Development incentives are nothing new in New Jersey. In fact, they have been part of the state’s process for attracting businesses for many years. However, when the 2013 Economic Opportunity Act was allowed to expire in July of 2019, no such programs were available for businesses moving to the state. Many were left wondering what,
Real Estate
Eligible New York City Building Owners: Now is the Time to Take Advantage of C-PACE Financing
By Jordan J. Metzger & Nicole Dlugosz on
Posted in Finance, Real Estate
Summer Associate, Dalila E. A. Haden, contributed to this blog.
In early June, the first Commercial Property Assessed Clean Energy (“C-PACE”) transaction closed in New York City, courtesy of C-PACE financing provided by Petros PACE. In connection with a larger $500 million dollar acquisition and construction financing deal involving a 1.2 million square-foot office building…
Qualified Opportunity Zone Investing: A Life Saver for Tax Reform
By Philip Hirschfeld on
Posted in Tax
The Biden tax reform proposals target many tax benefits associated with real estate investing. If adopted, the ability to do tax free like kind exchanges may be eliminated and the maximum long term capital gains rates on sale may rise from 20% to 43.4% (marginal rate of 39.6% plus NIIT of 3.8%). Also, the ability…
Commercial Property Owners: New Financing Available For Existing And New Energy Cap-Ex Projects
By Jordan J. Metzger & Nicole Dlugosz on
Posted in Finance
*Update: On August 31, 2020, NYC Mayor Bill de Blasio signed Executive Order No. 60, which designated the NYC Department of Finance as the administering agency for the C-PACE financing program. This exciting new development is a sign that the C-PACE program will likely be formally launched in NYC in the near future.
Property Assessed…
Commercial Lease Guarantors: Newly Enacted Section of NYC Administrative Code May Provide You With Relief
By Jordan J. Metzger & Nicole Dlugosz on
Posted in Leasing, Real Estate
As the COVID-19 (Coronavirus) pandemic continues to have devastating effects on our nation’s economy, particularly for small businesses and restaurants struggling to make ends meet and stay afloat, relief has become available for certain personal guarantors of NYC commercial leases. On May 26, 2020, Mayor Bill de Blasio signed into law Section 22-1005 of the…