Summer is upon us and 2012 is shaping up to be another year of strong recovery for the commercial real estate market. The unemployment rate is moving closer to 8% and mortgage rates continue to hit record lows. Investors are still seeking yields which outweigh other alternative investments.
New York City in particular continues to attract capital from around the world. As the European debt crisis continues to impact investor confidence, the remainder of the year appears to continue on this path.
Royal Abstract has been a mainstay of the stream of commercial transactions in the tri state area as we continue to aid in the closing process to ensure the most advantageous tax structure and legal expertise.
Included in this quarterly review are some of Royal Abstract's recent noteworthy closings, news and some exciting changes taking place within the company to stay ahead of our competition so we can continue to offer a superior level of expertise and client service.
Recent Noteworthy Closings
One Soho Square
Closed a $200M acquisition and financing of two office buildings that will be combined for a collective 600,000 sq ft and be upgraded to class A space. The seller had owned the properties since the 1970's.
Highline Development
Closed a $188M bond deal under the New York State 80/20 program. Phase I will include approximately 400 units. Phase II will be developed in the near future.
Hotel Portfolios
A real estate fund purchased a portfolio of 18 hotels located in seven states for over $110M. This transaction utilized our extensive network of national affiliates as Royal coordinated all underwriting, closing documentation and funding for the properties.
West Village Redevelopment
An assemblage of properties on McDougal and 8th Street being put together for redevelopment. The main parcel of land was owned continuously by one family since the Civil War.
As part of our ongoing effort to reduce fraud and forgeries on insured transactions, linked here is an outline of the steps taken to ensure that all parties are protected in the execution of closing documents.
Revised Procedure for Short Sales and Ancient Deeds
Sales Tax:Publication 774 (2/12), Purchaser's Obligations to Pay Sales and Use Taxes Directly to the Tax Department Questions and Answers. This document explains when and how a purchaser of taxable property or services must remit sales tax directly to the Tax Department. Click here for document
Sales Tax:The State Tax commission has posted current quarterly interest rates applicable to overpayments (refunds) and underpayments (late payments and assessments) for April 1, 2012 through June 30, 2012. For sales and use tax the refund rate is 2% and for late payments the rate is 14.5%.Click here for rates
Suffolk County: The Suffolk County Legislature passed Resolution 1222-2100, increasing the Real Property Tax Service Agency verification fee from $30.00 per lot verified to $60.00 per lot. Additionally, there will no longer be a maximum fee. The increased fee is effective for all documents presented or re-presented for recording on or after April 2, 2012.
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Why Royal Abstract Is Best For Your Clients
Your client's satisfaction is our top priority. Our highly skilled staff of attorneys and title officers, with over 150 years of collective experience, have handled some of the most complex titles in the tri-state area. Their superior knowledge and attention to detail has resulted in successful and timely title issue resolutions. Every newsletter will highlight some closings that demonstrate these notable successes.
From The Desks Of
Caryn Mallin
Director, Sales & Marketing
Royal Abstract
Martin Kravet
President, Royal Abstract
Our highly knowledgeable staff of attorneys and title officers, combined with our close attention to detail and focus on customer satisfaction, separates Royal Abstract from other title insurance agents. With over 66 years in the industry, Royal Abstract continues to demonstrate its leadership in the title insurance business year after year.
