As seen on: NJ1015.com
By: David Matthau

The Assembly Regulatory Oversight and Reform and Federal Relations Committee could vote in the coming weeks on a proposed measure to create new liquor licenses for restaurants.

To better understand the issue, the panel has reached out to several experts for testimony, including Rutgers University finance professor Morris Davis, who is also the director of the Center for Real Estate at Rutgers.
Continue Reading Proposed NJ Liquor License Law Aims to Revitalize Downtown Areas

As seen in: NJ Municipalities Magazine
By: Melissa Orsen (Chief Executive Officer, NJEDA)

Sills Cummis & Gross was pleased to have represented the redeveloper in all aspects of this project, including the novel public incentives mentioned in the article.
Continue Reading Sills Cummis Client Lauded by CEO of NJEDA for Filling “Food Desert” in Elizabeth, NJ

As seen in: The Record

Last year, nearly a dozen bills were introduced by state legislators to address some aspect of New Jersey’s liquor laws. Most of those efforts died when the legislative session ended Tuesday. But supporters of two key proposals — one that would make it easier for small restaurants to obtain liquor licenses, and one that would allow certain supermarkets to hold more than two liquor licenses — say they plan to continue the fight this year, and they are confident about their chances.
Continue Reading Battling N.J. Liquor Laws

As seen in: NJBIZ

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Ted Zangari, chair of the real estate department at the Newark-based law firm Sills Cummis & Gross. – (PHOTO BY AARON HOUSTON)

This article discusses the possibility of changes in deferral rules regarding 1031 exchanges.  Ted Zangari stated that clients and their tax advisors want to unload now as they are not sure if the tax deferral will be around in a year. He went on to say, “…it doesn’t hurt that they’re not selling at a low point in the market – they’re selling at a relative high point in the market.”Continue Reading Real Estate Investors Wary of Tax Changes Say Limiting Section 1031 Would Slow Down Sector

On December 8 approximately 50 ICSC members attended an ICSC PAC reception at the offices of Sills Cummis & Gross at Rockefeller Center in New York City. The special guest of the evening was Congressman Joseph Crowley (D-NY), who spent the evening discussing issues facing the shopping center industry with members. The event was co-chaired by David LaRue (President & CEO of Forest City Enterprises), Adam Ifshin (President & CEO of DLC Management Corp.), and ICSC PAC Co-Chairmen, Gary Rappaport (President/CEO of The Rappaport Companies) and Brad Hutensky (Partner, Hutensky Capital Partners).  The Host Committee included Ted Zangari, Co-Chair of the Real Estate Department at Sills Cummis & Gross), who serves as North American Chair of ICSC’s Government Relations Advisory Committee, and fellow Real Estate Department Co-Chair Jeffrey Newman.Continue Reading “Top of the Rock” Holiday ICSC PAC Reception

As of  August  1, 2009…

>>> the combined* New York sales and use tax is 8.875% — 25% higher than NJ’s sales tax 

>>> the complete exemption of clothing and footwear from NYC’s 4.5% local sales tax has been eliminated to conform with NY State’s sales tax treatment of such merchandise — only clothing and footwear costing less than $110 per item or pair will be exempted from sales and use taxes; purchases of clothing or footwear costing $110 or more per item or pair in New York City are subject to the full 8.875% rate of taxContinue Reading Some good news for NJ retailers along the Hudson…

A discussion paper on potential changes to lease accounting was released in March by the U.S. Financial Accounting Standards Board and the International Accounting Standards Board. According to the discussion draft all operating leases for real estate and equipment will have to be capitalized on corporate balance sheets and rent expenses will be dramatically altered. This would effectively eliminate operating leases, significantly increase costs and reduce flexibility. Continue Reading Proposed New Accounting Rules to Eliminate Operating Leases

The recent economic tsunami has already devastated the commercial real estate sector. But another wave of bad news is about to hit owners of commercial real estate. The economic downturn has drastically reduced state tax revenues, and state officials are responding by significantly cutting state aid to municipalities and school districts. Why is this bad for property owners? Because local governments will be unable to compensate for the cuts in state aid simply by making commensurate cuts in expenses (many of which are fixed costs such as debt service and binding labor agreements) – they will be forced to increase local property taxes to make up for budgetary shortfalls.

Real estate taxes are often overlooked by building owners in their search for budget items that can be reduced in order to soften the blow of vacancies or to lower operating costs as they attempt to attract new tenants and retain existing ones. Tenants, who typically reimburse their landlords for a share of real estate taxes, overlook this potential area for savings even more frequently – by failing to compel their landlords (through enforcement of lease provisions or simple persuasion) to consider a tax appeal. Yet, a review of the local tax assessment process may well reveal that an owner and, in turn, its tenants are paying more than their fair share of the municipal budget. This is especially true in the current depressed real estate market because many municipalities last conducted a revaluation or reassessment in the real estate boom of the last decade, and, as a result, the current assessment of many commercial properties is based on bloated values of yesteryear that no longer reflect market value.

Not only could a successful tax appeal mean tax savings for 2008, it could also mean a smaller tax obligation in future years.Continue Reading Tax Appeals: An Effective Way to Soften the Blow of Vacancies (and Cut Operating Costs for Those Tenants Still in Possession!)