Rosenberg & Estis Forms Tax Incentives and Affordable Housing Dept.
Daniel M. Bernstein will head the new department at the New York City-based real estate law firm.
NEW YORK CITY—Rosenberg & Estis has established a tax incentives and affordable housing department. The New York-based law firm has promoted Daniel M. Bernstein, from Of Counsel to member to head the new department that will work with clients on both residential and commercial properties. This announcement follows the firm’s recent creation of a property tax department, a construction department and a co-op/condominium department.
The firm’s tax incentive services include obtaining and maintaining property tax exemptions and abatements (new and former 421-a, ICAP/ICIP, 420-c, 420-a, J-51 and Article XI) and reductions in payments-in-lieu of taxes.
The lawyers advise on affordable housing services including qualifying for finance programs, property tax exemptions, abatements, voluntary and mandatory inclusionary housing programs and zoning benefits programs. The department will also provide due diligence reviews for prospective lenders and purchasers of property, either completed or under construction, that are seeking tax exemptions or abatements, or that are subject to regulatory agreements involving affordability requirements.
Rosenberg & Estis attorneys were among the first in New York to represent clients seeking benefits under the new 421-a(16) program. This has included compliance with the new 421-a(16) program’s construction wage requirements. The firm also assists clients combining benefits from the 421-a(16) program and the inclusionary housing program. This has enabled developers to secure property tax exemptions and additional development rights with the same affordable units.
“The tax incentives and affordable housing department is critical to clients who are developing, acquiring or financing a property in New York City,” says Luise A. Barrack, managing member at Rosenberg & Estis.
“The firm’s collective knowledge and experience on these matters is an asset to our clients,” adds Bernstein.
Prior to joining Rosenberg & Estis, Bernstein served as counsel at Venable, and had been a partner at the law firm of Seiden & Schein. He received his JD from Benjamin N. Cardozo School of Law and his bachelor’s degree cum laude from Carleton College.