Murphy Schiller & Wilkes LLP

On December 19th, 2024, the New Jersey Economic Development Authority (NJEDA) held its monthly Board meeting in Trenton, NJ. Along with other items, the NJEDA approved three new Aspire awards in Camden, Fort Monmouth, and Trenton, totaling over $400,000,000 in tax credits. The NJEDA also approved an award through the Atlantic City Revitalization Grant Program, in addition to updating and reopening the program, which provides grant funding of up to 50% of eligible soft and hard costs for qualifying projects in Atlantic City. Additionally, on Thursday, December 19th, 2024, the New Jersey State Senate and Assembly passed legislation (S1323/A2076) that will significantly change the Aspire Tax Credit Program. The law is anticipated to be signed by Governor Murphy in the coming weeks. For more information, please click here: https://lnkd.in/eyEZ4CFa ... or contact: Brendan Pytka Director of Tax Credits & Incentives Phone: (862) 418-3702 Email: bpytka@murphyllp.com Chris Murphy, Partner Chair of Tax Credits & Incentives Practice Phone: (973) 705-7421 Email: cmurphy@murphyllp.com #realestate #development #redevelopment #taxcredits #incentives #aspire #brownfield #historictaxcredits #nj #njeda #attorneys #msw #nothinglessthanexceptional

!!! BREAKING NEWS !!! A judge has denied a request by some two dozen towns to halt the rollout of New Jersey’s new affordable housing law, in a move that seemingly allows state officials to move ahead even as the court prepares for additional arguments in the legal challenge. In a ruling issued Thursday morning, Superior Court Judge Robert Lougy rejected the towns’ application for an order that would stay the new program and the accompanying guidelines from the Department of Community Affairs, pending final judgment. The court is now scheduled to hear oral arguments on Jan. 31 on a pending motion by the state and affordable housing advocates that seeks to dismiss the municipalities’ lawsuit altogether. Thanks to Real Estate NJ for sharing this important update. #realestate #development #affordablehousing #njdca #fairhousing #attorneys #msw #nothinglessthanexceptional

We're #hiring a new Litigation Associate in Newark, New Jersey. Apply today or share this post with your network.

We're #hiring a new Environmental Attorney in Newark, New Jersey. Apply today or share this post with your network.

We're #hiring a new Environmental Attorney in Newark, New Jersey. Apply today or share this post with your network.

Murphy Schiller & Wilkes LLP (MSW) is proud to have played a role in this exciting transaction! MSW attorneys Holly Burke Esq. and Charles J. Wilkes represented the tenant in the lease negotiations, while Thomas Garlick and Chris Murphy secured the land use approvals. Congratulations to everyone involved, including Dan Foley of Savills, and Stephen Sander and Stephen Elman of Cushman & Wakefield. #realestate #development #commercialleasing #landuse #zoning #planning #attorneys #msw #nothinglessthanexceptional

On Thursday, December 19, 2024, the New Jersey State Senate and Assembly passed legislation (S1323/A2076) that will significantly change the Aspire Tax Credit Program, the state’s main developer-focused incentive program, designed to spur residential and commercial development through the provision of tax credits. Established under the Economic Recovery Act of 2020, Aspire has quickly become an important tool for real estate developers, with the New Jersey Economic Development Authority (NJEDA) having approved over $2,000,000,000 in tax credits for 25 development projects in municipalities across the state. The purpose of this post is to provide a detailed overview of the amendment, which is anticipated to be signed by Governor Murphy in the coming weeks. The updates to the Aspire program have significant implications for which projects qualify, the size of the potential tax credit and several key aspects that have financial implications for a project that uses the Aspire program. The full post can be found here: https://lnkd.in/eRkPjVCz For more information, please contact: Chris Murphy Chair, Tax Credits & Incentives Phone: (973) 705-7421 Email: cmurphy@murphyllp.com Brendan Pytka Director of Tax Credits & Incentives Phone: (862) 418-3702 Email: bpytka@murphyllp.com #realestate #development #njeda #aspiretaxcredits #taxcredits #incentives #attorneys #msw #nothinglessthanexceptional

The Aspire Tax Credit Program (Aspire), administered by the New Jersey Economic Development Authority (NJEDA), is the state’s main developer-focused incentive program, designed to spur residential and commercial development through the provision of tax credits. Established under the Economic Recovery Act of 2020, the program has quickly become an important tool for real estate developers, with the NJEDA having approved over $2,000,000,000 in tax credits for 22 development projects in municipalities across state. Despite the success of the program, there are common misconceptions in the real estate community regarding how the program functions in financing development projects. In this post, Chris Murphy and Brendan Pytka look to address some of the basics of turning a tax credit award into funding for a development project. The full article can be found here: https://lnkd.in/ezRi6Ryx #realestate #development #multifamily #commercial #taxcredits #incentives #njeda #aspiretaxcredits #attorneys #msw #nothinglessthanexceptional

Murphy Schiller & Wilkes LLP (MSW) land use attorney Roosevelt J. Donat recently authored an article titled "AI and Zoning Laws Collide: How Disruption Will Transform Real Estate in 2025" in which he explores how the convergence of evolving zoning laws and breakthroughs in Artificial Intelligence (AI) may revolutionize the historically slow-moving real estate sector. The article explores anticipated changes and the strategic impact of AI, providing a blueprint for lawmakers, financers, investors, and developers poised to navigate this new terrain. The full article can be found here: https://lnkd.in/eyP9JeW6 #realestate #development #landuse #zoning #artificialintelligence #AI #nj #attorneys #msw #nothinglessthanexceptional

Murphy Schiller & Wilkes LLP (MSW) is proud to have represented New Jersey Institute of Technology as leasing counsel in connection with the establishment of a new 25,000 SF translational research center at the NEST campus in Kenilworth. MSW partner Charles J. Wilkes led the firm's transactional team. Congratulations to everyone involved, including Andrew Christ, PE, NAC of NJIT, John Saraceno, Jonathan Schultz and the team at Onyx Equities, Dan Loughlin of JLL, and Jonathan Scheinberg of Outshine Properties. #realestate #development #leasing #lifesciences #education #nj #attorneys #msw #nothinglessthanexceptional