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Rebecca Machinga, CPA, CGMA
Partner, Real Estate Services Practice Leader
Jim Mulroy, CPA, PSA, CGFM, CGMA
Partner, Real Estate Services Team Leader, Affordable Housing
OUR CLIENTS
Brian Lovett, CPA, JD Partner, Real Estate Services Team Leader, Tax Services
Rebecca Makely, CPA Senior Manager, Real Estate Services Team Leader, Advisory Services
506 Carnegie Center, Suite 400 Princeton, NJ 08540
(1 of 5 offices in New Jersey,
with 20 other offices nationally and internationally)
AT A GLANCE
YEAR FOUNDED: 1974
NUMBER OF ACCOUNTANTS INVOLVED IN COMMERCIAL REAL ESTATE IN NEW JERSEY: 45 (111 TOTAL)
AREAS OF EXPERTISE IN REAL ESTATE: Practice areas — Advisory, tax and audit | Technical — cost segregation, ESG, cyber and information security, 1031 exchanges, Opportunity Zones, tax credits, cost certifications and valuations.
as providers to the industry. Digital transformation and cybersecurity are high priorities. The real estate industry is not typically quick to adopt change, but we are poised and ready for our clients when they choose to make the leap. We’ve also expanded into consulting on ESG matters.
PROJECT SPOTLIGHT
We represent a commercial landlord who custom-built a big-box commercial space to accommodate a large national retailer tenant. The tenant eventually went bankrupt, leaving the landlord with no current income and a space that was not suitable for prospective tenants without significant work. The landlord believed the property had long-term potential, but was burdened with $6.5 million of debt, an amount well in excess of its fair market value. After making the required debt service payments, it was difficult for the landlord to do extensive fit-up necessary to attract another tenant. Working closely with the landlord, we worked to structure a reacquisition of the debt instrument for $3 million. With careful planning, the landlord was
able to defer the $1.2 million of federal income tax liability associated with the cancellation, buying the landlord interest-free time to convert the property and put it back into productive use.
Alfred Erdmann, CPA, MS Partner, Real Estate Services Team Leader, Audit Services
Withum’s real estate client base consists of entrepreneurial, growth-oriented owners and developers maintaining portfolios of varying sizes in the commercial, industrial and residential markets. We serve brokers and property managers who are integral to the real estate industry, working alongside our owners and developers every day. We also work with funds and private equity groups in the real estate space, allowing us to fully serve all aspects of the industry.
OUR ADVANTAGE
In addition to our experienced real estate team and world- class client service, we spend the time to educate our clients on the “why” behind decisions made. This personalizes our service and expands our clients’ own capabilities in making decisions integral to their businesses. Withum can offer large-firm resources with a personalized level of service that positions us as valuable business partners.
ON THE HORIZON
As tax compliance and attest services become more commoditized, we developed services that enhance our clients’ real estate businesses and differentiate ourselves
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