Real Estate Deals

Joseph Basralian and the Real Estate practice have recently been busy with a variety of real estate deals. Among them was a $23.5 million refinancing of a shopping center in Maryland in April, the sale of an 84-unit garden apartment complex in Maywood, NJ by a publicly traded company, and the preliminary and final site plan approval of an 82-unit residential building with first floor retail space in Hackensack, NJ.

Bakarich Joins Winne Banta

Peter Bakarich has joined the Tax, Trusts and Estates practice as a principal. Peter concentrates his practice in the areas of estate and trust planning; probate; wills, living trusts, powers of attorney and advance directives/living wills; estate, inheritance and gift taxes; federal and state taxation; professional corporations; and pension and profit-sharing plans.

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Winne Banta Opens New Office in Hoboken

To serve the growing needs of our clients in Hudson County, Winne Banta has opened an office in Hoboken, located at 1422 Grand Street, in the up-and-coming northwest section of the city.  This new office will allow our Gold Coast clients easier access to our services and places our firm squarely in the middle of the future development of Hoboken.

Our new office in Hoboken will allow us to service the many real estate development projects active in the area.  Our attorneys can handle all areas of real estate, from residential closings to complex commercial transactions. Our full-time residential real estate staff will ensure deals are handled in a responsive manner. Our commercial real estate staff will provide unparalleled service and competence. In addition, our Trusts and Estates Department will be able to easily serve the needs of our clients in this area — from a simple will to more complicated estate planning.

John Grey Joins Winne Banta

John Grey has joined Winne Banta’s Tax, Trusts & Estates practice as an associate.  John handles estate and gift tax planning for high net worth clients, with a concentration in business succession.

Like-Kind Exchange of Fine Art

Richard Wolloch and Jeffrey Love recently concluded a $10,200,00 reverse like-kind exchange of fine art. A major work of art was purchased by one of the firm’s high net worth clients and he then sold a number of smaller artworks to finance the earlier purchase. Like-kind exchanges of art pose many challenges that are not present in real property exchanges. Not all types of art are considered “like-kind.” Similarly, the number of pieces of art involved in trading-up to a major piece of fine art may involve a couple of dozen paintings, as was the case in this transaction. The result of this transaction was that the client was able to buy a very expensive piece of art using a short-term loan and then sell other artworks to repay the loan and, in the course of this transaction, the client was able to defer $2,856,000 in capital gains taxes, which would otherwise have been due on the sale of the relinquished artworks. (Artwork is subject to a capital gains tax rate of 28%).

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Judge Dennis Harraka

On April 25, Dennis Harraka was sworn in as Judge of the Municipal Court of the Township of Mahwah by Superior Court Assignment Judge Bonnie Mizdol. (Photo shows Judge Harraka flanked by Management Committee members Michael Stingone, Joseph Basralian, Gary Redish and Richard Kahn.)

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Building Bergen: Developer’s Summit

With over 250 attendees, “Building Bergen – Developer’s Summit,” on April 25, was once again a successful opportunity for prominent business leaders to network and gain insight into the challenges facing real estate development in Bergen County. The event was sponsored by Winne Banta, Berkshire Hathaway Abbott Realtors and Bergen Community College, Bergen Biz and the Inter Chamber Consortium also lent their resources to the successful event.

The program consisted of two panel discussions, moderated by Winne Banta’s Khoren Bandazian. The first panel of professionals highlighted the issues and challenges facing their clients on zoning applications. Joseph Basralian and Bruce Rosenberg spoke of the legal issues they frequently face. Steve Novak of Lakeland Bank discussed how a lender reviews a prospective project. Francis Reiner from DMR Architects and Michael Semeraro from Langan Engineering discussed the need for proper planning prior to submitting an application. Robert Abbott and Roger Parker of Berkshire Hathaway Abbott Realtors spoke about trends in the real estate market. Extensive discussion focused on tax and other economic incentives that can drive development in a particular area. It was clear the panel agreed that the most important steps a developer can take to ensure approval of its project are preparation and having the right team working on the application.

The second panel of developers discussed the issues they face when analyzing a potential project. Sean McGowan from Meridia Properties highlighted the continued market interest in multi-family properties. Nicholas Dinallo of Terminal Construction addressed the challenges facing the completion of projects. Christopher Minks, general counsel for Russo Development, discussed handling objectors to their applications and design and amenities that customers are seeking. Eric Rubin of Normandy Real Estate partners highlighted the changes clients are looking for in the development of new office space and the growth of “smart office” technology. George Gnad from Avison Young Capital Markets discussed what investors and lenders are seeking in the review of project investment decisions.

Building Bergen is a continuing series developed by Winne Banta and Berkshire Hathaway Abbott Realtors to highlight and discuss the challenges facing the business and real estate community in Bergen County.  With the additional sponsorship and participation of Bergen Community College, together with Bergen Biz, the event has grown into an anticipated forum where local business and real estate decisions-makers come together to tackle issues facing them all, which making new business contacts.

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New Jersey Super Lawyers

Three Winne Banta attorneys — Richard Kahn, Kenneth Lehn and Thomas McConnell — have been selected for inclusion in New Jersey Super Lawyers 2017.  Richard is noted for his work in Real Estate, Kenneth in Business Litigation, Employment & Labor and Franchise/Dealership and Thomas in Family Law and  General Litigation.  In addition, Allison Lee has been included on the list of New Jersey Super Lawyers – Rising Stars.

Kahns Honored

The Solomon Schechter Day School of Bergen County will honor Rhonda and Richard Kahn as outstanding champions of Jewish Education at its 43rd Annual Community Celebration, April 12.