2015 Year in Review - James Ricca

What was your most notable project, deal, transaction or professional achievement in 2015? Representing a major commercial lender, we negotiated and closed a $37.25 million first mortgage acquisition loan accompanied by a $15 million second mortgage construction loan for a commercial/industrial property located in Suffolk County, that was dependent on receiving IDA benefits. The loan was also cross-collateralized by two unencumbered Queens industrial properties. The property, comprised of 419,265 square feet of  research & development/office space and located at 500 Commack Road, Commack, New York, is already being leased by a major pharmaceutical company, a major technology company and a major hospital.  The deal was complicated and challenging on a number of levels, but represents an important economic trend for Long Island and I believe will have a significant impact on the local economy. In addition, a very exciting and positive event that I was involved with and am particularly proud of was the merger of the law firm Dornfeld & Nasis, LLP with Forchelli, Curto, Deegan, Schwartz, Mineo & Cohn.  Dan Dornfeld and Elbert Nasis bring with them enormous talent and expertise in real property law, as well as other areas of their practice. What real estate project, transaction, market trend or product had a significant impact on your industry in 2015? We saw an increase in refinancing activity.  Large numbers of commercial real estate owners and operators refinanced existing mortgage loans in an effort to lock-in low interest rates, in anticipation of interest rate hikes by the Federal Reserve. How will you be supercharging your productivity in 2016? By focusing on growth and taking the time to work with and mentor our younger associate  attorneys.  It is important to bring along the next generation by giving them increased exposure and responsibility.  I believe those two things energize a firm. What emerging trends will drive investment and development in 2016? Redeveloping and repurposing stagnant and underutilized industrial properties on  Long Island and in the boroughs. Similar to the Commack Road project, the Long Island real estate industry and economy will continue its climb out of the doldrums and grow, led by real estate professionals with vision.