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Posted: December 20, 2016
2016 Year in Review: Fred Berk, Friedman LLP
Fred Berk, Friedman LLPName & Title: Fred Berk, Co-Chair of the Real Estate Group
Company Name: Friedman LLP
What was your most notable project, deal, transaction or professional achievement in 2016?
In light of the Trump presidency, tax law is uncertain. No one knows for sure what Trump will ultimately be able to accomplish. Although he has made general comments, the devil is in the details.
What project, transaction, market trend or product had the greatest impact on your industry this year?
There is continued uncertainty around the extension of the 421a exemption program, which expired in January. 421a provided a tax abatement to developers who created a certain percentage of affordable units in new buildings. Negotiations continue between REBNY, Cuomo, developers, and the unions. No new agreement has been reached, although it’s been reported that the parties involved have been close to an agreement several times. This has a huge impact on development. With the high price of land and construction in NYC, it’s often too expensive to build without a tax abatement program.
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