Washington Commons Shopping Center

Robert Kleeblatt, Ian Kleeblatt and Richard Wolloch represented the contributor in a structured tax deferred transaction in which Urstadt Biddle Properties Inc. acquired an equity interest in a new entity that owns the Washington Commons Shopping Center in Dumont, NJ, a 75,000 square foot shopping center with a residential component. The attorneys were assisted by the firm’s Tax and Environmental practices.  The transaction was a tax deferred exchange under Section 721 of the Internal Revenue Code.  This alternative to a traditional 1032 exchange permits a seller to trade ownership of a property for shares in a “DownREIT” and defer recognition of gain on the transaction. For details, contact Robert Kleeblatt at 201.562.1078.