Weak federal commercial real estate rules will hamper seizing Russian assets

Lax disclosure regulations that have made the U.S. a global hot spot for money laundering via real estate holdings will make it difficult for officials to seize properties from Russian oligarchs.

Russian oligarchs have likely staked a large part of their wealth in U.S. commercial real estate properties in purchases that are easier to conceal than high-profile luxury mansions and superyachts. Federal law requires “self-reporting” of transactions making it difficult to track who owns what.

A 2020 law giving the U.S. Treasury the power to stop tax evaders, kleptocrats, terrorists, and other criminals from using anonymous shell companies to hide assets is not strong enough to compel disclosure of ownership, according to some legal experts. Russian oligarchs have purchased numerous luxury condos in Manhattan and Miami, but significant funds from Russia money have also been used to snap up property in cities across the U.S.

According to Global Financial Integrity, a nonprofit that tracks the flow of illicit money, more than $2.3 billion has been laundered through U.S. real estate during the last five years.

Effective January 1, 2022, New York City requires garage owners to retain a specially designated professional engineer to conduct an assessment and file a report at least once every six years. Hoffmann Architects + Engineers offers tips and best practices on how to comply with NYC Local Law 126 parking garage inspection rules.

Mixed-Use | Oct 20, 2022

ROI on resilient multifamily construction can be as high as 72%

A new study that measured the economic value of using FORTIFIED Multifamily, a voluntary beyond-code construction and re-roofing method developed by the Insurance Institute for Business & Home Safety (IBHS), found the return can be as high as 72%.

Building Team | Oct 18, 2022

Brasfield & Gorrie chairman’s home vandalized by anti-development activists

Activists vandalized the home and vehicles of Miller Gorrie, chairman of Birmingham-based Brasfield & Gorrie, in protest of a planned $90 million, 85-acre police, fire and public safety training center in Atlanta.

Codes and Standards | Oct 17, 2022

Ambitious state EV adoption goals put pressure on multifamily owners to provide chargers

California’s recently announced ban on the sale of new gas-powered vehicles starting in 2035—and New York’s recent decision to follow suit—are putting pressure on multifamily property owners to install charging stations for tenants.

| Oct 13, 2022

Boston’s proposed net-zero emissions code has developers concerned

Developers have raised serious concerns over a proposed new energy code by the City of Boston that would require newly constructed buildings over 20,000 sf to immediately hit net-zero emissions goals.