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In the News

Jul 2019

New owner Douglas Jemal is ready to ‘de-mall’ the Boulevard Mall

The man behind the redevelopment of Seneca One tower has another major project on his hands: the overhaul of the Boulevard Mall. And he’s going it alone. Developer Douglas Jemal told The Buffalo News he has completed his $30 million purchase of the 64-acre property in Amherst. He said developer Nick Sinatra, who placed the …

Jul 2019

$30 million housing project remains divisive in Williamsville

An unusually bitter, long-running debate about a $30 million housing development continues to rile a small village best known for its Main Street commercial corridor. At its core, the conflict is about what level of development – if any – is appropriate for one of the last major sites available for new residences in Williamsville. …

Jul 2019

Co-op and Condo Tax Abatements Could Be Tied to Staff Pay

Co-ops and condominiums with non-union employees would have to pay them a prevailing wage in order to qualify for coveted tax abatements – if Governor Andrew Cuomo signs a bill recently passed by the state Legislature. In response, the Council of New York Cooperatives & Condominiums (CNYC) has mounted a call-in and letter-writing campaign, urging …

Jul 2019

421-a Tax Abatement Spared Via Revised Rent Regulation Bill

The viability of the 421-a tax abatement was up in the air last month as the New York State Senate passed sweeping reforms via a rent regulation bill which has caused quite a stir in the real estate community. After pushback from developers – including the Durst Organization, which dangled the possibility of scrapping its …

Jul 2019

State lawmaker stops Westchester, Dutchess land taxation bills, seeks statewide solution

Tax Watch columnist David McKay Wilson reviews attempts to bring equity to New York’s property tax system.  The push for tax equity in Westchester and Dutchess counties advanced last month in Albany with the state Senate passage of bills requiring New York to pay property taxes on all its property there, just as it does in Putnam and Rockland …

Jul 2019

‘Real estate meets hospitality’ at Uniland’s planned upscale co-working space

A new style of high-end coworking space is sweeping across the country, designed to provide more than just small offices, desks and some administrative support. And it could be coming to Western New York. Instead of providing a temporary open tabletop for you and your laptop, it’s more of a collaborative working community for entrepreneurs …

Jul 2019

Marquette Township deals with dark store difficulties

MARQUETTE TOWNSHIP, Mich. (WLUC) – Marquette Township Manager, Randy Girard says since 2010, the dark store issue has cost millions and millions of dollars to local governments in the state of Michigan. “When Meijer reduces their taxable value by $3 million and pays $138,000 less in taxes this year to the tax entities, they get …

Jul 2019

Why don’t owners of super-luxury apartments pay their fair share of taxes?

In January, hedge fund billionaire Kenneth C. Griffin closed on a $238 million deal for a penthouse at 220 Central Park South, the most expensive home ever sold in the United States. But in the eyes of New York City’s property tax assessors, Griffin’s roughly 24,000-square-foot apartment was valued at a mere $9.4 million. The …

Jun 2019

Following Statewide Rent Cap, Oregon Multifamily Investment Drops 38%

CoStar Market Insights: 60% of Investment Comes from In-State Buyers, Nearly Triple the Rate in 2018 In the wake of Oregon’s new statewide law capping apartment rent growth, multifamily investment – particularly from out-of-state buyers – has significantly declined. This may hold lessons for states around the country grappling with rent control measures. It’s only …

Jun 2019

How Sandra Lee may profit from lax state property assessment system in selling home

Tax Watch columnist David McKay Wilson looks at how the assessment on Sandra Lee’s home can help her sell the property she calls Lily Pond.  New York’s lax laws on real estate revaluation, which have seen scant reform under Gov. Andrew Cuomo, will benefit his partner, Sandra Lee, as she tries to sell the Westchester home they’ve …

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