York City can ordinarily prove to be a complex venture, condominium ownership of the space presents an added layer of complexity. A condominium regime allows a single property to be legally divided into individual units, each of which may be independently owned, operated, sold, and leased, but all of which are governed by (1) the condominium declaration, which creates such a structure; (2) the condominium's by-laws and rules and regulations; and (3) the board of managers responsible for the management of the condominium on behalf of the condominium association. (Read more)

Blank Rome's Real Estate Practice Ranked Top-Tier in U.S. News – Best Lawyers® 2017 "Best Law Firms"

Blank Rome LLP is pleased to announce that the Firm's real estate practice ranked tier one in the national U.S. News & World Report – Best Lawyers® 2017 "Best Law Firms" survey, and received numerous regional top-tier rankings throughout the Firm's offices. (Read more)

Owner Remedies in Construction Agreements
by Michael A. Scheffler

This article presents a discussion of the issues surrounding certain remedies available to an owner or developer of a project ("Owner") under a construction agreement with a prime contractor (i.e., general contractor or construction manager, referred to below as "Contractor"), some of which is also applicable to the remedies available to the Contractor under its agreement with a subcontractor. (Read more)

Blank Rome Points of Interest

Spotlight feature on the Firm's accolades in, and commitment to, leading diversity and pro bono initiatives, as well as the real estate group's recent top-tier rankings and participation in industry speaking engagements and events. (Read more)

Post-Election 2016 Tax Round-Up
by Michael I. Sanders and Dustin W. Lauermann

On November 17, the U.S. Department of the Treasury's Community Development Financial Institutions Fund ("CDFI Fund") announced its 2015 and 2016 New Markets Tax Credit ("NMTC") allocations. The CDFI Fund awarded seven billion dollars in NMTCs to 120 organizations in 36 states, the District of Columbia, and Puerto Rico. (Read more)

The City of Philadelphia School District Challenges 2017 Taxpayer Assessments
by Peter F. Kelsen

In an unprecedented action, the City of Philadelphia School District (the "District") recently filed a number of appeals with Philadelphia's Board of Revision of Taxes, seeking to increase the 2017 real estate tax assessments set for approximately 175 high-profile properties. These market value appeals were filed with the Board of Revision of Taxes on or about October 3, 2016, by counsel representing the District, challenging the assessments of a wide range of properties, including office buildings, apartment buildings, and retail facilities. (Read more)

Noteworthy Real Estate Deals

Get up-to-date on Blank Rome's recent successful client representations and transactions in the real estate industry. (Read more)

© 2016 Blank Rome LLP. All rights reserved. Please contact Blank Rome for permission to reprint. Notice: The purpose of this update is to identify select developments that may be of interest to readers. The information contained herein is abridged and summarized from various sources, the accuracy and completeness of which cannot be assured. This update should not be construed as legal advice or opinion, and is not a substitute for the advice of counsel.

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