Our real estate clients include commercial building owners, operators and developers, apartment building operators, building maintenance service companies, co-op and condominium boards, and Common Interest Realty Associations (CIRA). We are listed in the “Cooperator,” New York’s premier publication for co-op and condominium owners, as one of the top ten accounting firms offering services to the New York City residential real estate community. We are also members of the Real Estate Board of New York and the Building Owners and Managers Association.
We have particular expertise in the analysis of lease escalation and labor/electrical escalations and in real estate reduction analysis (certiorari). Our efforts in these areas have resulted in our clients receiving significant savings.
Our services for the commercial real estate industry include the preparation of financial statements, tax planning and projections, analysis and assistance in negotiating purchases and development of properties, as well as refinancing.
Our work for cooperatives and condominiums includes reviewing managing agent statements and invoices, preparation of financial statements, certiorari reports and tax returns. We also compare vendor pricing to ascertain that entities are receiving the best value.
Your company’s real estate holdings are a big capital investment. RSSM’s engineering-based cost segregation studies help accelerate income tax depreciation deductions, generating significant cash-flow savings from your property.
Real estate cost segregation generates cash tax savings by identifying shorter-lived assets qualifying for 5-, 7- or 15-year write-off periods. These costs are typically imbedded in a building’s construction or acquisition costs and depreciated over 39 years.
RSSM can mine these buried tax savings from:
- New buildings presently under construction
- Existing buildings undergoing renovation, remodeling, restoration or expansion
- Purchases of existing properties
- Office/facility leasehold improvements and “fit-outs”
- Post-1986 real estate construction, building acquisition or improvements where no cost segregation study was performed (even though the statute of limitations previously closed on the property construction/acquisition year).