NYREJ Publishes Year in Review, Gagliano and Nolan Profiled
New York Real Estate Journal published its annual "Year in Review" on December 18, 2018. Partners Tina Gagliano and Ed Nolan shared insights on recent deals of note and trends for 2019.
What was your most notable project, deal, transaction or professional achievement in 2018? I secured a new bank client in 2018, which was impactful because it’s not so simple getting a seat on a New York bank’s bench of counsel.
What market trend(s) will impact your industry in 2019? I think it will be interesting to see the impact of opportunity zones. There is a lot of excitement and buzz around this new development tax incentive and the recently proposed regulations and other published guidance by the Treasury Department and the Internal Revenue Service will take some uncertainty away. As a firm, we are focusing closely on opportunity zones and the market will definitely see activity in this area in 2019.
What was an unexpected event that occurred in 2018, and how did it impact your career or personal life? With all humility, I wouldn’t say it was an unexpected event, but the Firm being ranked the 6th largest real estate practice among NYC’s top law firms was significant. I practiced at Windels Marx as a young associate for two years, then left to practice at a large national law firm, and came back to the firm as partner in 2004 (internally, we refer to it as the boomerang effect). I have always known that our real estate practice is incredibly strong – not only in size and breadth, but in sophistication. I’m very proud to be a member of a mid-size firm that consistently represents key parties in transactions with the largest and most prestigious law firms in the industry.
What was your most notable project, deal, transaction or professional achievement in 2018? I represented a prominent real estate holding company in an IRC §1031 like-kind exchange, which involved: the purchase of a $10.5 million landmarked Manhattan property as a replacement property in a 1031 reverse exchange; the sale of two upper Manhattan properties for $61 million; and the execution of a forward 1031 exchange from the balance of proceeds resulting from the property sales. I worked closely with Lynn Weinig, Special Counsel, and with Suneet (Neetu) Bawa, Associate.
What market trend(s) will impact your industry in 2019? We have a large group of multi-disciplined lawyers who are focused on Opportunity Zones in 2019.
Do you have any New Year’s Resolution(s)? I’m always interested in traveling and spending more time with family and friends.
