Jackson Heights NY Law
Jackson Heights NY Law: Your Premier foreclosure & loan modification Lawyer In The Elmhurst, Corona, Astoria & Maspeth Area. We Specialize In Residential & Commercial Real Estate Leases & Closings as well as foreclosure defense & loan modifications.
More Work For Queens Lawyers, Finally
Movement in the market being generated by mergers, acquisitions and competition among lenders is giving more work to New York City’s top real estate lawyers.
The beginning of 2018 showed a change of direction in the market - after two years of decreasing activity. In February of 2018, the $2.4 billion sale of the Chelsea Market building by Jamestown Properties to Google was the second largest sale in New York City following the $2.8 billion sale of the GM Building in 2008. A comparatively stable rate of work was supplied to real estate lawyers in New York due to the rekindled interest of investment sales like the Google one. The renewed sales activity in New York City hiked up 20% to $21.6 million during the first six months of the year. Moreover, Manhattan reported just over 15 million square feet of new leases for the first half of the year.
Despite this upswing, some problems are pretty inevitable. There has been an increase of disagreements between business partners, highlighted by one of the most notorious cases of 2018 when Dune Real Estate Partners and Fortress Investment Group were sued by Ian Bruce Eichner over the power of a condo tower at 45 East 22nd Street. The case ultimately settled as a result of Mr. Eichner obtaining a condo-inventory loan for $168 million. Many observe this a growing shift toward partners hashing it out. The pattern of growth and expansion persists nonetheless as exemplified by the increase in hiring among New York City’s top real estate law firms. Most if not all demonstrated maintained steady numbers, experienced some growth, or even just a little over.
At the same time, many are getting ready to grasp the significance of President Donald Trump’s tax reform plan for 2019 as well as the reception of a new attorney general taking office in New York. An entire year has elapsed since Congress unveiled its most noteworthy tax reform legislation that has been seen in thirty years. Working in conjunction with tax lawyers, the specifics are being ironed out.
The revamp of the real estate industry has revealed one of the most considerable issues - the establishment of “opportunity zones” permitting investors to postpone capital gains taxes on income until 2026 notwithstanding investing capital business and property in designated low-income communities. Up until now, the Treasury Department has not yet provided the implementation criteria, leaving many questions unanswered. Once an outline has been provided, the impact of the reforms will be more apparent.