Brad Cronin: Where are we now, where are we headed and where are the opportunities?

The market slowdown has forced owners to examine and alter their current operations in order to increase efficiency. A few purchases at hefty prices have sparked optimism, however most of these transactions have been limited to premier class "A" properties. There remains a large class of owners searching for effective measures to reduce operational costs. Recent grievance filings indicate that property tax proceedings are a high priority for owners. Due to their symbiotic relationship, municipalities recognize that they must cut back as well. Local governments have made difficult cuts, reducing staff and budgets. On the statewide level, the property tax cap has been touted as a necessary measure in the current economic climate. As we move forward, both owners and taxing authorities must continue to lower costs so that they may not only survive this tumultuous time, but also develop a framework within which sustainable growth can occur. Brad Cronin. Esq. is with Cronin Cronin and Harris P.C., Mineola, N.Y.