WEST ORANGE, NJ—Qualified Opportunity Zones in New Jersey's economically disadvantaged cities present a complex planning challenge for real estate investors, but the generous tax treatment of investments in those zones make it worth taking a look, according to real estate investment experts at the law firm of Chiesa Shahinian & Giantomasi in West Orange.
In an exclusive video interview with GlobeSt.com, firm members Francis J. Giantomasi and Sean M. Aylward say investors should start setting up Opportunity Zone Funds so they are ready to invest in real estate in the 169 zones designated by Gov. Phil Murphy last month, once rules and procedures are established. All of the zones Murphy listed were approved, and represent economically challenged areas in all 21 of New Jersey's counties, according to New Jersey Future.
“We're seeing this as a dramatic incentivization for what I'll call challenged urban development or challenged opportunities of development,” says Giantomasi. “Sean likes to say that it's a cousin of the 1031 program, and that tax deferral will incorporate tax basis additives and delaying of when the taxes are ultimately due.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
