YuhTyng Patka, Chair of A&S’ NYC Real Estate Tax and Incentives Practice, is featured in The Real Deal article, “New hope for the NYC’s struggling C-PACE program,” published on July 16th. Reporter Emily Davis highlights New York City’s C-PACE (Commercial Property Assessed Clean Energy) program, which offers developers and owners low-rate financing for green building upgrades through a tax assessment. The NYC program, which has existed since 2019, has had very few loan projects due to long-standing restrictive guidelines. However, changes appear to be on the horizon that may prove beneficial to real estate investors and developers. As Tyng is quoted in the article, “[The city] was originally the hottest ticket in town when it came to C-PACE, because of the potential opportunities. Think of the size of the loan that would be needed to renovate and restore and build new here. Everyone was super excited, but it’s been five years, half a decade, and we’ve only had three loans.” Read the article here: https://lnkd.in/g6S-5yrn #CPACE #CRE #NYrealestate
Adler & Stachenfeld LLP
Law Practice
New York, NY 1,947 followers
The Pure Play in Real Estate Law®
About us
Adler & Stachenfeld has determined to focus all of the Firm’s practices around our core expertise in real estate. Notably, we now have roughly 50 full-time real estate lawyers, which enable us to take pride in the fact that we now have one of the largest and most diverse real estate practices in New York City. Additionally, we have strong practices in litigation, tax, corporate, bankruptcy, and not-for-profit. We enhance all of these practice areas through the adjunct of the powerful Pure Play Real Estate practice. Our values and hedgehog principle are what makes us “us” and distinguishes us from other law firms. The Adler & Stachenfeld Hedgehog is a reminder to ourselves and to our clients that our firm has been successful because we genuinely care about our clients, attorneys, and administrative staff. We are committed to helping our clients build and protect their businesses. We believe that our clients simply love to have lawyers who not only do excellent legal work, but also work to help them build their businesses. This includes making critical connections, thinking of critical insights, and truly adding value to them in their most important goal; namely, being successful in the business world. On the litigation side, this means a commitment to not only winning litigation when it occurs, but also working with our clients to ensure that litigation does not occur in the first place, or if it does, our clients are well protected from adverse outcomes. Our mission is to “attract, train and retain talent”. We can only succeed if we attract talented lawyers to the Firm, train these lawyers exceptionally well, and make the Firm a place where these lawyers are happy and do not want to leave. We know that if we do this, then these lawyers will treat our clients exceptionally well. Discover more about A&S by visiting our website at www.adstach.com.
- Website
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https://www.adstach.com/
External link for Adler & Stachenfeld LLP
- Industry
- Law Practice
- Company size
- 51-200 employees
- Headquarters
- New York, NY
- Type
- Partnership
- Founded
- 1997
- Specialties
- real estate law, tax law, litigation, corporate law, bankruptcy law, tax exempt organizations law, and opportunity zones
Locations
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Primary
555 Madison Avenue
6th Floor
New York, NY 10022, US
Employees at Adler & Stachenfeld LLP
Updates
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Mitchell Snow, co-chair of A&S' Tax Practice, co-authored the final edits for the 2024 edition of the Real Estate Investment Trusts treatise, published by Thomson Reuters. Some highlights of the tax portion of the treatise are: • The Inflation Reduction Act of 2022 includes new Code Section 6418, which allows REITs to benefit from energy-related tax credits. Historically, energy-related tax credits did not generate qualifying REIT income, and the assets used to generate such credits were not qualifying REIT assets. Due to these limitations, many REITs owned solar panels through TRSs, which result in corporate taxes on such income. The IRA makes it easier for a REIT to overcome these limitations. Specifically, the IRA allows REITs to sell certain energy tax credits to unrelated taxpayers for cash, and the cash received is not treated as gross income to the REIT. Assuming the REIT does not sell the electricity to a third party, the REIT would not be treated as having any income from the energy-producing facility. This does not solve the asset test, but that generally is less difficult to satisfy. Additionally, the sale of such credits is not “prohibited transactions” under Code Section 857 that is otherwise subject to a 100% penalty tax. • Generally, gain or loss of a non-US investor from the disposition of US real property is subject to US tax. Sale of domestically controlled REIT stock (stock more than 50% owned by US persons) avoids this tax. In late 2022, proposed regulations were issued limiting the ability of certain REITs indirectly owned by non-US investors to achieve tax treatment as a domestically controlled REIT, by looking through domestic blocker corporations. Final regulations were issued in 2024 that grandfather pre-existing REITs, and that mitigate somewhat this look-through rule by only looking through corporations more than 50% owned by non-US investors. • Many REIT-related private letter rulings are summarized into an easy-to-digest format. The 2024 edition will be available to the public later this year. #REIT #realestatelaw #CRE
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ICYMI: Join our partner, YuhTyng Patka, NYC Tax & Incentives Chair, and Alexander Leonard, Labor & Employment Chair at Golenbock Eiseman Assor Bell & Peskoe LLP on July 31st for a very informative and lively discussion on the new 485 tax exemption program and the new construction wage requirements. Register today! https://lnkd.in/ejw8DgHc
On Wednesday, July 31st, Adler & Stachenfeld will host a lively discussion on the new 485-x tax exemption program and the new construction wage requirements. YuhTyng Patka, Adler & Stachenfeld LLP's NYC Tax & Incentives Chair, and Alexander Leonard, Golenbock Eiseman Assor Bell & Peskoe LLP's Labor & Employment Chair, will lead the discussion. For registration and further information, please visit: https://lnkd.in/g-Ehi7Rv
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Ashley Doukas, Chair of the A&S Land Use Practice, was honored to be a panelist at the Ariel Property Advisors annual CRE Internship luncheon for Chapin School students. Along with Ashley, the panel featured three other accomplished women in the real estate industry -- Ellen K. of The Albanese Organization, and Gail Mitchell Donovan and Rachel Courtney of Ariel Property Advisors. Michael Tortorici, Founding Partner of Ariel Property Advisors, among others from the firm, helped to facilitate the event. Read more here: https://lnkd.in/eRmkxaHK
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Land Use & Zoning Chair Ashley Doukas will be teaching two CLE classes at this year's DCRE Conference. On Thursday, July 25th, Ashley will be leading the CLEs, "Introduction to NYC Land Use & Zoning" and "City of Yes Zoning Changes, An Overview." To register and learn more, visit: https://lnkd.in/exFK9zg7
We are excited to announce that Ashley Doukas, Land Use and Zoning Chair at Adler & Stachenfeld LLP, will be speaking at the Diversity in Commercial Real Estate Conference on July 25-28, 2024! Register at http://dcre24.quvent.com/ #DCREC #DCRE2024 #diversitycre #diversity #dcre #diversitycrec
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Real Estate Partner Paul M. Schwartz will be a featured speaker at this year's DCRE conference. Paul and Managing Partner Terri Adler will lead the panel, "Borrower Side Construction Financing - What You Need To Know." To register and learn more, visit: https://lnkd.in/exFK9zg7
We are excited to announce that Paul M. Schwartz, Partner at Adler & Stachenfeld LLP, will be speaking at the Diversity in Commercial Real Estate Conference on July 25-28, 2024! Register at https://dcre.quvent.com/ #DCREC #DCRE2024 #diversitycre #diversity #dcre #diversitycrec
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A&S Managing Partner Terri Adler will be a featured speaker at this year's DCRE conference. On Friday, July 26th, Terri and Real Estate Partner Paul M. Schwartz will lead a high-level discussion on navigating the basics of construction financing, including the pitfalls to avoid (or mitigate) in loan documentation. To register and learn more, visit: https://lnkd.in/exFK9zg7
We are excited to announce that Terri Adler, Managing Partner at Adler & Stachenfeld LLP, will be speaking at the Diversity in Commercial Real Estate Conference on July 25-28, 2024! Register at http://dcre24.quvent.com/ #DCREC #DCRE2024 #diversitycre #diversity #dcre #diversitycrec
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In this week’s Commercial Observer, Zoe Rosenberg profiles YuhTyng Patka, A&S NYC Tax & Incentives Chair. The article details Tyng’s expertise in the niche world of New York City real estate tax law and how she’s making strides in the legal field. Read the full article to learn more about how Tyng’s is helping to guide the future development of NYC: https://lnkd.in/eVDQ_7sb #CRE #womenincre #NYC
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From all of us at Adler & Stachenfeld to all of you, Happy 4th of July! Have a safe and enjoyable day with family and friends. #IndependenceDay #IndependenceDay2024
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On Wednesday, July 31st, Adler & Stachenfeld will host a lively discussion on the new 485-x tax exemption program and the new construction wage requirements. YuhTyng Patka, Adler & Stachenfeld LLP's NYC Tax & Incentives Chair, and Alexander Leonard, Golenbock Eiseman Assor Bell & Peskoe LLP's Labor & Employment Chair, will lead the discussion. For registration and further information, please visit: https://lnkd.in/g-Ehi7Rv
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