Page 14 - RE-NJ

David Wolfe Co-managing partner
OUR CLIENTS
S&W represents commercial, multifamily, industrial, hotel and hospitality taxpayers in property tax-related matters. Our clients include virtually all categories of property owners, including developers, management companies, financial institutions, REITs, retail companies, hospitals, universities, religious institutions and private equity firms.
S&W has an extensive transactional and capital markets practice in which we provide property tax underwriting and due diligence. As such, S&W provides tax counsel to institutional and private investors and commercial brokers for the majority of significant market transactions in New Jersey.
ON THE HORIZON
Municipal-wide revaluations are coming to several of New Jersey’s largest commercial property markets. Commercial real estate owners in Morristown, Newark, East Orange, Roseland and Orange should be preparing now for the upcoming revaluations. In light of the perceived strength in the commercial real estate sector, these owners are at risk of significant increases in their property taxes. Skoloff & Wolfe is actively working with our clients in these municipalities. Property owners must be proactive in the upcoming revaluations to ensure they do not forfeit their rights to appeal and to minimize their ultimate tax burdens. Oftentimes, taxpayers seek
our assistance after they have already lost the right to appeal. Property owners in these municipalities, and any others undergoing revaluations, should review this issue now with their legal counsel.
Another looming threat is the possibility of a municipality- initiated increase case. As municipalities focus their attention on their largest taxpayers, S&W is helping
these clients defend increase appeals. We are currently defending increase appeals filed against more than $500 million of assessments.
Commercial and institutional property owners trust S&W to defend their interests in these matters given their complexity and the firm’s extensive trial, Appellate and Supreme Court experience.
TRANSACTION SPOTLIGHT
Skoloff & Wolfe represented a New Jersey-based developer following its acquisition of a significant life science corporate campus in New Jersey. S&W successfully negotiated a speedy resolution of the matter and
achieved an assessment reduction that positioned the property favorably to execute our client’s investment and development thesis. The multiyear settlement resulted in a reduction in the assessment of more than $150 million dollars and achieved in excess of $10 million dollars in tax savings. The settlement was also structured to maintain a positive working relationship with the municipality.
293 Eisenhower Pkwy. Livingston, NJ 07039
AT A GLANCE
YEAR FOUNDED: 1961
NUMBER OF ATTORNEYS INVOLVED IN PROPERTY TAX APPEALS IN NEW JERSEY: 7
OTHER AREAS OF EXPERTISE IN COMMERCIAL REAL ESTATE:
Skoloff & Wolfe (S&W) performs leading-edge tax projections and due diligence, represents nonprofits in tax exemption matters and guides clients in negotiating long-term abatement agreements.
14