Posted Mar 1, 2019, 12:39 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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https://www.bloomberg.com/news/artic...at-needy-areas
New York, Florida Developer Taps a Tax Break Aimed at Needy Areas
By Jonathan Levin
February 28, 2019
Quote:
New York developer Michael Stern is joining in the frenzy over the latest U.S. real estate tax break, with four projects in “opportunity zones” on the East Coast.
Stern, whose JDS Development Group is also building ultra-luxury condos on Manhattan’s Billionaires’ Row, said he is investing with family offices in eligible sites in New York’s Brooklyn and Queens, and the Allapattah and Opa-Locka areas of Miami-Dade County, Florida.
...In Brooklyn, Stern is bringing opportunity zone financing into an ongoing project at 9 DeKalb Ave., where the borough’s tallest residential tower is set to rise on the former Dime Savings Bank site.
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Quote:
For his $725 million Brooklyn tower, Stern said the program created a new way to raise equity financing, which he hopes to close on in a few weeks. He said he also owns four or five other projects that happen to fall in opportunity zones, and he is analyzing how the new rules would affect those investments.
The idea that the funds could help communities could be “a sweetener for some investors,” Stern said. In Opa-Locka, where he plans improvements to a group of warehouses, about half of the population of about 15,000 lives below the poverty level, and the violent-crime rate is among the highest in the nation.
And opportunity zones could help replace EB-5, a controversial visas-for-investment program that’s fading as a fundraising tool for the real estate industry, he said.
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