6A — July 22 - August 18, 2022 — Tax Issues/Accounting — Financial Digest — M id A tlantic Real Estate Journal


T ax I ssues /A ccounting

American Society of Cost Segregation Professionals member Cost Recovery Solutions promotes Hazem Tawfik to senior project engineer


quisition/divestiture consult- ing. Both service offerings require extensive research to prepare the final reports that support his findings. Hazem graduated from NJIT with a degree in mechanical engineering, and became in- terested in working for CRS because, “I enjoyed the pros- pect of being challenged daily. Combining my engineering skills with learning the world of cost segregation caught my interest. I also enjoy travel- ing to different parts of the country and abroad for site visits – it helps me get away

from my desk!” “Hazem is a huge asset to the CRS team,” said manag- ing director Rob Rahner . “His enthusiasm, experience and professionalism bring so much to the table, and we are excited to see what he’ll accomplish next as he contin- ues to grow and take on more responsibilities.” One of Hazem’s ultimate ca- reer goals is to become a Certi- fied Cost Segregation Profes - sional (CCSP), the highest lev - el of professional achievement awarded by the American Society of Cost Segregation

Professionals (ASCSP). He’s currently an ASCSP member and will be eligible to become certified after seven years in the industry and complet- ing rigorous testing covering technical/engineering, legal, tax, ethical and other relevant industry issues. Looking to his future with the company, Hazem shares, “It’s great to be part of the CRS family. Starting my career here allowed me to grow into more responsibilities such as more extensive client interaction and supporting business de- velopment activities. Learning about different building types and structures is also giving me valuable skills that will help when I decide to build my own home one day. I started at CRS not knowing much about tax incentives and valuation compared to what I know now, and I still enjoy learning more every day.” MAREJ NEW YORK, NY — David Lulgjuraj, Michael Cunib - erti and James K Cole- man of Houlihan-Parnes Properties have arranged 1st mortgage financing in the amount of $1 million encumbering a property at 48 Pinehurst Ave. which is a 5-story walkup apartment building containing 20 apart- ments in the Washington Heights section of Northern Manhattan. The loan has a fixed in- terest rate of 3.875% and a 10-year term on a 30-yr amortization schedule. The loan was placed with a New York-Based Commercial Bank. Lulgjuraj, Cuniberti and Coleman have arranged a 1 st mortgage in the amount of $2.6 million encumber- ing a property located at 18 Palmer Ave. in Bronxville. The property is a mixed use three-story walkup apart- ment building containing 8 residential apartments, five retail spaces and a parking garage. The loan has a fixed inter - est rate of 3.7%- and six-year term on a 30-yr amortization schedule. The loan was placed with a New York-Based Com- mercial Bank. MAREJ Houlihan-Parnes arranges first mortgage financing for NY apt. bldg.

liability and improve ROI for clients by increasing deprecia- tion deductions on commercial building assets. His responsi- bilities include identifying all property-related costs that can be depreciated over 5, 7 and 15 years, conducting site inspec- tions, estimating asset costs and performing thorough data analysis using proprietary modeling software. He also performs tangible asset ap- praisals for various purposes such as purchase price alloca- tions, fixed asset impairment, 1031 exchanges, asset-based financing valuations and ac -

INTON FALLS, NJ — Cost Recovery So- lutions LLC (CRS) ,

a premier provider of value-added and tax-sav- ing consult- ing services for commer- cial property owners and tenants, has

promoted Hazem Tawfik to senior project engineer. In this role, Hazem performs comprehensive cost segrega- tion studies that lower tax Hazem Tawfik


• Cost Segregation • Energy Tax Services • Tangible Asset Appraisals • Fixed Asset Reviews Expert tax-saving engineering services to reduce tax liability and increase return on investment

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106 Apple Street, Suite 105 Tinton Falls, NJ 07724 732.548.3855 info@crscostseg.com Contact us for a FREE projection of benefits on specific properties or to discuss your valuation needs! • 25 years of experience • ASCSP, ASA, CFA certifications • Serving clients nationwide • A trusted partner with proven results

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