Real Estate Archives - Wiss & Company, LLP

Real Estate in the Rear View + Outlook for 2022

Written on February 10, 2022. Posted in Construction, Real Estate.

2021 was the first full year that the global economy cycled through the pandemic. What were the predictions going into 2021 and where did we actually end up? Here we take a look at how the real estate and construction industries fared last year and where they’re headed in 2022. Economic Recovery 2021 Prediction: ?-Shaped 2021 Reality: K-Shaped 2022 Outlook: K-shape will continue As 2020 wound down and economists and prognosticators put 2021 in their sights, there were plenty...

Wiss Welcomes Neidich & Co.

Written on January 4, 2022. Posted in Real Estate.

We are excited to announce that Neidich and Company has joined Wiss, effective January 1, 2022. Neidich is based in Mountainside NJ, where its office will continue to remain open. Neidich is a leading accounting firm in NJ serving privately owned real estate companies. Founded in the 1950s by Sid Neidich, the firm is currently led by Charles Tarlowe who became Managing Partner in 2021 after the passing of his partner, Michael Beck. Like Wiss, Neidich prioritizes meaningful relationships...

Wiss Helps You Run Your Business With an Eye on the Future

Written on November 30, 2021. Posted in Real Estate, State & Local Tax Services, Tax.

By Eliezer Gross, CPA Wiss is a full‐service accounting firm that provides more than annual tax compliance or updates on the latest tax law changes. Our clients frequently seek guidance during every stage of their business: startup, growth phase, succession planning, and exit. Here’s how Wiss has solved some of the challenges our clients face in the real estate industry. The Challenge: Real Estate Acquisition Clients in the growth stage of their business who make real estate acquisitions...

The Benefits of Automated Cashflow Reporting

Written on August 18, 2021. Posted in Real Estate.

By Travis Miskowitz, Director, CFO Advisory Protecting data integrity while leveraging data for strategic insights and decision‐making Imagine that you’re the head of a real estate company that has 90 bank accounts. You want to know the details of your cashflow, so you request that someone from the accounting team update you on the activity and cash balances twice a day. The employee spends his entire week doing this manually — checking each of the 90 accounts and transferring...

How Proposed Tax Law Changes Will Disrupt the Real Estate Industry

Written on August 12, 2021. Posted in Real Estate, Tax, Tax Alerts.

By Alexander J. Narcise, Partner-in-Charge, Real Estate & Construction Services The American Families Plan, which the White House describes as “once‐in‐a‐generation” legislation, is designed to help families cover basic expenses such as health care, education, and childcare. The plan, announced in March, includes about $1 trillion in investments and $800 billion in tax cuts over ten years, paid for in part by higher taxes on those making $400,000 or more per year. The...

A New World in Real Estate: PropTech and Big Data

Written on June 8, 2021. Posted in Real Estate.

By Brian Burte, Manager To succeed in this digital era, companies of all kinds must be firmly grounded in technology. That’s as true for us at Wiss as it is for our clients in a range of industries, including real estate. And while real estate has traditionally been slow to adopt new technology, that is changing fast. Our real estate clients are using technology to automate many business functions, such as accounting, HR, and payroll. And they are using digital tools to...

Do You Qualify for the New Jersey PILOT Program?

Written on October 26, 2020. Posted in Real Estate.

By Alexander J. Narcise and Michael Kroll Under New Jersey’s Payment In Lieu of Taxes (“PILOT”) program (N.J.S.A. 40A:20-1), many distressed areas of the state are seeing a resurgence. The PILOT program allows municipalities to exempt developers from full property taxes for a set period of time when making improvements to existing buildings or creating new projects in areas in need of redevelopment, aiming to encourage commercial, residential, and industrial development. Developers...

Loan Modifications and Options

Written on March 30, 2020. Posted in Real Estate.

By Tricia Meola With the effects COVID-19 has created for the US, federal, state and local governments are working hard to respond to the growing public health threats – but what about the financial uncertainties? As unemployment rates rise and millions of Americans continue to file for unemployment benefits, many are faced with the inability to satisfy their mortgage obligations and are aware of their options. Know your mortgage The most important place to begin is to be acquainted...

Anticipating COVID-19 Impact on Commercial Real Estate

Written on March 30, 2020. Posted in General Business, Real Estate.

By Russell L. Faye With the global pandemic caused by the COVID-19, the commercial office market has felt an immediate impact. For commercial real estate professionals, please consider the following as you navigate through these challenging times: Be prepared for enhanced cleaning for an extended period. Government officials have suggested enhanced cleaning procedures and measures and building operators across the county have quickly implemented these enhanced measures. Consider...

A Breakdown of the Opportunity Zones Program as the Deadline for Investment Nears

Written on December 5, 2019. Posted in Real Estate.

Interview with Alex Narcise and Stephanie Hughes The Opportunity Zones program, created by the 2017 Tax Cuts and Jobs Act, offers private equity firms, family offices, and asset managers the chance to make an investment with up to 100% exemption of capital gains taxes. The deadline, however, is fast approaching: December 31, 2019. In this post, we’ll provide a breakdown of the program, as well as lay out the possible advantages and disadvantages of investment. Let’s dive in. What...

Finding Tax Advantages in Opportunity Zones

Written on June 19, 2018. Posted in Real Estate.

By Michael Kroll, CPA The Tax Cuts and Jobs Acts has been a popular topic this year where the focus has been mainly on tax cuts. However, there is a lot more to the new tax law than just tax cuts. There are new provisions providing significant tax benefits for investments in so-called Opportunity Zones and below are the details you need to know. Distressed Area Investment The idea behind the Opportunity Zones program is to create tax incentives for investments targeted at some...

Tax Reform Manifesto for the Real Estate Industry – Part 3

Written on February 5, 2018. Posted in Real Estate.

This posting is a part of a 3-part series. The full article will be available in the coming weeks. Click here to read Part 1. By Alexander J. Narcise, CPA and contributions from the entire real estate accounting services team: Michael Kroll, CPA Steve Warholak, CPA Michael Bodrato, CPA Kyle Pennacchia, CPA James Jenco, CPA Ken Trainor, CPA Phil London, CPA Chris Gati, CPA Charlie Komack, CPA The Internal Revenue Code has historically provided many planning opportunities for real...

Tax Reform Manifesto for the Real Estate Industry

Written on January 18, 2018. Posted in Real Estate.

This posting is a part of a 3-part series. The full article will be available in thecoming weeks. By Alexander J. Narcise, CPA, with contributions from the entire Wiss Real Estate Team: Michael Kroll, CPA Steve Warholak, CPA Michael Bodrato, CPA Kyle Pennacchia, CPA James Jenco, CPA Ken Trainor, CPA Phil London, CPA Chris Gati, CPA Charlie Komack, CPA My take on this whole thing: The Internal Revenue Code has historically provided many planning opportunities for real estate investors...

Real Estate Crowdfunding: Is this Option the Right Choice for Your Business?

Written on April 11, 2017. Posted in Real Estate.

By Darin Valentine Until recently, developers seeking financing for a hotel, office building, or other project had two primary options to obtain most of the funding for their project: Take out an interest-bearing loan, or find a large investor willing to fund the project in exchange for significant equity. But in 2012, a new law opened the door to another source of real estate financing — crowdfunding. Real estate crowdfunding allows developers to tap into a larger pool of investors,...

The Maturing Cybersecurity Dangers in Commercial Real Estate

Written on March 14, 2017. Posted in Real Estate.

By Alexander J. Narcise and Robert Risk The real estate world has become increasingly exposed to cyber-attacks given the increase in the amount of multi-family properties that have been developed over the last few years. Developers who were never before in the multi-family market are now collecting personal data from thousands of individuals. Even commercial properties possess very private tenant financial information that could cause harm if penetrated, and regular insurance alone...

New Jersey ERG Program can Prove Lucrative for Qualifying Redevelopment Projects

Written on August 2, 2016. Posted in Real Estate.

By Alex Narcise and Darin Valentine Updated 7/30/2019. Residential and commercial developers are constantly in need of funding and many qualifying New Jersey developers have taken advantage of a program offered by the New Jersey Economic Development Authority (NJEDA). If you’re considering undertaking a redevelopment project in a qualifying economic and redevelopment, and grant incentive area in New Jersey, a program offered by the NJEDA could generate a significant amount of cash...

Know Your NYC Zoning Regulations to Discover the Value of Your Property

Written on March 22, 2016. Posted in Real Estate.

By Kyle Pennacchia If you’re a property owner in New York City, knowing your local zoning regulations and how it applies to your property is extremely important. People often think that only developers need a good working knowledge of the regulations, but that’s simply not true. Even if you purchased (as opposed to constructed) your current building and have no inclination to undergo construction or alterations of any kind, knowledge of the regulations can pay off if you are ever...

The “Sexy” Career Path of Real Estate Accounting

Written on December 14, 2015. Posted in Real Estate.

By Wiss Associate I got into the field of real estate accounting for one good reason: I was majoring in accounting at Rutgers-Newark, working nights at a warehouse and looking for a part-time job that would let me use more of what I was learning at school. The first offer I got was for an internship with a real estate accounting firm. That turned into my first career job out of college and that’s what I’ve been doing for the last 15 years. If you’re just starting out and exploring...

How to Tell Which New York City Apartments are Rent Regulated

Written on November 24, 2015. Posted in Real Estate.

By Kyle Pennacchia More than 56 percent of New York City residents are burdened by spending more than one-third of their income on rent and utilities according to a recent New York City Housing and Vacancy Survey. The challenge current landlords and city officials face is making the rental market within the city limits profitable, while also keeping rental rates affordable and readily available for all New York City residents. Owning a residential building in New York City can be...

The 45L Energy Efficient Home Tax Credit and How to Take Advantage it

Written on September 15, 2015. Posted in Real Estate.

When and why residential real estate developers should consider it By Alexander Narcise The Federal Section 45L Energy Efficient Home Tax Credit is relatively new and little known, but those who take advantage of it can reap substantial benefits. Here are two examples of 45L tax outcomes: After due diligence, a housing developer in Connecticut received a tax credit of $2,000 for each of its 144 units. A 296-unit development in New Jersey is in the process of receiving a $592,000...

A Cost Segregation Study May Save you Thousands on your Commercial Real Estate

Written on August 18, 2015. Posted in Real Estate.

By James Jenco If you own virtually any kind of new construction or existing commercial real estate — housing, retail, industrial, institutional, health care, etc. — you may be able to realize tax and cash flow benefits that can come from conducting a cost segregation study. As an owner, you are already taking advantage of depreciation for tax purposes. For instance, if you own a $10 million building, you can depreciate that asset and take an annual federal tax deduction of that...

Finding the Right IT Tool for Real Estate Management

Written on March 24, 2015. Posted in Real Estate.

By Alexander J. Narcise If you own a real estate investment or property management firm and are reluctant to take on the time-consuming hassle of running a financial report, it’s time to upgrade your accounting software system. Off-the-shelf accounting software systems don’t know your business. They don’t speak your language. They can’t respond to requests for construction project accounting or help you manage leases, issue tenant arrears reports or run a partner distribution schedule....