14A — June 12 - 25, 2020 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
EW YORK, NY — CoreNet Global NYC (CoreNet) hosted a vir- During virtual webinar: CoreNet Plugged In CORENET NYC discusses impact of augmented reality on the real estate industry N
or, most importantly, identifi - cation or exchange completion periods that ended before April 1 or pending exchange periods that end after July 15. In ad- dition, this Notice is different frommany previous IRS Disas- ter Relief Notices and does not provide clear answers to other deadline related issues. This Notice does not refer- ence Section 17 of Revenue Procedure 2018-58, which pro - vides an extension of 120 days or until the date specified in the Notice, whichever is later. It is uncertain and not clear in Notice 2020-23 if the 120-day deadline extension provided in previous IRS Disaster Relief Notices applies. Finally, some real estate investors were seeking IRS extensions of dates falling after the date of the FEMA and Staf- ford Act declaration on March 13, 2020. Other investors were hoping for a deadline extension to apply from the date of the FEMA disaster declaration on January 20, 2020. At this point in time, taxpayers should make decisions based only upon known IRS guidance. It is unknown whether ad- ditional guidance will be re- leased by the IRS addressing these and other uncertain issues. Every investor should consult with their own legal and/or tax advisors regarding the tax consequences of any specific 1031 exchange trans - action. Scott R. Saunders is sr. vice president at Asset Preservation, Inc. MAREJ continued from page 2A IRS notice extends 1031 . . . of fact, not a matter of predic- tion.” Their message was that the industry needs to be better prepared for the impact of this rapidly developing technology. CoreNet Global NYC Chap- ter’s mission is to advance innovation and professional development for the corporate real estate sector, and to serve as a thought leader and forum for current industry issues. The organization’s more than 1,000 members represent corporate end-users and service provid- ers from New York’s largest publicly held companies at the forefront of real estate planning, development and innovation, in- cluding Fortune 500 companies generating over $1 billion in annual revenue. MAREJ
how it affects tenant and land- lords, and how the technology is being utilized and developed across the industry. For most of the industry, this is unchartered water. Focusing on the recent ad- vancements in AR and VR technology, Mandt and Whitt demonstrated how AR will change the way people approach work, the logistics and legalities of virtual spaces, who owns AR rights, who profits from them, and what corporations can do to protect and manage the virtual space attached to their physical properties in a largely
unregulated environment. They demonstrated examples both in New York and around the world to highlight a trend that has gone largely unnoticed in the real estate world. In the process, they revealed both the cyber security, brand dilution issues and legal ramifications that should concern tenants, as well as the potential financial benefits for landlords and ten - ants, and the players that will seek to control the sector as the technology develops. The roll- out of 5G technology will be an instant enabler for these new technologies
“Years ago, I am sure, when the first person came up with air rights above a building, everyone said, ‘You’re crazy. You can’t sell the air above the building,’” and now, of course, air rights are something that we all commonly talk about,” said Whitt. “So think of AR rights like air rights. You can sell them separately, and bifurcate them from the property.” “It is easy to dismiss it and say that it will never happen, that it feels like something out of Back To The Future or Minority Report,” said Mandt. “It already is happening. It is a matter
tual webinar, CoreNet Plugged In: Impacts of Augmented Re- ality on Real Estate, on April 29. Featuring Layer Group Partner Neil Mandt and Col- liers International president of Real Estate Management Services Karen Whitt , and moderated by Marcus Rayner, Colliers International New York vice chairman, the event revealed the growing trend of Augmented Reality (AR) in the real estate sector, including the issue of who owns AR rights,
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