Legislation has been reintroduced in the New York State Assembly (A.3009-B Part VV) and the Senate (S.2509-B Part SS) that, if enacted, will require (i) the recording of certain mezzanine debt and preferred equity investments and (ii) the payment of mortgage recording tax (MRT) on such debt or investments. The stated purpose of the legislation is to provide revenue for public and affordable housing. While it is unclear whether the legislation will be enacted, New York lenders and borrowers should be aware of the potential adverse implications.

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Photo of Glenn Newman Glenn Newman

Glenn is a shareholder at the law firm of Greenberg Traurig LLP in New York City where he handles tax planning and controversy matters involving state and local taxes including personal income tax, corporate tax, sales tax and real property transfer taxes as

Glenn is a shareholder at the law firm of Greenberg Traurig LLP in New York City where he handles tax planning and controversy matters involving state and local taxes including personal income tax, corporate tax, sales tax and real property transfer taxes as well as real estate tax and incentive programs.

Glenn’s practice includes handling audits and litigation involving income tax including residency matters, sales and use tax, hotel taxes and real estate transfer taxes in New York and other states.

Prior to re-entering private practice, Glenn was the president of the New York City Tax Commission and the NYC Tax Appeals Tribunal, the agencies that hear and determine disputes of New York City property and business income and excise taxes.

Before his nomination and confirmation to the Tax Commission, Glenn was in private practice. Previously, he was Deputy Commissioner for Audit & Enforcement at the New York City Department of Finance where he was responsible for developing policy and for the audit process. Before moving to the Finance Department, Glenn was chief of the Tax and Bankruptcy Division in the Office of the Corporation Counsel of the City of New York where he drafted legislation and regulations and litigated matters involving both New York City and State taxes in administrative proceedings and in the courts. He also handled scores of cases involving City taxes in federal courts including the U.S. Bankruptcy Courts.

Glenn was chair of the State and Local Tax Committee of the Association of the Bar of the City of New York (1999-2001). He wrote a regular column on New York tax appeals for the New York Law Journal (1996-2002) and is a co-author of the New York Sales Tax Portfolio published by the Bureau of National Affairs. He is active in the State & Local Tax Committee of the American Bar Association as well as the New York State and New York City Bar Associations state and local tax committees; he is also on the Board of the Real Estate Tax Review Bar Association in New York City.

He was honored as a recipient of the “Tax Judge of the Year” in 2007 awarded by the National Conference of State Tax Judges of which he was later the Chair.

Glenn received his J.D degree from Fordham Law School and undergraduate degree from SUNY Albany.

Photo of Stephen L. Rabinowitz Stephen L. Rabinowitz

Stephen L. Rabinowitz is Co-Chair of the firm’s Global Real Estate Practice and Chair of the New York Real Estate Practice. He serves as an adviser to a wide variety of private equity funds, asset managers, developers, and institutional and entrepreneurial investors and…

Stephen L. Rabinowitz is Co-Chair of the firm’s Global Real Estate Practice and Chair of the New York Real Estate Practice. He serves as an adviser to a wide variety of private equity funds, asset managers, developers, and institutional and entrepreneurial investors and operators in the acquisition, financing, development, sale and leasing of all classes of commercial properties including multi-family, office, hospitality, and condominium properties. A significant portion of his practice is devoted to venture formation and engineering sophisticated capital structures.

Photo of Kristen J. Lonergan Kristen J. Lonergan

Kristen J. Lonergan is Co-Chair of the firm’s New York Real Estate Practice. She provides counsel to REITs, investment funds, developers, lenders and other clients on the acquisition, development, financing and disposition of multi-family, office, hotel and other types of properties throughout New…

Kristen J. Lonergan is Co-Chair of the firm’s New York Real Estate Practice. She provides counsel to REITs, investment funds, developers, lenders and other clients on the acquisition, development, financing and disposition of multi-family, office, hotel and other types of properties throughout New York and the rest of the country.

Photo of Howard S. Schochet Howard S. Schochet

Howard S. Schochet is Co-Chair of the firm’s New York Real Estate Practice. Howard focuses his practice on commercial real estate and has national experience in sales and acquisitions, securitized financings, mortgage and mezzanine financings, joint ventures, sale-leaseback transactions and loan participations.

Photo of Ivy J. Lapides Ivy J. Lapides

Ivy J. Lapides focuses her practice primarily on federal, state and local tax issues involving joint ventures and individual planning.