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Articles in the Opinion Category

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[27 Feb 2015 | No Comment | ]

By Steve Spinola
New York City is always improving upon itself. Whether that means developing new neighborhoods, attracting new talent, constructing more efficient buildings, or renovating existing structures, New York is and has always been leading the way when it comes to embracing the future.
Governor Cuomo recently highlighted a project that is crucial to the region’s future, the importance of redesigning La Guardia and John F. Kennedy International Airports, an investment which he said would help sustain our vital transportation and foster strategic growth in New York.
We cannot underestimate the importance of air travel. Our airports are …

REBNY Watch »

[18 Feb 2015 | No Comment | ]

By Steven Spinola
There have been a few recent calls for the elimination of the 421-a tax exemption program, an important incentive that helps create affordable housing.
Eliminating the 421-a program would render Mayor de Blasio’s efforts to greatly expand the creation of more affordable housing largely impotent. The City would see a sharp drop off in the production of new housing units; a further skewing of the residential market toward condominium rather than rental production; and an accelerated tightening of housing costs for renters and buyers alike.
The 421-a program, which was …

Opinion »

[18 Feb 2015 | No Comment | ]

By Kevin Leifer, Director, Tax and Real Estate
Gettry Marcus CPA, P.C.
Recently-issued tax regulations have revamped the rules with respect to the tax treatment of expenditures to improve, repair
and maintain real property and tangible personal property used in a trade or business.
These regulations are effective for 2014 tax returns and will affect every taxpayer that owns, leases and/or uses tangible real or personal property in its business.
The good news is that the new rules may, for many taxpayers, result in increased current deductions than did the previous rules.
The new regulations introduce …

Opinion »

[18 Feb 2015 | No Comment | ]

By Robert Jacobs, partner, Belkin Burden Wenig & Goldman
In their quest to provide what many consider the ultimate residential amenity in Manhattan, developers are seeking Central Park views for luxury buildings on streets that do not border Central Park.
One solution is to construct buildings of enormous height that merely overshadow their neighbors facing Central Park.
However, because intervening mammoth buildings could someday block these much sought-after views, developers are seeking light and air easements from buildings bordering Central Park.
A luxury co-operative building on Central Park South was recently represented by BBWG …

Opinion »

[12 Feb 2015 | No Comment | ]

By Dan deRoulet, Jr., Co-founder Knowify  LLC
Nonresidential construction spending closed out 2014 on solid footing, up nearly 6% from the prior year (https://www.census.gov/construction/c30/pdf/totsa.pdf). This increase in activity is certainly welcome news for the construction industry, but it has left many small- and medium-sized commercial subcontractors in an uncomfortably familiar place: struggling to keep up with their paperwork without losing focus on their jobsites.
While getting their work done on time, on budget, and to the standards of their clients remains every subcontractor’s top priority, the reality is that the managing the immense …

REBNY Watch »

[11 Feb 2015 | No Comment | ]

By Steven Spinola
Mayor de Blasio made both affordable and market-priced housing a focal point of his second State of the City address at Baruch College last week.
The Mayor’s call for an additional 160,000 new market-rate units, above and beyond the 200,000 affordable units the administration plans to build or preserve over the next decade, is bold and necessary to meet the housing demands of our growing population which is expected to reach nine million in the next twenty years.
To make his vision a reality, the Mayor’s plan will require new …

Opinion, Retail »

[11 Feb 2015 | No Comment | ]

By Steve Gillman,
The Shopping Center Group
While no one has a retail crystal ball, drawing upon my 25-plus years of experience on the Island, here’s what I’m thinking will shape up for 2015.
The internet will continue to impact business, eroding growth and volumes. In response, retailers will continue to shrink store footprints and depending on their situation, slow growth, or shut poor performing locations.
We’ve seen this trend before. The office supply stores, banks, and the electronic stores are all dealing with the internet challenge.
Some companies deal with the threat better …

REBNY Watch »

[4 Feb 2015 | No Comment | ]

By Steven Spinola
Every year since 1996, REBNY has presented one of its outstanding young commercial members with the Most Promising Commercial Sales Person of the Year Award.
The winner of this prestigious award receives a one-year seat on REBNY’s Board of Governors, and also becomes a lifetime member of the Circle of Winners group, which meets four times a year for a private dinner with some of the real estate industry’s top leaders.
The Most Promising Commercial Sales Person of the Year Award was created by the directors of the Board’s Commercial …

REBNY Watch »

[28 Jan 2015 | No Comment | ]

By Steve Spinola
REBNY’s Residential Sales Report, issued quarterly. presents an up-to-date and comprehensive summary of New York City’s residential sales by borough, by neighborhood and by property type. It is the only report in the city which covers all five boroughs and their many neighborhoods, and recently, our fourth quarter report for 2014 was released. This latest report wraps up what has been an impressive year for residential real estate, and illustrates positive trends which we hope to see continued in 2015.
The average sales price of cooperatives, condominiums, and one-to-three-family …

REBNY Watch »

[20 Jan 2015 | No Comment | ]

Statement of Real Estate Board of New York President Steven Spinola on receiving The Harry B. Helmsley Distinguished New Yorker Award – January 15, 2015
Thank you for this wonderful honor tonight. To receive an award in the name of Harry Helmsley is an extraordinary recognition.
To have had the privilege to represent our industry for nearly 30 years has been a continuing honor and an opportunity of a lifetime.
You have trusted me to serve as REBNY’s President and be the voice of the most important industry in our City.
I will never …

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