QUARTERLY NEWSLETTER REAL ESTATE BEGINS WITH January 2019 | Vol. 6 IN THIS 1 - 2: R&E FEATURE STORY 13 - 14: GIVING BACK 3: BISNOW ARTICLES FEATURING R&E 15 - 16: RECENT AWARDS ATTORNEYS 17: MORE INFORMATION 4 - 6: PRESS RELEASES 7 - 12: EVENTS Message from Benjamin M. Williams, Member at R&E: With Rosenberg & Estis, P.C.’s deep knowledge and experience in real estate, “it’s a natural fit adding property tax appeals and certiorari. We know our clients’ properties so well because we handle their acquisitions, leasing, financing, and litigation. We have added insight to help get bigger property tax reductions.” This is published by the law firm Rosenberg & Estis, P.C. It is not intended to provide legal advice or opinion. Such advice may only be given when related to specific fact situations that Rosenberg & Estis, P.C. has accepted an engagement as counsel to address. ©2019 Rosenberg & Estis, P.C. | ATTORNEY ADVERTISING REAL ESTATE LAW FIRM ROSENBERG & ESTIS, P.C. ESTABLISHES TAX INCENTIVES & AFFORDABLE HOUSING DEPARTMENT Daniel M. Bernstein Named as Member of Firm to Head New Department osenberg & Estis, P.C., ment also provides due dili- Daniel M. Bernstein a leading New York City gence reviews for prospective Member, Tax Incentives & Affordable Housing R real estate law firm, has lenders and purchasers of prop- [email protected] named Daniel M. Bernstein as erty, either completed or under 212-551-1257 a Member to head the firm’s construction, that are seeking new Tax Incentive & Affordable tax exemptions or abatements, Housing Department. or that are subject to regulato- Bernstein, formerly Of Counsel ry agreements involving afford- to Rosenberg & Estis, will focus ability requirements. “I am excited to lead this on the tax incentive programs and affordability requirements Rosenberg & Estis attorneys are department at a time that are critical to New York among the first in New York to when the ability to evalu- City residential and commercial represent clients seeking ben- projects. efits under the new 421-a(16) ate available property tax The establishment of a depart- program, including compliance incentives and affordable ment dedicated specifically to with the new 421-a(16) pro- tax incentives and affordable gram’s construction wage re- housing issues is critical housing further demonstrates quirements. The firm also assists to the success of a proj- Rosenberg & Estis’ commitment clients on the combination of to providing comprehensive le- the benefits from the 421-a(16) ect,” Bernstein said. “The gal representation in the real es- program and the inclusionary firm’s collective knowl- tate arena. The announcement housing program, enabling de- of this department follows the velopers to secure property tax edge and experience on firm’s recent creation of a Prop- exemptions and additional de- these matters is an asset erty Tax Department, Construc- velopment rights through the tion Department and Co-Op / same affordable units. to our clients.” Condominium Department. The firm also structures con- Rosenberg & Estis’ tax incen- dominium declarations that tive services include obtaining enable properties to maximize and maintaining property tax tax incentive programs and to exemptions and abatements reflect financing and business (new and old 421-a, ICAP/ICIP, interests. 420-c, 420-a, J-51, Article XI, etc.) and equivalent reductions “The Tax Incentives and Afford- in payments-in-lieu of taxes. able Housing Department is Affordable housing services can critical to clients who are de- include qualifying for afford- veloping, acquiring or financing able housing finance programs, a property in New York City,” property tax exemptions or said Luise A. Barrack, Manag- abatements, as well as inclu- ing Member with Rosenberg & sionary housing benefits under Estis. “Daniel’s deep knowledge both the voluntary and manda- on these issues enables him to tory inclusionary housing pro- lead a team of top attorneys grams and under various zoning as we provide our clients a full benefits programs. The depart- suite of services.” January 2019 R&E Feature Story - 1 REAL ESTATE LAW FIRM ROSENBERG & ESTIS, P.C. ESTABLISHES PROPERTY TAX DEPARTMENT Benjamin M. Williams Joins Firm as Member to Lead New Department Benjamin M. Williams Member, Property Tax Law [email protected] osenberg & Estis, P.C., clients as the firm continues 212-551-1246 a leading New York City to grow,” said Luise A. Barrack, R real estate law firm, has Managing Member with Rosen- announced that Benjamin M. berg & Estis. “Williams’ deep Williams has joined the firm as experience on tax-related issues a Member to lead the firm’s expands our scope and advanc- new Property Tax Department. es our mission to provide our cli- ents a full suite of services. Real The addition of Williams and estate tax certiorari is a natural the establishment of a property fit for the firm, and clients will tax department demonstrates benefit from the synergies with Rosenberg & Estis’ commit- our other practice areas.” ment to continue providing cli- ents with comprehensive legal “I am excited to help establish representation this new depart- across all aspects “The creation of a de- ment in one of of real estate. partment focused on the largest and This department property tax issues most esteemed is an excellent New York City complement to helps us to further real estate law Rosenberg & Es- service our clients as firms. We are tis’ newly estab- already busy. lished Construc- the firm continues to Clients are ask- tion Department grow,” said Luise A. ing how they and Co-Op / Barrack, Managing can prepare for Condominium their 2019 prop- Department. Member with Rosen- erty tax protests, berg & Estis. which start in Williams brings only two months extensive experience in New and run from January 15 to York property tax issues to the March 1,” said Williams. “We firm. He has represented thou- expect that within a week, the sands of clients in property tax City Council will vote on the fi- appeals and at New York City nal 2018/19 tax rates, and the Tax Commission hearings. He Department of Finance will mail has a depth of experience in the third quarter tax bills.” real estate tax projections for development, acquisition, leas- Prior to joining Rosenberg & Es- ing, financing, and budgeting. tis, Williams was an associate Williams also has worked on In- attorney with Podell, Schwartz, dustrial and Commercial Abate- Schecter & Banfield, LLP. He ment Program (ICAP), 421-a, graduated from Rutgers Univer- and not-for-profit exemption sity School of Engineering with a applications and projections. Bachelor of Science degree and received a Juris Doctor degree “The creation of a department from Rutgers University School focused on property tax issues of Law. helps us to further service our January 2019 R&E Feature Story - 2 BISNOW ARTICLES FEATURING R&E ATTORNEYS Property Values, Investment Appetite Surge In New York’s Many Opportunity Zones By Miriam Hall || BISNOW || November 29, 2018 Click here to read the entire article. Adam R. Sanders s the commercial real estate industry getting ready to make use of it. In August, RXR Member, Transactions continues to sort through the details Realty announced it would aim to raise $500M A of the new Opportunity Zone program, specifically for opportunity zone projects. “Now that the guidelines developers and investors are working to figure out the impact on real estate values in the zones That same month, Shorewood Real Estate Group are out, funds have ramped and to sift hype from reality. announced it had closed on a 27K SF develop- up their marketing and be- ment site in Jamaica, Queens, which it said was come aggressive in pitching The U.S. Department of the Treasury last month the firm’s first Opportunity Zone Fund platform investors and family offic- released updated guidelines for the federal Op- acquisition. Heritage Equity Partners has also es,” said Rosenberg & Estis portunity Zone program. The announcement reportedly set up a $100M fund, with a focus provided some clarity, although there are still on properties in Brooklyn and Queens. real estate attorney Adam lingering questions. Sanders, who is speaking The biggest deal of the year, Amazon’s HQ2 at Bisnow’s New York City Despite the uncertainty some development choice of Long Island City, itself falls within a 2019 Forecast Dec. 13. “But sites within the zones have seen price increases zone. Goldman Sachs just invested $83M into as a result of the enormous interest in the pro- a vast affordable housing complex planned for the investors should be ask- gram — though they caution not to get caught close to the new headquarters, citing its loca- ing more questions … [say- up in the buzz and to carefully consider the fun- tion in the opportunity zone as the attraction. ing] ‘what projects are you damentals of any deals. going to do, specifically?’” The impact of the zones has affected develop- “Now that the guidelines are out, funds have ment site pricing. Ariel Properties Advisors Ex- ramped up their marketing and become aggres- ecutive Vice President Victor Sozio said he is sive in pitching investors and family offices,” said now seeing higher offers on development sites Rosenberg & Estis real estate attorney [mem- that he is marketing in the South Bronx that are ber] Adam Sanders, who is speaking [spoke] at within a zone. Bisnow: Saverio Mondelli Ama- Bisnow’s New York City 2019 Forecast Dec. 13. zon’s new HQ2 site in Long Island City is in an “But the investors should be asking more ques- opportunity zone. tions … [saying] ‘what projects are you going to do, specifically?’” “There is a [large] site in the Mott Haven area in the South Bronx, which is one of the hotter ar- Passed as part of the Tax Cut and Jobs Act in eas of the Bronx, even separate from the oppor- December, the program gives investors a tax tunity zones,” he said.