On your next visit in Manhattan, go to the corner of Seventh Avenue and Christopher Street. You’ll be standing on the smallest piece of property in New York City. Hess Triangle is a tiny sliver of real estate in the shape of a triangle, measuring just 25.5 inches at the base and 27.5 inches on … Continue Reading
Property owners, lien-holders and community development organizations in Pennsylvania, take note. Governor Corbett recently signed House Bill No. 1363 amending the act of November 26, 2008 (P.L.1672, No.135), also known as the Abandoned and Blighted Property Conservatorship Act. Depending on your viewpoint, the amendment gives much needed teeth to a tool for combating blight, or … Continue Reading
Part 5 of a series on creative Real Estate financing. A developer financing method returns – IRS provides clarity on the use of historical rehabilitation tax credits Using Crowdfunding to finance real estate projects Using New Market Tax Credits to finance projects Let the Purchaser do the Financing E5-B visas are another growing source of liquidity … Continue Reading
Part of a series on creative Real Estate financing. Using New Market Tax Credits to finance projects Let the Purchaser do the Financing Although the economy is showing signs of recovery in fits and starts, the traditional commercial real estate lending market is still tight for many developers. A number of non-traditional, non-bank financing sources … Continue Reading
The Garden State is forging ahead with rebuilding efforts after Superstorm Sandy devastated the Jersey Shore last October. One of the largest proposed projects is a $3 billion dune-replenishment project set to start May 1. This proposed coastal protection system would create 22-foot-tall dunes along the coast, forming a natural barrier against storms to protect … Continue Reading
Last week, two more federal district courts dismissed suits seeking to collect transfer real estate taxes from Fannie Mae, Freddie Mac, and their conservator, the Federal Housing Finance Agency. Counties in New Jersey and Maryland had brought class action suits, arguing the government-backed mortgage guarantors failed to pay state and local real estate transfer taxes … Continue Reading
With cash-strapped states and counties feeling increasing budgetary pressure, lawsuits seeking to collect real estate transfer taxes from Fannie Mae and Freddie Mac are popping up all over the nation. In the wake of the economic downturn, Fannie Mae and Freddie Mac have acquired vast portfolios of properties. It’s no wonder states have their eyes … Continue Reading
