12A — August 26 - September 15, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
Ideal offers pre-development marketing and branding
LLEN TWP., PA — Gov. Wolf helps na- tion’s biggest FedEx At the 260-acre site along Willowbrook Rd. in Allen Twp. The Rockefeller Grp. breaks ground on 1.1 million s/f facility A
placement in service by the taxpayer is dependent on the placement in service of another component they are functionally interdependent. Amounts are treated as being paid for an improvement to a building if they improve any of the building’s systems (each of which is a separate UoP) or the building structure, which in- cludes parts of a building such as walls, partitions, floors, ceilings, and other components relating to the operation or maintenance of the building. Once the taxpayer has de- fined the UoP, the next step is to analyze whether any improvements made resulted in a betterment, restoration or adaptation. A betterment ame- liorates a pre-existing mate- rial condition or defect, results in a material addition to the UoP, or a material increase in the capacity, productivity, strength, efficiency or quality or output of the UoP. A restoration results in the rebuilding of the UoP to a like-new condition after the expiration of the property’s class life. It can be a replace- ment of a major component or a substantial structural part of the UoP including a com- ponent deducted because of a loss or restoration of damage when the taxpayer has prop- erly taken a basis adjustment as a result of a casualty loss or casualty event. A restoration also may be an activity that returns the UoP to its ordinary efficient operating condition after the property has dete- riorated to a state of disrepair and was no longer functional for its intended use. Finally, amounts paid to adapt a UoP to a new or dif- ferent use must be capitalized. The firmwas founded in 2007 by Scepanovic and her partner Erik Serras, who identified a need to build a technologically innovative infrastructure for sales and rentals in key Brook- lyn neighborhoods. BROOKLYN, NY — Alek- sandra Scepanov i c i s managing director of Ideal Properties Gr o up . A full-service firm, Ideal o f f er s pre - development ma r k e t i n g and brand- ing as well as residential, commercial, office and retail services. Aleksandra Scepanovic
When adopting the regula- tions in 2014, taxpayers in general were granted permis- sion to “scrub” depreciation schedules with the purpose of reviewing items that were previously capitalized to de- termine if when utilizing the regulations those items would have been deducted as repairs. Taxpayers were also supposed to review repairs deducted previously to determine if they would have been capitalized if the new rules had been in effect at the time. There are certain elections that can be made that do not require the filing of a form to change the accounting meth- od. These elections are made when filing the requisite tax returns. One main election is the safe harbor for materials and supplies. Any material or supply purchased for a cost of less than $200 may be cur- rently deducted. In addition, there is a safe harbor allowing for higher cost items to be con- sidered materials or supplies. If you have audited financial statements you can adopt a written accounting policy at the beginning of the year to ex- pense property costing $5,000 or less. Without audited finan- cials, your safe harbor account- ing policy is limited to $2,500. This election, made annually, requires that all qualified ma- terials or supplies be deducted rather than capitalized. These amounts are safe harbors. It is possible for a taxpayer to use a higher amount in its ac- counting policy if justifiable, but such higher amount will not have the protection of the safe harbor. Andrew Cohen, JD, LLM and Michael J. Green- wald, MPPM, CPA, Partner Friedman LLP. n Scepanovic is responsible for business development at Ideal. Since founding the company, she has helped develop its foundation and technological edge, set its mission and imple- ment a clear vision. Today, Scepanovic continues to formu- late Ideal’s strategy, identifies and monitors the markets, works at upholding the com- pany’s values, oversees hiring and marketing, and assists her partner in setting Ideal’s direc- tion and building its culture by creating an exciting and supportive environment for brokers to work. Earlier in her career, Scepa- novic worked as an editor and media analyst in her home country of Serbia. n
plant break ground for FedEx Ground’s new 1.1 million s/f regional distribution facility at the 260-acre site along Wil- lowbrook Rd. in Allen Twp. While FedEx Ground will lead the development of the distribution hub, The Rock- efeller Group and FedEx Ground will jointly spearhead roadway improvements in the immediate area to accommo- date increased vehicle traffic. “After years of remarkable collaboration between the many public and private par- ties involved, we’re thrilled to move ahead with this project and look forward to seeing all of our efforts come to frui- tion,” said ClarkMachemer , senior vice president and regional development officer for The Rockefeller Group’s closed the sale of The Monarch, a 316-unit, class A, luxury apartment community located across fromMetLife Stadium in the heart of the Meadowlands. HFF marketed the property exclusively on behalf of the seller, a partnership between a New Jersey-based developer and an institutional owner. The purchaser of the property was a private group. The Monarch is situated on 15.8 acres at 100-120 Schindler in East Rutherford, NJ. The six-story property is just off Route 3 near the New Jersey Turnpike/Interstate 95 exit within minutes of Rte.17 and 21 and the Garden State Parkway, providing access around the State of
1.1 million s/f regional distribution facility
New Jersey/Pennsylvania operations. “FedEx Ground is arguably the largest and most significant player in global logistics, and its presence in the Lehigh Valley will spur substantial job creation and economic development for the region.” “Following nearly four years of planning and presentations to the elected and appointed New Jersey and into Manhat- tan. Completed in 2014, the 97-percent-leased property encompasses 316 units aver- aging 922 s/f each with best- in-class features, including large kitchens with stainless steel appliances and quartz breakfast bars, hardwood flooring, nine-foot ceilings, oversized windows, abundant closet space and in-unit wash- ers and dryers. Community amenities include an outdoor swimming pool with sun- deck, two outdoor courtyards with firepits and grilling sta- tions, fitness center with yoga studio, lounge with bar and gaming area, children’s play room, business center, on-site sundries store, covered park- ing and two-story lobby with Greysteel clients and building new relationships with owners and developers through the Greysteel Debt and Structured Finance platform,” he added. “We warmly welcome Bren- dan to Greysteel’s Debt and Structured Finance practice,” said Greysteel cofounder, Ari Firoozabadi . “His established track record and reputation in the industry make him an ideal addition to our firm. I believe his depth of experience will greatly augment our forward momen- tum in serving our clients in structured transactions,” he added. Greysteel has arranged $10
officials of Allen Twp., we are finally here today to recognize and welcome FedEx Ground to our community,” said Ilene Eckhart, Allen Twp. man- ager. “The process, which resulted in the hub project breaking ground today, was pursued with utmost integri- ty and generous consideration for the improvement of Allen Twp. infrastructure needs.” n 24/7 concierge. Additionally, the property offers residents shuttle service to Secaucus Junction, which provides train service into Manhattan and the surrounding area. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , manag- ing director Kevin O’Hearn , directors Stephen Simonelli and Michael Oliver and asso- ciate director Robert Borny . “The Monarch is a very vis- ible, high-quality multi-hous- ing asset in the Meadowlands, which is one of Northern New Jersey’s most active markets,” according to Cruz. “The quick lease-up of this property is evidence of the strength of the submarket.” n
continued from page 2A Late adoption of the tangible property . . .
HFF closes same-day sale of two NJ . . . continued from FC-A
WASHINGTON, DC — Brendan Scanlon has joined Greysteel as a senior director within the Debt and Structured Finance division. Scanlon is charged with arranging debt and institutional jointventure equity for income-producing real estate and development projects. Scanlon joins Greysteel with nearly 15 years of commercial real estate experience, the last 10 of which were spent at North- Marq Capital. “I am very pleased to join the smart, high-energy team that defines Greysteel,” said Scan- lon. “I look forward to servicing the capital needs of existing million in agency financing for the refinance of Rollingcrest Commons, an age-restricted af- fordable multifamily property on a ground lease located in Hyatts- ville, MD on behalf of Chillum Heights Elderly Housing LP. The 10-year, non-recourse Fannie Mae loan, provided by a DUS lender, features a competi- tive fixed-rate of 3.83% and a 35-year amortization schedule. This transaction was negotiated by Greysteel director, Mark Bittenbender , and senior finance associate, Brittany Wismer , who are both based in the Company’s Washington, D.C. office. n Scanlon joins Greysteel as sr. director of debt & structured finance
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