The Office of Cannabis Management in New York state has provided further guidance on how adult-use conditional cultivators (AUCCs) must measure and report the square footage of their flowering canopy to remain compliant with...more
Innovative Industrial Properties, Inc. (“IIPR” as listed on the NYSE) is a real estate investment trust (“REIT”) focused on the acquisition, ownership and management of specialized industrial properties leased to experienced,...more
The New York State Department of Taxation and Finance (the “Department”) has created a new webpage addressing the adult-use cannabis product taxation structure, including how to register with the Department, the Department’s...more
Though New York state’s cannabis market has stalled in recent months, Gov. Kathy Hochul’s arrival in Albany has sparked hope that appointments to the Office of Cannabis Management and Cannabis Control Board will drive the...more
The Marijuana Regulation and Taxation Act (“MRTA”) provides towns, villages, and cities an opportunity to opt out of allowing retail dispensaries and on-site consumption licensees to operate within the municipality’s...more
In a prior legal alert, we explained that under the Marijuana Regulation and Taxation Act (“MRTA”), the Legislature afforded towns, villages, and cities an opportunity to opt-out of allowing retail dispensaries and on-site...more
Effective March 31, 2021, Governor Cuomo legalized adult-use of marijuana and provided for the licensure of producers, distributors, and retailers of marijuana throughout New York State. Under the Marijuana Regulation and...more
On Sept. 23, 2020, the New York City Council amended the personal guarantor provisions of Local Law 55 of 2020, which went into effect on May 28, 2020 and was designed to protect businesses affected by Gov. Andrew Cuomo’s...more
First the Governor and now the Courts have moved the goal posts with respect to bringing and enforcing eviction actions against delinquent residential and commercial tenants in New York. Most recently, pursuant to an...more
On June 9, 2020, Simon Property Group (NYSE: SPG), the nation’s largest shopping mall operator, announced the termination of its $3.6 billion merger agreement with Taubman Centers (NYSE: TCO). The merger agreement was signed...more
Executive orders issued by Gov. Andrew Cuomo in the wake of the COVID-19 pandemic have already put restraints on landlords in their ability to evict tenants for non-payment of rent. A bill signed by New York City Mayor Bill...more
Governor Cuomo’s May 7, 2020, Executive Order, 202.28 (“E.O. 202.28”) offers relief to some (tenants and property owners) and pain to others (landlords). The order provides, inter alia, that:
There shall be no initiation...more
The current health, social and economic conditions related to the coronavirus pandemic are exerting tremendous pressures on contractual relationships between commercial concerns, not the least of which is the landlord-tenant...more
4/9/2020
/ Commercial Leases ,
Commercial Property Owners ,
Commercial Tenants ,
Coronavirus/COVID-19 ,
Eviction ,
Landlords ,
Moratorium ,
New York ,
Relief Measures ,
Rent ,
Rental Property ,
Tenants
The social and economic impacts of COVID-19 have been sudden, pervasive and severe. With executive action by New York State’s Governor forcing many companies across varied industries to close their business locations and/or...more
A valuable incentive for mixed-use development in downtown Rochester has been extended. The City of Rochester has reauthorized an exemption from real property taxation and special ad valorem levies for the conversion of...more
On October 19, the IRS and Treasury Department issued long-awaited proposed regulations, Revenue Ruling 2018-29 (the “Revenue Ruling”), and draft forms regarding the Opportunity Zone program to encourage private investment in...more
10/25/2018
/ Capital Gains ,
Community Development ,
Internal Revenue Code (IRC) ,
Investment Funds ,
IRS ,
Low Income Housing ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
U.S. Treasury
Legal Backdrop:
In 1992, the U.S. Supreme Court determined in Quill Corporation v. North Dakota that the Constitution (specifically the Commerce Clause) barred states from mandating that businesses collect state sales...more
6/28/2018
/ Appeals ,
Brick-and-Mortar Stores ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus
Governor Cuomo’s recently released Executive Budget may not be well received amongst those planning on redeveloping urban areas, restoring historic structures, remediating contaminated real property or proposing affordable...more
1/30/2018
/ Biofuel ,
Brownfield Properties ,
Electric Vehicles ,
Environmental Remediation Costs ,
Governor Cuomo ,
Green Buildings ,
Historical Rehabilitation ,
Low Income Housing ,
Proposed Legislation ,
Real Estate Development ,
Tax Credits ,
Tax-Deferred Exchanges