MBA NY to Host Lunch/Program on Ground Leases and State of NYC Real Estate Market
New York, NY, March 29, 2017 (Newswire.com) - Long-term ground leases and the state of the New York City real estate market will be the subjects of a lunch program to be hosted by the Mortgage Bankers Association of New York on Thursday, May 11, at the Cornell Club.
The program will kick off at 12:30 with a presentation by James Nelson, a vice chairman in the capital markets group of Cushman & Wakefield, on the state of New York’s real estate market.
This will be followed by the program on ground leases, whose panelists will be:
- Daniel Mizukovski of Wells Hill Partners, Ltd., who structures and negotiates business terms of ground leases, mostly on behalf of long-term property owners.
- Richard Podos, CEO and President, Lance Capital, LLC, who has structured and negotiated numerous ground leases for owners, developers, and investors.
- Joshua Stein of Joshua Stein PLLC, chair of MBA NY’s education committee, who negotiates and repairs numerous ground leases in his law practice and has written a book and many articles on them.
Robert G. Koen, Partner and head of the New York real estate practice of Mayer Brown, will moderate the panel.
“In long-term ground leases, a rental stream replaces the acquisition cost for land,” says Mr. Stein. “The sponsor creates two highly financeable interests in real estate, often increasing the overall debt capacity of the property as a whole. Long-term leaseholds play a critical role in real estate.
“But they also present many surprises and issues. How does the ground rent change over time without creating litigation? What do lenders to landlords and tenants want to see in a ground lease? How much control can the landlord have? What’s the right way to allocate value between the tenant and the landlord? The answers to those and other important questions can determine whether the transaction succeeds or fails.”
Registration for the program at the Cornell Club (6 East 44th Street) will open at 11:45 a.m., with networking and a buffet lunch. The presentation will begin at 12:30 and include a question and answer period, ending at 2:30. Register online at www.MBANY.org, or call 516-997-3707. Early registration - $90 Members and $125 Non-members.
Contact: David M. Grant
Source: Grant PR