Funds Talk: August 2015
Kramer Levin Wins First Circuit Appeal Declaring Puerto Rico’s Restructuring Act Unconstitutional
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Real Estate partner Jay A. Neveloff was recently interviewed by The Real Deal on the current legal landscape for New York City’s real estate industry. Asked about the current climate for real estate lawyers in New York City, Mr. Neveloff said that he is “very bullish on New York real estate” based on the deal-flow he is seeing in his practice. He said that he is seeing development sites being purchased and owners moving to develop the sites, and that lenders are lending. He believes that the restructuring and recapitalization of existing deals is a good sign for the industry, as is the sale and purchase of air rights. Mr. Neveloff said that the most active area of his practice of late has been new economic transactions, such as the sale of hotels or development sites being developed. He also said that in the past year he has seen a lot of recapitalization of existing deals , which he believes will continue as commercial mortgage-backed securities loans mature next year. Commenting on the U.S. Supreme Court’s decision not to hear a case challenging New York City’s rent stabilization laws, Mr. Neveloff said that while the Court’s decision not to hear the case does not help the move to overturn the City’s rent stabilization and rent control laws, he has not seen any deals done with the expectation that those laws would be repealed.