Assemblages 101: Developers Employ Strategy, Handle Risk
New York Real Estate Journal recently published an article written by Olshan Real Estate partner Thomas Kearns entitled “Assemblages 101: Developers Employ Strategy, Handle Risk.” Dispelling the notion that assemblages are a facile aspect of real estate law, Mr. Kearns explains that “assemblages have unique aspects that make the individual transactions more difficult particularly in cities like New York where assemblages usually combine air rights and land.” He goes on to expound succinctly the various complications one often encounters when undertaking the development of an assemblage. For New York City assemblages, Mr. Kearns elucidates, "Manhattan parcels tend to 'NOAs,' an acronym I coined for Naturally Occurring Assemblages as play on the better known acronym, NORCs, Naturally Occurring Retirement Communities. Manhattan sites seem to be identified early as places where eventually someone will build something." From explanations on using a beard to acquire parcels, to developing a buying strategy, the article serves as a brief primer on this deceptively simple yet critical facet of real estate law.