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Publications

  • 11/18/2021
    IRS Turns Its Attention to the Treatment of Monetized Installment Sales
    By Michael Greenwald, MPPM, CPA, Partner, Business Tax Leader

    The old saying, "if it sounds too good to be true, it probably is," is practically gospel in the tax world. Nowhere is this more obvious than the transaction known as the Monetized Installment Sale ("MIS" but sometimes referred to as an M453 or C453 transaction). The transaction is marketed...

  • 11/18/2021
    Built for Repurpose: One Strategy to Unlock Value in Any Property
    By Michael Stoler

    In the face of economic upheaval stemming from the transition to remote work and the broader embrace of e-commerce, the search for strong investment opportunities can be more daunting than ever. Still, one strategy offers savvy developers the promise of a winning strategy through the 2020s and beyond. Several leading developers...

  • 07/13/2021
    Looking Ahead: Three Strategic Planning Tips for Middle Market Contractors
    By Brian Nuzio, CPA, CCIFP, Partner

    For the last few years, companies have benefited from a dynamic tax and regulatory environment characterized by lower taxes and fewer banking regulations. These conditions allowed strategic contractors to focus on corporate expansion, attract a more qualified and better compensated workforce and increase their investment in the sector. As the country...

  • 07/13/2021
    Real Estate Impact of New York’s Fiscal 2021–2022 Budget Legislation
    By Christian J. Burgos, Esq., Managing Principal and Co-leader of State and Local Tax Services

    New York’s recently enacted fiscal 2021–2022 budget legislation introduced a myriad of significant state income tax changes that will affect many New York individuals and businesses alike. The legislation is intended to help jump-start the state’s economy by providing a number of tax breaks and incentives to middle-class families and...

  • 06/16/2021
    Retail’s New Look in 2021
    By Michael Stoler

    What We Can Expect as Consumers Emerge from Isolation

  • 06/14/2021
    100 year history of 1031 and the newer DST
    By Michael J. Greenwald, MPPM, CPA, Business Tax Leader

    It is hard to believe but the Internal Revenue Code section known as 1031 is 100 years old this year. Along the way, the definition of like-kind property for real estate has changed over the years, the latest being in 2004 when Delaware Statutory Trusts (“DSTs”) were added as an acceptable...

  • 03/01/2021
    Five Important Tasks for a Real Estate Debtor in Financial Distress:

    Debt Restructuring Strategies

  • 03/01/2021
    Consolidated Appropriations Act, 2021 Provides Benefits to the Real Estate Industry
    By Carol S. Messman, Partner, CPA

    The Consolidated Appropriations Act, 2021 (the "Act"), passed on December 27, 2020, included a $2.3 trillion spending bill to provide additional COVID-19 relief and provide funding for the government for the next fiscal year. The Act includes potential tax savings opportunities and incentives for real estate owners, developers and investors....

  • 10/22/2020
    If You Incentivize Them, They Will Come: How Urban Landlords are Offering Perks to Fill Units
    By Michael Stoler, Real Estate Expert

    Landlords of residential apartment buildings across New York City’s five boroughs are offering “friends and family discounts” to incentivize prospective tenants to sign a one- or two-year lease. During the early days of the pandemic, it was impossible for a tenant to personally visit an apartment. With in-personal tours and open...

  • 10/12/2020
    Careful What You LEASE for: Knowing when IRC Sec. 467 applies to your leasing agreement

    The current economic downturn caused by the COVID-19 pandemic has greatly impacted the commercial real estate industry. Even the most seasoned experts are left scratching their heads, trying to determine which direction the real estate market is heading. Taking matters into their own hands, tenants and landlords are modifying leases...

  • 08/06/2020
    How COVID-19 is Impacting Life Science Real Estate in the Greater New York City Area
    By by: Michael Stoler, President, New York Real Estate TV, LLC

    The tremendous growth of the global life sciences sector, and its real estate property needs (including construction, leasing activity and funding for new projects), has garnered significant attention from commercial real estate investors. Currently, between 800,000 and 900,000 square feet of lab space is in demand throughout New York City. According...

  • 01/15/2020
    Philadelphia Use and Occupancy Tax

    Since the financial crises of the late 2000s, out-of-town developers and institutional funds have flooded Philadelphia to capitalize on real estate opportunities. However, few out-of-state developers knew about the city’s hefty and rather confusing School District Business Use and Occupancy tax—also known as “U&O.” This article takes a closer look...

  • 01/01/2020
    How Changes to New York State Transfer Taxes Impact New York City

    Just when you thought we’ve covered all there is to know about New York real estate transfer taxes, including the basics, gifts and leaseholds, the state gave us another reason to bring our attention back to these taxes. New York lawmakers included a provision in the fiscal-year 2020 budget that increased transfer...

  • 11/05/2019
    Adaptive Reuse, the Process of Repurposing a Shopping Mall
    By Michael Stoler

    Adapt or fail. That is the reality for retail malls operating in the U.S. and around the world. In September, the CCIM Institute published “Retail e-Volution: Predictions for 2025,” a special report authored by K.C. Conway, CCIM’s Chief Economist and director of research and corporate engagement for the Alabama Center for...

  • 07/30/2019
    The Tenant Protection Act: Changes for Landlords and Owners in the Future of Affordable Housing

    The unparalleled state Senate and Assembly’s “Housing Stability and Tenant Protection Act” marks the onset of sweeping changes to New York City’s residential rental market. While the agreement concludes months of speculation, the deal – affecting nearly a million housing units and 2.4 million people in New York City –...

  • 06/07/2019
    Unraveling the Layers of 163(j): Insights for Your Real Estate Business

    For more than a year, owners of real estate businesses have debated whether it’s beneficial, or not, to elect out of the proposed rules for interest expense limitations under section 163(j) of the Tax Cuts & Jobs Act (“TCJA”). Under this provision, a taxpayer may not deduct business interest expense for...

  • 06/07/2019
    “Strong Island” City Perseveres Without Amazon
    By Michael Stoler

    Last Valentine’s Day, Amazon broke a few hearts after announcing that they would no longer establish their headquarters in Long Island City. Many falsely believed this announcement would have a deleterious effect on this otherwise thriving neighborhood, just a short subway ride from Manhattan. However, to quote Mark Twain, “The...

  • 01/23/2019
    From the 20th Century to the Present Day: The Evolution of Co-Living Spaces

    The start of the 20th century was met with an influx of immigrants from around the world who traveled to New York City and other metropolitan centers in search of financial opportunities and to escape the hardships they endured. Many turned to co-living in order to reduce their operating expenses,...

  • 01/22/2019
    The Real Estate Exemption Under the TCJA's Business Interest Expense Limitation
    By Michael J. Greenwald, MPPM, CPA, Partner

    One significant element of the Tax Cuts and Jobs Act of 2017 (“TCJA”) was the new limit on deductibility of business interest expense. The IRS has since published proposed regulations, which taxpayers can rely on as they await the release of final regulations. However, these proposed regulations provide complex rules...

  • 01/22/2019
    Setting up Non-grantor Trusts for Income Tax Savings Under TCJA
    By Scott Testa, CPA, JD, Partner

    Estate and income tax planning changed dramatically under the Tax Cuts and Jobs Act of 2017 (TCJA). For estate and gift tax, TCJA doubled the federal exemption to over $11 million ($22 million per couple). For income tax, TCJA added a 20% deduction on certain pass-through income – but only...

  • 10/26/2018
    How Brick and Mortar Businesses are Adapting to Compete with E-Commerce
    By Michael Stoler, The Stoler Report

    Contrary to popular belief, the rise of e-commerce hasn’t meant the decline of brick and mortar businesses. Savvy businesses across the nation are successfully adapting their approach to meet the widespread consumer demand for unique, luxury in-house retail experiences. Even the most iconic brands understand a name will only take...

  • 10/26/2018
    Deconstructing Pass-through Business Income: Planning Opportunity For Rental Property Owners

    Eight months into the tax year, practitioners and taxpayers anticipated that the Section 199A deduction rules, released recently by the Internal Revenue Service ("IRS"), would provide clarity—especially for rental property owners. Unfortunately, this hasn’t been the case. Many questions are still unanswered. Based on the existing information, our tax advisors identified...

  • 10/26/2018
    Deferring Capital Gains When Selling Real Estate: Qualified Opportunity Zones vs. 1031 Exchanges
    By Steven Bokiess, CPA, Partner

    Opportunity Zone Funds, a feature of the 2017 Tax Cuts and Jobs Act (“TCJA”), allow investors significant tax breaks on capital gains by incentivizing investments in qualified low-income communities known as “opportunity zones.” When selling real estate, it’s important to weigh the benefits of investing in a qualified opportunity zone...

  • 06/28/2018
    New Restrictions to 1031 Exchanges Under the New Tax Law
    By Steven Bokiess, CPA, Partner

    Under the Tax Cuts & Jobs Act (“TCJA”), new restrictions to 1031 like-kind exchanges limit property owners' ability to defer capital gains taxes on personal property. For exchanges completed after December 31, 2017, only real property (i.e., land and buildings) remains eligible for like-kind exchange treatment. Personal property can no...

  • 06/28/2018
    Big Tax Changes for the Big Apple: How the Amended Commercial Rent Tax May Impact You
    By Tom Corrie, JD, LLM, Principal

    On June 1, 2018, significant NYC Commercial Rent Tax (“CRT”) changes took effect in an effort to provide tax relief for certain smaller businesses. Find out how these major changes to the CRT, which accounted for over $800 million in revenues in 2017 alone, may impact you. The CRT is imposed at an...

  • 06/28/2018
    How the Ecommerce Boom is Spurring Continued Growth in the Industrial Market
    By Michael Stoler

    The value of industrial real estate and warehouse space continues to rise as ecommerce companies like Amazon support speedy deliveries to urban centers. Commanding 37% of the digital retail market, Amazon is projected to generate half of all online sales by 2021.1 According to Moody Analytics data, an anticipated 782...

  • 03/30/2018
    DROP THE “BAS” PROTECTING BUILDING FACILITIES AND INHABITANTS FROM CYBER ATTACKS
    By William Mendez, CISSP, Director | Friedman CyZen LLC

    Building automation systems ("BAS") ease property managers’ daily operations — from reducing energy consumption to cutting maintenance costs — but the very aspects that make BAS attractive can be a gateway to cyber attacks. Understanding BAS cybersecurity can help you protect your facility and your inhabitants’ wellbeing. Click here to learn...

  • 03/30/2018
    Must-know Trends in Real Estate Tech and the Investors Moving the Industry Forward
    By Michael Stoler

    Recently, technology has transformed industries by streamlining processes, increasing accessibility and in many instances propelling civilization forward. Therefore, it stands to reason why real estate technology has become a burgeoning space that is metamorphosing the way we live. New enterprises surface around the world daily—especially within the continental United States....

  • 03/30/2018
    Leaseholds and the Applicability of New York State Real Estate Transfer Taxes

    New York’s transfer taxes contain many nuances that impact their applicability, tax base and computations. Here, we examine how the imposition of New York State Real Estate Transfer Tax (RETT) and New York City Real Property Transfer Tax (RPTT) can be substantially lower when it comes to leaseholds. Read on to learn...

  • 01/15/2018
    Michael Greenwald, MPPM, CPA Partner: Special Guest on “The Stoler Report.”

    Friedman LLP's Michael Greenwald discusses critical insights on the Tax Reform Act’s impact on small business and real estate. Watch his exclusive segment feature here.   ...

  • 09/29/2017
    Emerging Trends in Residential Rental Apartments: The Advent of the Lifestyle Building
    By Michael Stoler, The Stoler Report

    An influx of new co-living and residential shared housing rental apartments throughout the metropolitan area are transforming the marketplace. This influx is in response to a desire among city dwellers to cultivate an all-inclusive in-house experience that champions community building and optimizes efficiency in tight living quarters. This issue of...

  • 09/29/2017
    New Jersey Bulk Sales Rules: For the Protection of Buyers and the State

    States are often concerned that sellers of assets, particularly those from out-of-state, will disappear with the sales proceeds without satisfying their state tax obligations. To prevent this, many states require the filing of a bulk sales notice with the taxing authority notifying it of the pending sale. This allows the...

  • 09/29/2017
    Reverse 1031 Exchanges: Stay Within the Safe Harbor or Be Prepared for Uncharted Waters
    By Andrew Cohen, JD, LL.M

    Key Takeaways from the Bartell Case

  • 06/21/2017
    Dealer vs. Investor: What Factors Are Considered and Why It Matters
    By Andrew Cohen, JD LL.M

    When real property is sold for a gain or loss, an important question to ask is whether the seller is a dealer or investor in real property. The ultimate resolution of the dealer versus investor question has significant tax implications given the current differences between the capital gain and ordinary...

  • 06/21/2017
    Meeting the Housing Needs of the Aging Baby Boomer Population
    By Michael Stoler, The Stoler Report

    Baby boomers, those born between 1946 and 1965, have brought both challenges and opportunities to the U.S. economy, infrastructure, and institutions as they have passed through each major stage of life. According to The Population Reference Bureau, the current growth of the population ages 65 and older is one of...

  • 06/21/2017
    Unintended Consequences of Trump Tax Proposal
    By Michael Lawrence, Tax Manager

    Throughout the contentious 2016 presidential race, then-candidate Donald Trump promised an overhaul of the United States tax system. He articulated a streamlined tax code with fewer income tax brackets, reduced rates, and a purge of several taxes altogether. At first glance, these campaign pledges seem to promise a boon to...

  • 03/31/2017
    The Rehabilitation Tax Credit – What Developers Need to Know
    By

    Many developers of real estate projects involving the rehabilitation of older buildings or historic structures may be overlooking a valuable federal income tax credit that could help defray some of the costs of construction by offering tax credits to the investors. What is the rehabilitation tax credit and which buildings qualify? The...

  • 03/31/2017
    The Rise of Alternative Lending in Commercial Real Estate
    By Michael Stoler, The Stoler Report

    Since the great recession of 2008, commercial banks, insurance companies and other traditional lenders for commercial real estate have become much more conservative in their underwriting of financing for commercial real estate.  Banks, the traditional source of construction financing, have recoiled from lending under the impact of regulations including Tier...

  • 03/31/2017
    Why the IRS Hates Bottom Dollar Guarantees and What It’s Doing About It
    By Michael J. Greenwald, MPPM, CPA, Partner

    Bottom dollar. It conjures up images of orphans dancing across the stage in “Annie” or characters from a Damon Runyon novel. And also of bottom dollar guarantees – perhaps the last way to obtain basis in real estate and partnerships without real exposure to economic loss. The IRS believes that...

  • 11/28/2016
    Transit Oriented Developments (TOD) growing in the metropolitan area
    By Michael Stoler, The Stoler Report

    Transit Oriented Development (TOD) is rapidly sweeping the nation, especially in the tri-state area, with the creation of exciting and desirable places to live, work, shop, and dine, as well as affording recreational and cultural activities. TOD, as defined by the Transit Oriented Development Institute, is an exciting and fast growing...

  • 11/22/2016
    For Real Estate and Construction Owners, Time to Start Thinking About The Future
    By David P. McKelvey, CPA, PFS, Partner

    Running a business in real estate and construction rarely corresponds neatly with the calendar. Shifts in seasons, economic conditions, and even policy decisions affect business profitability and what an owner needs to consider as they plan ahead. With the end of the year around the corner and tax season ahead, we...

  • 08/24/2016
    FinCEN Expands Real Estate Owner Identification Mandate

    Back in January, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) requiring title insurance companies, subsidiaries and agents to identify the true owners of shell companies that purchase residential real estate in Manhattan for cash exceeding $3 million, and in Miami-Dade County...

  • 08/24/2016
    Shifting Consumer Habits Drive Restaurant Sector to Next Generation of Food Halls
    By Michael Stoler, The Stoler Report

    The economic recovery and shifting consumer habits have driven significant gains in the restaurant sector, aiding in the leasing of retail space around the nation. According to the CBRE research report “Restaurants: Now Serving Retail Growth,” which explores emerging trends in the restaurant sector, restaurants accounted for approximately 15% of...

  • 08/24/2016
    New York Transfer Taxes: A Cautionary Tale

    Readers of this publication know that I have written extensively on the New York State Real Estate Transfer Tax (RETT) and the New York City Real Property Transfer Tax (RPTT). For those less avid readers, articles can be found here and here. A recent case winding its way through the New...

  • 06/21/2016
    Repurposing Industrial Properties Continues Upward Trend in NYC Outer Boroughs
    By Michael Stoler, The Stoler Report

    Major retrofits and the repurposing of industrial buildings have become leading trends especially in New York City. The majority of the adaptive reuse is taking place in Queens, especially Long Island City; in Sunset Park and other parts of Brooklyn; and in the Bronx. An excellent example of adaptive reuse is...

  • 06/16/2016
    Late Adoption of the Tangible Property Regulations
    By Andrew Cohen, JD, LLM and Michael J. Greenwald, MPPM, CPA, Partner

    Oh, no. We’re now halfway through 2016, I haven’t filed my 2015 tax returns (fortunately they are on extension) and I never did anything about the Tangible Property Regulations (“TPR”) that became effective in 2014. Is there anything I can do? As a matter of fact, there are a number of...

  • 06/16/2016
    Utilizing Cost Segregation Studies after the Final Tangible Property Regulations
    By Andrew Cohen, JD, LLM

    The depreciation of assets can provide important tax benefits. Taxpayers prefer to depreciate assets over a shorter rather than longer period of time as this allows for a larger annual tax deduction. Building and structural components have substantially longer depreciable lives (39 years for non-residential real property and 27.5 years...

  • 03/16/2016
    Recent Tax Extenders and Guidance Affecting Real Property Owners
    By Andrew Cohen, JD, LL.M

    Over the past several months, Congress and the IRS promulgated tax provisions extending tax savings opportunities that benefit real property owners and clarifying new rules regarding the Foreign Investment Real Property Tax Act (“FIRPTA”). Some of these provisions allow taxpayers to accelerate deductions or claim tax credits. Most of the...

  • 03/16/2016
    Owner/Developers Entering the Market for Mortgage Financing
    By Michael Stoler, The Stoler Report

    With the price of commercial real estate reaching record levels, a number of prominent real estate owners and developers are joining the ranks of entities providing commercial real estate financing. Brian Cohen, a partner at Goulston & Storr’s New York Real Estate Practice, said “This market finds sophisticated real estate owners/operators...

  • 10/26/2015
    The Particulars of the 1031 Exchange
    By Andrew Cohen, Michael Stoler

    With billions of dollars of commercial real estate expected to be sold in 2015, more and more real estate owners and investors have utilized the 1031 tax free exchange to reinvest sale proceeds for like-kind property, therefore deferring the capital gains tax due. An Internal Revenue Code Section 1031 (“Section...