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Ground Leases – Financeability and Much Much More

Recorded on: Apr. 28, 2017
Running Time: 01:04:14
Taken from the briefing Ground Leases – Financeability and Much Much More recorded April, 2017 in New York.

Ground leases are part of the landscape for major acquisition and development transactions in New York City and elsewhere in the United States. Everyone knows a ground lease must be “financeable,” but a successful ground lease transaction requires much more. In this special One-Hour Briefing, Joshua Stein, the program chair (since 1997) for PLI’s annual two-day seminar on Commercial Real Estate Financing 2017 and an author of a book on ground leases, will explore many of the crucial issues that arise in negotiating ground leases. Financeability is only the beginning.

Lecture Topics  [01:04:14]

This One-Hour Briefing will consider, among others, these topics:

  • Rent reset clauses, including market-based adjustments
  • Priorities among ground lease, landlord’s fee estate, and mortgages on either of them
  • Construction requirements and conditions to starting work
  • Transfers of development rights to and from ground-leased sites
  • What makes a lease a ground lease? And why might it matter?
  • The right way to split up condemnation proceeds, and some less right ways
  • Rights of first offer and first refusal
  • What happens when landlord wants to keep part of the site
  • Disturbing elements of subtenant nondisturbance
  • New lease clauses and other recent concerns on mortgageability

Program materials for the presentation will include a collection of Joshua Stein’s recent articles and model documents relating to ground lease transactions.

Presentation Material

  • Comforting the Condemned
    Joshua Stein
  • How New York City and State Transfer Taxes Apply to Ground Leases
    Joshua Stein
  • It Seemed Like a Good Idea at the Time: Rights of First Offer and First Refusal
    Joshua Stein
  • Leasehold Financing and the Mortgage Priority Conundrum
    Joshua Stein
  • Model Ground Lease Framework/Summary
    Joshua Stein
  • Model Ground Lease Landlord-Tenant Closing Checklist
    Joshua Stein
  • Model Lease Guaranty
    Joshua Stein
  • Model Leasehold Mortgage Provisions
    Joshua Stein
  • Model Right of First Offer
    Joshua Stein
  • Model Term Sheet or Letter of Intent for a Ground Lease
    Joshua Stein
  • Moody’s Clamps Down on Two Ground Lease Issues
    Joshua Stein
  • The Most Important Issue in Every Ground Lease
    Joshua Stein
Speaker(s)
Joshua Stein ~ Joshua Stein PLLC
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