August 10, 2021 | New York Law Journal
Eligibility for Leasehold Tax Exemption Extended to Foreign GovernmentsNew York City's status as a hub for foreign government offices provides a permanent source of demand for real estate, with a long-term need for space and one that is less susceptible than private investment to market cycles or the vicissitudes of the economy.
By Barry Langman and Salvatore Gogliormella
11 minute read
December 30, 2009 | New York Law Journal
Crafting Rent Provisions Requires a Careful ApproachSteven Simkin, a partner at Paul, Weiss, Rifkind, Wharton & Garrison, and Barry Langman, counsel to the firm, discuss issues involved with ground leases, the most significant of which is, of course, rent. Both parties want to enter into a beneficial deal, but with a term of 75 or 99 years it is difficult - if not impossible - to fix rental rates that will remain appropriate over the course of decades. Inflation adjustments, periodic valuations and participation provisions should all be carefully considered, which will help the parties achieve their respective goals despite the unpredictability of the future.
By Steven Simkin and Barry Langman
12 minute read
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