About

Robert A. Marsico is a real estate and commercial transactions lawyer with more than 30 years of legal experience. He represents a wide variety of financial institutions, corporate and entrepreneurial clients in the areas of mortgage financing, commercial project acquisitions and sales, commercial leasing and other business transactions.

Mr. Marsico has extensive experience representing clients in the negotiation, drafting and closing of commercial mortgage financing transactions, term loans, construction financing, loan participations, loan workouts and financial restructuring. In addition his expertise includes the representation of buyers and sellers of commercial, industrial, retail and residential real property throughout the state.

Mr. Marsico has negotiated and drafted a wide variety of real property leases and subleases, including long and short term industrial, office, retail and residential. He represents clients in commercial and institutional ground leasing transactions, warehousing agreements, and farmland leasing arrangements. He also counsels and assists clients in connection with the extension, modification and renegotiation of existing leases and subleases, as well as with questions arising from the interpretation of leasing documents and disputes arising therefrom.

He has represented a large number of entities and individuals before municipal bodies in connection with zoning and land use applications. Mr. Marsico has also advised real estate developers and commercial end users in connection with the construction and renovation of office buildings, industrial facilities, apartment buildings and warehouse properties, from required permitting, to land acquisition, to construction contracts through project completion. He has represented property managers of commercial, industrial and multifamily resident facilities in addressing the myriad of issues which are part of the management function. Furthermore, he has provided general corporate and real estate related counseling to numerous individuals, limited liability companies, partnerships and corporations on a great number of diverse matters, including business contract negotiations, leasing strategies, easement negotiation and drafting, landlord-tenant disputes, farmland assessment qualification and renewal, private loan transactions, intra-familial property transfers, business acquisitions and sales, co-operative and condominium (both residential and commercial) acquisitions and sales, representation of institutional lenders in the drafting of forms of commercial loan documentation, and real property tax appeals.

Mr. Marsico is a member of the American Bar Association and the New Jersey State Bar Association. He has lectured and written on numerous real estate topics for the Graduate Realtors Institute, the National Business Institute and the New Jersey Mortgage Bankers Association. Mr. Marsico has served as a member of both the Zoning Board of Adjustment and the Planning Board for the Borough of Wood-Ridge, Bergen County, New Jersey, with a term as chairman of each entity.

Education

Columbia University School of Law (J.D., 1979)

Saint Peter’s College (B.A., summa cum laude, 1976)

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Publications

Title Publisher Date
Advanced Real Estate Law in New Jersey National Business Institute, Inc. 1991
Mastering Real Estate Titles and Title Insurance in New Jersey National Business Institute, Inc. 1995, 1996

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Blog

Finders Keepers: Could Your Financial Account Escheat to the State?
Posted on Monday August 11, 2014

Finders Keepers: Could Your Financial Account Escheat to the State?If you don’t regularly monitor your finances, you could lose out. Allowing accounts to lay fallow for too long may result in your assets escheating to the state. The term “escheat” refers to the title transfer of financial assets (such as savings account deposits, uncashed checks, and securities in retirement accounts) to a state authority because the rightful owner failed to make claim, engage in a transaction or provide instruction for a specific time period. In New Jersey, the escheatment period is generally three years. Many types of inaction can result in funds being considered “abandoned,” such as failing to cash a check, update your address, or complete a transaction within a specified period of time. Once your financial institution deems the account abandoned, it must make a diligent effort to contact you. However, if you do not respond, perhaps because your address has changed or you mistake the correspondence for junk mail, the firm will begin the process of transferring your property to the state. Each state has its own escheat laws regarding abandoned property, but the process is revocable in most cases. To get your money back, most states will require you to complete a claim form and provide proof of identity. If your assets were liquidated, you will likely only receive the proceeds of the sale, which may not reflect the current market value. While the intent of escheatment is to ensure that financial assets are marshaled for safekeeping, the process often creates a windfall for cash-strapped states. As a result, aread more

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Will New York Be the First State to Regulate Bitcoin?
Posted on Tuesday August 05, 2014

Will New York Be the First State to Regulate Bitcoin?New York is poised to become the leading authority on virtual currency (generally referred to as “Bitcoin”) regulation. The New York State Department of Financial Services (“NYSDFS”) recently published a Notice of Proposed Rulemaking regarding the regulation of such virtual medium of exchange. As noted in the NYSDFS proposal, the proposed regulation is intended to protect members of the public by imposing regulatory standards on virtual currency transactions and services that involve New York or New York residents, ensure the solvency, safety, soundness, and prudent conduct of persons or entities engaged in virtual currency business activity, and to foster the growth of the financial industry in New York by setting forth clear guidelines that will inspire confidence and allow for the establishment of legal virtual currency business activity. Concerns about security and reliability are two key reasons why virtual currency is not yet a mainstream form of payment. In its early days, Bitcoin was often associated with nefarious activities, such as anonymously purchasing guns or drugs online. Even when used to make legitimate purchases, the lack of legal protections makes transactions more susceptible to fraud. Ben Lawsky, Superintendent of Financial Services at NYSDFS, spearheaded New York’s effort to regulate virtual currency. While once an outspoken critic, Lawsky’s stance on Bitcoin softened greatly after talking to stakeholders in the industry, including lawyers, consumers, and business owners. While he once characterized the virtual currency as a “threat to national security,” he now sees the potential of the technology, albeit with proper safeguards in place. Nonetheless, Lawsky acknowledgedread more

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Amendments to NY Wage Theft Law Head to Governor’s Desk
Posted on Friday July 25, 2014

Amendments to NY Wage Theft Law Head to Governor’s DeskA bill that would amend New York’s Wage Theft Prevention Act (the “Act”) awaits Gov. Andrew Cuomo’s signature. The changes offer both good news and bad news for New York employers. Originally enacted into law in 2011, the Act aims to protect low-wage workers from unscrupulous employers who may attempt to pilfer their pay by mandating the provision of certain wage-related information to employees, including the employee's rate of pay, how the employee’s pay is calculated, and the employee's regular pay day. However, critics maintain that it overly burdens upstanding New York businesses. Under the proposed amendment passed by both houses of the New York State Legislature in June, employers will no longer be required to give written notice of wage rates to all employees by February 1 of each year. However, the notification requirement will still apply to new hires, and the current Act’s document retention requirements remain in place. The amendment also significantly increases the penalties for wage violations. Below are some of the proposed changes: Higher monetary fines: Employers that fail to provide wage notices to new employees face fines of $50 per work day (increased from $50 per work week), up to a maximum of $5,000. Employers that fail to provide pay-rate earning statements with each wage payment face penalties of $250 per work day (increased from $100 per work week), up to a maximum of $5,000. Stiffer penalties for repeat offenders: The maximum penalty for employers with a previous wage violation within the past six-year period will increase to $20,000read more

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Could an Automatic Contract Renewal Land Your Business in Hot Water?
Posted on Monday June 09, 2014

 Could Automatic Contract Renewals Land Your Business in Hot Water?If your business includes automatic renewal provisions in your service contracts, you could be setting yourself up for unintended liability. States across the country are increasingly passing legislation that limits or conditions the use of such provisions. Automatic contract renewal clauses typically state that a service will automatically be renewed for a specified price on a certain date unless one party to the contract provides advance notice of its intention to terminate the agreement. Practically speaking, the provisions allow companies renew a subscription service by simply charging the customer’s credit card, which is kept on file. These provisions are used in a variety of industries, ranging from web hosting providers to office suppliers to magazine publishers. As the business model has gained traction, so has regulation. In most cases, the laws are intended to address cases where customers claim that they were not aware of or did not authorize automatic renewals or find themselves in a situation where they are indefinitely “married” to one service provider. California and Oregon have some of the strictest laws on the books. Companies must provide clear and conspicuous notice of automatic renewal provisions. Prior to renewal, the laws also require businesses to make additional disclosures, provide easy to use cancellation procedures, and obtain affirmative consent from the consumer. The failure to comply with these requirements can result in the service or product being classified as an “unconditional gift” to the customer. In New York, an entity seeking to enforce an automatic renewal provision contained in a “contract for service,read more

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Will New Jersey Legalize Marijuana?
Posted on Monday April 28, 2014

legalize marijuanaSenate Judiciary Committee Chairman Nicholas Scutari (D-Union) has introduced Senate Bill 1896 for consideration by the New Jersey Senate.  The proposed legislation would legalize possession, cultivation and the sale of small amounts of marijuana. He believes that it is time for New Jersey to stop prosecuting and start regulating and taxing minor marijuana use. However, the bill has a long road ahead, especially in light of the governor’s promises to veto it. Scutari is the municipal prosecutor for the city of Linden. He reports that the fight to eradicate marijuana use has been wholly unsuccessful, yet billions of dollars have been spent on enforcement measures. He also indicated that it is unreasonable for citizens having criminal records resulting from minor marijuana offenses to be unable to buy a home or obtain employment. If it is successful, the proposed bill would permit adults 21 years of age and over to possess an ounce or less of marijuana. It would also allow them to cultivate up to six marijuana plants for personal use (and not for sale) in an enclosed, locked space. The sale of marijuana would be regulated in a way similar to the manner in which the state regulates liquor sales. The proposal also provides that local governments could be permitted to ban the sale of marijuana within their borders. If the sale of marijuana is allowed, it would be subject to state sales tax, resulting in millions of dollars of the tax revenue per year for New Jersey. Scutari’s bill would dedicate 70% ofread more

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Commercial Mortgage Lending Transactions in New York and New Jersey

HI, I'm Robert Marsico and I'm a commercial real estate attorney with Scarinci Hollenbeck. I specialize in assisting lenders and borrowers with Commercial Mo...

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Representative Matters

Representation of a national commercial institution as lead lender and administrative agent in making of a mullt-iparty ground lease based construction/permanent mortgage loan on a multi-use residential/commercial facility in northern New Jersey.

Representation of a family LLC in the acquisition of a large warehouse property in Hudson County, NJ.

Representation of private trust in the acquisition of an extensive real property tract in Monmouth County.

Representation of a property holder in central New Jersey in connection with various farmland assessment issues and leasing agreements.

Representation of a commercial lender in making a series of commercial mortgage loans on industrial/commercial properties to several related entities in central New Jersey, which included various easement, access and environmental issues.

Representation of a professional group in negotiation of commercial office leases in Essex County.

Representation of a commercial property manager in numerous issues raised by the acquisition, leasing and operation of a 500,000 square foot warehouse and trucking facility in Northern New Jersey.

Representation of private entrepreneurs in the acquisition of numerous commercial investment properties in New Jersey and New York City.

Representation of a limited partnership in acquisition of garden apartment complex in Essex County, New Jersey.

Representation of a developer in redevelopment of a multi-family apartment property in Hudson County, New Jersey including municipal approvals, construction contracts and leasing issues.

Representation of a property developer in drafting and negotiation of complex easements required in connection with the sales of numerous tax parcels.

Representation of a hotel developer in obtaining of required governmental approvals for the construction of a hotel facility in northern New Jersey.

Representation of a governmental entity in the drafting and negotiation of numerous complex access easements in connection with a large major subdivision in central New Jersey.

Representation of a national consumer company in the development of its new corporate headquarters in Middlesex County, New Jersey, including land acquisition, obtaining of land use approvals, drafting and negotiation of construction contracts and resolution of environmental issues.

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