USA – NEW YORK Law and Practice Contributed by: Lindsey E. Haubenreich, Joseph P. Heins, Timothy P. Moriarty and Kimberly R. Nason, Phillips Lytle LLP
1. General 1.1 Main Sources of Law
at a steady rate as the amount of e-commerce grows and federal stimulus targets expansion of US-based manufacturing capabilities. Brick-and-mortar retail is slowly making its comeback post-pandemic. Consumers have adjusted to and embraced online shopping, but a stronger desire from people to make physical connections with brands and products is leading to improvements in in-store experiences for con - sumers. Developers continue to try to get crea - tive to breathe new life into traditional shopping malls by converting them into mixed-use lifestyle centers with a focus on residential, restaurants, and other experiential features. Similarly, the outlook for dated commercial office space is trending towards residential conversion and, as companies begin to end the “work-from-home” model of the pandemic, demand for premium office properties has increased, especially in New York City. Restaurants and hospitality con - tinue to rebound as more and more people are getting back to normal and travel increases. 1.3 Proposals for Reform New York State Governor Kathy Hochul recently signed new legislation aimed at ending New York State’s dependence on fossil fuels. The state’s pending ban on natural gas is one of many steps to achieve the proposed goal of creating zero- emission buildings and reducing greenhouse gas emissions by 40% by 2030 and 85% by 2050 from 1990 levels. The natural gas ban will be effectuated through amendments to the State Energy Conservation Construction Code and the State Uniform Fire Prevention and Building Codes (the “Codes” ). Specifically, the natural gas ban legislation amends the Codes to prohibit the installation of fossil-fuel equipment and building systems, including plumbing, heating, electrical, lighting, insulation, ventilation, air conditioning and refrigeration that uses fossil fuels, in:
Real estate law encompasses a broad range of skills and practice areas. To adequately repre - sent a client, a real estate attorney must under - stand the nature of the client’s business and the client’s willingness to take risks. A real estate practitioner must understand the myriad of potential issues that may arise for a given real estate project (typically within tax, finance, corporate, securities, environmental, energy and land use, bankruptcy, government relations, insurance, and construction, among others) and have access to the breadth and expertise necessary to effectively represent cli - ents on all relevant issues. To that end, most matters require a team approach, with lawyers who have differing expertise. In addition, prac - titioners must be resourceful and have the abil - ity to communicate and negotiate effectively. Current trends typically do not impact the skills required to practice real estate law; however, one must remain aware of them to effectively assist clients in moving their real estate projects forward. 1.2 Main Market Trends and Deals Over the past 12 months, the real estate market in New York State has experienced notable shifts influenced by inflation, interest rate changes, and central bank policies. The pipeline of new devel - opment projects continues to be slow as rates remain high and somewhat flat demand makes it harder for projects to “pencil out.” In September 2024, the Federal Reserve reduced its interest rate by half a percentage point, possibly signal - ing further cuts in the future. However, if rates continue to remain stagnant, there could be sig - nificant impacts on over-leveraged commercial owners. Industrial properties continue to grow
1254 CHAMBERS.COM
Powered by FlippingBook