506 Carnegie Center, Suite 400
Princeton, NJ 08540
(1 of 5 offices in New Jersey, with 10 other offices internationally)
www.withum.com
Partner, Real Estate Services Practice Leader
AT A GLANCE
Year founded: 1974
Number of accountants involved in commercial real estate in New Jersey: 22 (70 internationally)
Areas of expertise in real estate: Practice areas – Advisory, tax and audit | Technical – cost segregation, 1031 exchanges, opportunity zones, tax credits, cost certifications, acquisitions, dispositions, restructuring, CAM services, leases
Partner, Real Estate Services Team Leader, Tax Services
OUR CLIENTS
Withum’s real estate client base consists of entrepreneurial, growth-oriented owners and developers. They maintain 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 and work 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.
Partner, Real Estate Services Team Leader, Audit Services
ON THE HORIZON
As tax compliance and attest services become more commoditized, we developed services that enhance our client’s real estate businesses and differentiate ourselves as providers to the industry. Digital transformation and cybersecurity are high priorities. The real estate industry is not typically known for its speed when it comes to change, but we are poised and ready for our clients when they choose to make the leap.
Partner, Real Estate Services Team Leader, Affordable Housing
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. Our firm can offer large-firm resources with a personalized level of service that positions us as valuable business partners.
Manager, Real Estate Services Team Leader, Advisory Services
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 $6.5M 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 $3M. With careful planning, the landlord was able to defer the $1.2M 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.
