For the purposes of the qualified business income deduction (QBID), the Internal Revenue Code and proposed regulations issued in August did not make clear if rental real estate is a trade or business and, therefore, whether it qualifies for the QBID. Now, the Internal Revenue Service has provided some guidance, by issuing Notice 2019-07. The notice indicates that certain rental real estate enterprises will qualify as a trade or business for the purposes of the QBID.
As an attorney who focuses on construction issues, I see mechanic’s liens being filed nearly every day for labor and materials used on construction projects, which have not been paid for by the property owner. Labor and materials for constructing or renovating a building or even a condominium unit are pretty straight forward.
Brooklyn, NY According to John Horowitz, first vice president – regional manager of Marcus & Millichap’s Brooklyn office, the firm closed four sales totaling $12.98 million. The deals include the following:
Manhattan, NY The tri-state investment sales group for Avison Young has completed the sale of 356 Bowery, a mixed-use building located on the west side of Bowery between Great Jones and East Fourth streets in the NoHo neighborhood. The property sold for $8.9 million.
Bronx, NY NCV Capital Partners (NCV) in partnership with Mount Hope Housing Company, Lemor Development Group (LDG), the NYC Department of Housing Preservation and Development (HPD), and the Community Preservation Corp. (CPC) closed a $100 million transaction to preserve a 515-unit, 13-building portfolio in the Mount Hope section (Mount Hope Renaissance). National Standard Abstract concluded its banner year by providing the title insurance for the Mount Hope project.
Manhattan, NY CBRE has completed the sale of Zero Bond St., also known as 670-674 Broadway, a five-story, mixed-use NoHo property. A private European investor purchased the 70,000 s/f building, which sits on the corner of Broadway and Bond St., for $130.5 million.
Manhattan, NY According to RFR Realty LLC, London-based AlphaSights, Inc. has renewed and extended its lease by an additional 17,690 s/f for a total of 63,832 s/f at 350 Madison Ave., a 25-story, 400,000 s/f office tower in Midtown’s Grand Central district at the corner of Madison Ave. and 45th St. Additionally, Burford Capital LLC, a leading global finance firm focused on law, signed a new 10-year, 19,516 s/f lease at the office tower. The leases total 83,348 s/f.
Bronx, NY According to Savanna and Hornig Capital Partners, owners of the Bruckner Building at 2417 Third Ave. in the Mott Haven neighborhood, catering company Great Performances has secured a 40,841 s/f, 20-year lease in the newly renovated property. Great Performances is moving to the Bruckner Building from their current location at 304 Hudson St. in Hudson Sq., and will occupy the first and third floors after moving into the space this summer.
Manhattan, NY According to Newmark Knight Frank (NKF), co-working concept Knotel has leased the entire second floor at 36 West 14th St., owned by The New School. The company will occupy 36,500 s/f with a dedicated street entrance from West 14th St. between Fifth and Sixth Aves.
Manhattan, NY According to Fisher Brothers, Wellspring Capital Management has signed a new 15-year, 14,698 s/f lease to occupy the entire penthouse floor at 605 Third Ave., its 1.1 million s/f office tower in Midtown.