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

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

Welcome to the April edition of Foundation, Blank Rome's quarterly real estate newsletter. This issue contains timely articles on recent developments affecting the real estate world as well as updates on what has kept us busy since the start of the new year. Blank Rome's real estate group and the real estate market in general continues to prosper in 2016. We are so thankful for our clients and their support, and look forward to continuing to help them grow and prosper. (Read more)

FinCEN's Latest Geographic Targeting Orders Tackle Secrecy in Luxury Real Estate Transactions
by Matthew D. Lee and Jed M. Silversmith

In yet another sign of its aggressive campaign to fight money laundering, the Treasury Department's Financial Crimes Enforcement Network ("FinCEN") has trained its sights on the high-end real estate market in New York and Miami. With the issuance of a little-known yet incredibly powerful anti-money laundering tool called a "Geographic Targeting Order" ("GTO"), FinCEN now requires title insurance companies to identify the natural persons behind companies used to pay all cash for luxury residential real properties located in the Borough of Manhattan and Miami-Dade County. (Read more)

Third Circuit Refuses to Recognize Duty to Warn Homebuyer about Volatile Neighbor
by Seth J. Lapidow, Ethan M. Simon, and Marcie Getelman

Developers in New Jersey can breathe a sigh of relief as the Third Circuit Court of Appeals affirms the New Jersey District Court in holding that a property developer has "no duty to disclose off-site social conditions, such as the personality traits of a neighbor" to potential homebuyers. Phoenix v. U.S. Homes Corp.,--- F. App'x---, No. 14-4463, 2015 WL 6152896, at *2 (3d Cir. Oct. 20, 2015). (Read more)

Blank Rome Points of Interest

Learn the latest news on Blank Rome's real estate practice, including new hires and elevations, recent media, upcoming speaking engagements, and noteworthy recognitions. (Read more)

Property Assessed Clean Energy Programs: Alternative Financing for "Green" Improvements
by Christopher Tesar

Commercial property owners are experiencing increasing regulatory and economic pressure to reduce the energy and water consumption of their projects. In 2008, the California State Legislature amended the Improvement Act of 1911 ("Act") to provide owners with a means of financing improvements to increase the energy and water efficiency of commercial properties. (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.