Marks Paneth Real Estate Perspectives Summer 2019

Real Estate Perspectives


Welcome More than halfway through a year that has been marked by sweeping changes to our industry as a whole, New York real estate professionals are experiencing some of the most dramatic changes of all. On June 14, the state Legislature passed the “Housing Stability and Tenant Protection Act of 2019,” bringing about some of the biggest reform to rent regulations our industry has ever seen. In this issue of Real Estate Perspectives , we take a closer look at what those changes mean for New York’s landlords and property owners. We also address the impact of the recent Climate Mobilization Act, which aims to reduce New York City’s greenhouse gas emissions by more than 80% over the next 30 years. With all of this breaking news, we’re still continuing to monitor the federal Oppor- tunity Zones tax incentive program as it develops, along with updates such as the new lease accounting rules, which have now been deferred one year for private companies. By the time I sit down to write my next message, we’ll be looking ahead at 2020 and what the new year will bring, and so far, the only thing I know for sure is that the professionals in our Real Estate Group will continue to be there for you with knowl- edge and advice every step of the way.


2 Who are the Real Winners and Losers of the REFORMED RENT REGULATION LAWS ? Abe Schlisselfeld and Maya Khan 5 What Building Owners Need to Know About the CLIMATE MOBILIZATION ACT Deana Wetzel 8 How the NEW LEASE ACCOUNTING RULES Affect Landlords and Tenants Adeline Lee and Mark Cuccia 11 DEFEASANCE DEDUCTIBILITY in Commercial Real Estate Eduard Suleymanov 14 VALUATION DISCOUNTS Applicable to Real Estate Holding Companies (Part 2) Angela Sadang



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