In November 2023, New York Governor Kathy Hochul signed SB 3539 into law, amending certain parts of Section 756 of the New York General Business Law, commonly known as the Prompt Payment Act (the “Act”). Among other provisions, the Act now significantly restricts the amounts owners can hold back from payments to contractors for services…
EUCHUNG UNG
PARTNER
Euchung Ung offers unique insights and approaches to real estate investors, including operators and developers, on all aspects of real estate ownership, management, financing and development. With more than two decades of experience in the industry, he offers his clients practical and effective solutions for implementing their day-to-day goals as well as their long-term strategies.
Practices
About
Euchung represents hedge funds, private equity funds and other investors in their real estate investments through equity and debt investment structures, including through partnership, limited liability company and other joint venture investments, and through various tranches of secured and unsecured financing. He also advises on the formation of real estate funds and the public offering of real estate interests, as well as on public financing options for borrowers through bond and other similar loans.
Using a hands-on and collaborative approach, Euchung seeks to understand every aspect of his clients’ investment process and strategy and is readily available to counsel his clients on all aspects of their real estate investments, including purchases, sales, leasing, ownership, management, construction development, and financing of these investments. Over the years, his experience has covered all asset classes of real estate, including office buildings, retail malls, mixed-use developments, hotel and motels, residential developments, warehouses, manufacturing facilities, data centers, and agricultural and forestry land.
Previously, Euchung also represented clients purchasing and selling par and distressed assets in the secondary loan trading market, as well as foreign investors and governments in their U.S. real estate investments.
Education
Georgetown University (J.D., 1994)
Fordham University (LL.M. in International Trade and Business Law, 1991)
Graduate Research Fellow, (1990-1991)
University of London, England (LL.B., with honors, 1989)
Bar Admissions
2003, Connecticut
1994, New York
1990, England & Wales
Languages
Chinese (Mandarin)
Publications
Series on Real Estate Acquisition and Construction Financing
Co-Author, Lexis Practice Advisor, 2015
Entering into a Loan Workout with a Borrower
Co-Author, New York Law Journal, June 2012
Doing Business in the United States, an Overview for Food Service Companies (firm handout)
Insights
Changes to NY Retainage Law Will Impact Standard Market Practices and May Affect Property Owner Leverage
February 12, 2024Client AlertsCorporate Transparency Act Imposes Significant New FinCEN Reporting and Disclosure Requirements
December 5, 2023Client AlertsOn January 1, 2024, the Beneficial Ownership Information (“BOI”) reporting requirements under the federal Corporate Transparency Act (“CTA”) are scheduled to go into effect. The new rules represent a fundamental shift in the U.S. disclosure regime for privately held companies. The CTA A part of Congress’s historic bipartisan National Defense Authorization Act of 2021, the…
Unexpected Tax Consequences of Commercial Lease Modifications
April 30, 2020Client AlertsIn a prior Kleinberg Kaplan client alert, we noted that COVID-19 related economic disruptions have caused both landlords and tenants to consider restructuring their commercial lease arrangements. Tenants that enter into discussions with landlords seeking rent relief may be successful. However, landlords and tenants should be aware that they could run into unexpected tax consequences in…