The Gibbons Real Property Department will once again exhibit at the International Council of Shopping Centers (ICSC) New York Deal Making Conference at the Jacob K. Javits Convention Center on December 5-6. Stop by our booth, #2411, and meet with some of the Department’s attorneys who will be attending (Click here to view the Deal Making floor plan). Show hours are Wednesday, December 5, from 8:00 am to 5:00 pm, and Thursday, December 6, from 8:00 am to 3:00 pm. We look forward to seeing you there!
Category: Real Estate
Longtime Gibbons clients Ironstate Development Co. and Panepinto Properties have unveiled the final phase of a major joint real estate project with residential, retail, and hospitality components in the heart of Jersey City and with direct access to the Grove Street PATH station. A team of Gibbons attorneys has represented the Ironstate and Panepinto joint venture on the Columbus project since its inception, advising our clients over the course of a decade and three significant project phases, which industry publication Real Estate NJ recently summarized.
Howard D. Geneslaw, a Director in the Gibbons Real Property Department, will participate in an upcoming webinar entitled “Advanced Topics in Land Use IV: Zoning and Planning Boards.” The webinar is presented by the New Jersey State Bar Association (NJSBA) and co-sponsored by the NJSBA Land Use Law Section and will be held on April 25 from 12:00 – 1:40 p.m. This is the fourth webinar in the NJSBA’s ongoing series featuring discussions about a variety of current zoning trends. Mr. Geneslaw’s topic is “Case Law Developments in Bad Faith Objections to Land Use Applications – Has the Judicial Tide Turned on Objections Asserted by Business Competitors?” In addition to Mr. Geneslaw, panelists will include Richard S. Schkolnick, Esq. (moderator), Brown Moskowitz & Kallen, PC; Gary S. Forshner, Esq., Greenbaum Rowe Smith & Davis, LLP; Donna M. Jennings, Esq., Wilentz Goldman & Spitzer, PA; Kenneth A. Porro, Esq., Chasan Lamparello Mallon & Cappuzzo, PC; and William C. Sullivan Jr., Esq., Scarinci & Hollenbeck. For a detailed agenda or to register, click here.
NAIOP New Jersey, the commercial real estate development association, has announced the finalists for its Deal of the Year Awards. Gibbons P.C. was part of the team nominated for Mixed-Use Deal of the Year for the project involving the disposition of the Hoffmann-La Roche US headquarters in Nutley and Clifton, New Jersey. Winners in the categories of Industrial Deal of the Year, Office Deal of the Year, and Mixed-Use Deal of the Year will be announced at the 30th Annual Commercial Real Estate Awards Gala on May 11, 2017. Gibbons was part of the team that led the successful sale of the former 116-acre headquarters and research and development campus of Hoffmann-La Roche, which spans the municipalities of Nutley and Clifton, to Prism Capital Partners and a Boston-based investment manager. As part of the transaction, a joint venture between Hackensack University Medical Center and Seton Hall University will lease two of the campus buildings and 16 acres of the property for the new Seton Hall–Hackensack Meridian School of Medicine, the first new private medical school in New Jersey in over 40 years. The new site will also house Seton Hall’s College of Nursing and its School of Health and Medical...
Subordination, non-disturbance and attornment agreements (SNDAs) are often encountered by transactional real estate lawyers, but infrequently discussed. An SNDA is an agreement among a tenant, the landlord’s mortgage lender and, usually, the landlord. An SNDA provides that a tenant’s lease will be subordinated to a mortgage on the landlord’s property, and the mortgage lender will agree that if the mortgage goes into default and the lender forecloses its mortgage, the lease will continue (i.e., it will not be disturbed).
Plans for New Medical School Move Ahead as Hoffmann-La Roche Announces Completion of Purchase and Sale Agreement of its 116-Acre Campus
As reported in today’s NJBIZ, Hoffmann-La Roche has completed the purchase and sale agreement of its 116-acre campus, located in Nutley and Clifton, NJ, to PB Nutclif I, an affiliate of Prism Capital Partners. Seton Hall University and Hackensack Meridian Health then entered into a long-term lease with the developer for the creation of a private medical school and clinical research center. Seton Hall will also relocate its College of Nursing and School of Health and Medical Sciences to this site.
New York Real Property Owners at Risk for Exposure to Joint and Several Liability in Connection with Trademark Counterfeiting Taking Place on Their Property
Brand owners are increasingly asserting claims against owners of real property where alleged trademark counterfeiting is taking place. Three recent actions filed in the Southern District of New York, styled Michael Kors, LLC v. Mulberry Street Properties Corp., et. al., 15-cv-5504 (S.D.N.Y.); Michael Kors, LLC v. Canal Venture, Inc. et. al., 15-cv-5788 (S.D.N.Y.); and Michael Kors, LLC v. Mid Center Equities Associates, et. al., 15-cv-5856 (S.D.N.Y.), raise the question of when property owners/lessors can be held jointly and severally liable for damages resulting from the sale of counterfeit goods on their properties.
In a detailed and closely-watched decision issued on June 25, 2015, Judge Vito Bianco, a New Jersey Tax Court judge sitting in Morristown, denied a property tax appeal of Morristown Memorial Hospital. This case, AHS Hospital Corp., d/b/a Morristown Memorial Hospital v. Town of Morristown, has received great attention in the press for good reason. By holding that a nonprofit hospital is not exempt from paying real estate taxes, the implication is that many hospitals could face this fate as well. For municipalities, this will be welcome news, but for hospitals – and, potentially, other nonprofits – this is a very unwelcome result.
No Specific Waiver, No Arbitration: Enforceability of Arbitration Provisions in New Jersey Real Estate Contracts in Doubt Following Dispenziere v. Kushner Cos.
Companies doing business in New Jersey and accustomed to settling contract disputes through binding arbitration should carefully review their contracts – and carefully draft all future contracts – to ensure that each arbitration provision contains clear and unambiguous language that the parties are waiving their rights to sue in court. An arbitration clause stating that all disputes will be determined through binding arbitration, but failing to contain this explicit waiver, may not be enforceable in accordance with the recent holding by the Appellate Division in Dispenziere v. Kushner Cos.