Commemorates Top Post-World War II NYC Real Estate Developments with Infographic
GARDEN CITY, NEW YORK – October 13, 2016 – In 1946, Margolin, Winer & Evens LLP (MWE) began operations in Queens, NY as an accounting and business advisory firm, and since that time has built an expertise and specialty in real estate across the Tristate area, including New York City. To commemorate the firm’s 70th anniversary, MWE has published a retrospective infographic of major post-World War II real estate developments in New York City.
MWE has identified the following seven developments as among the most notable in the city’s history since 1946:
1947 (Post-War): Development of Stuyvesant Town and Levittown open the floodgates to affordable housing in the NY metro area
1950s (Infrastructure): Expansion of the Northern and Southern State Parkways connects growing families and households to jobs in the City
1964/1968 (Recreation): The completion of Shea Stadium (now Citi Field) and Madison Square Garden reaffirm the City’s commitment to becoming an entertainment mecca
1985 (Commercial): Completion of the World Financial Center punctuates and further contributes to the rapid development of financial sector jobs
1986 (Tax Reform): The sweeping 1986 Tax Reform Act is passed nationwide, ushering in a new era for NYC developers with a simplified tax code and new incentives
2013 (Historical): The completion of the Freedom Tower marks a fresh start for the World Trade Center and Lower Manhattan
2014 (Residential): Manhattan redefines its commitment to upward residential growth with the completion of the first 1,000-foot residential building, One57 Park
“Through its 70-year history, MWE has left its mark on major developments in the city, with notable projects including advisory work on the development of the World Financial Center, One57, Harlem USA, and many other significant skyscrapers and landmarks, said MWE Managing Partner Teddy Selinger. “Moving ahead, issues such as the renovation of Penn Station, the Hudson Yards project, and the future of the 421-a tax incentive program will further shape the direction of the city’s growth.”
In a recent survey of 120 New York-based real estate executives, MWE found that the future of Real Estate development in New York City hinges on the following factors:
- Obstacles to growth: 42 percent feel land and construction costs are the biggest issues for developers to create new projects
- Affordable housing: 44 percent are in favor of 421-a as the best path forward to funding affordable housing
- Funding: 77 percent indicated that Private Equity was the alternative source of funding they would most use
MWE will explore the next wave of real estate development in an event it will host on the morning of Thursday, November 17, titled “Building the Future: The Next Generation of New York Real Estate.” The event will feature insights on how the next generation of real estate developers plan to shape the city. Featured speakers will include Jonathan Minkoff, Founder and CFO of ASH NYC, Arthur Rosenberg, Co-founder and CEO of Azure Partners LLC and David Schwartz, Co-founder and Principal of Slate Property Group.
First founded with offices in Jamaica, Queens in 1946, MWE moved to Garden City in 1966. At the time, the firm had six partners serving clients in the tri-state area. MWE now operates accounting, auditing, tax planning and advisory services in practice groups including real estate, manufacturing & distribution, construction, financial services, healthcare, professional services, retail and technology. The firm has offices in Garden City and Manhattan.
About Margolin, Winer & Evens LLP
Margolin, Winer & Evens LLP is widely recognized as one of the most respected business advisory firms in the Northeast and is consistently ranked among the top accounting firms nationwide. MWE has developed a portfolio of distinct practice groups in response to its clients’ changing needs and growth objectives and is committed to help clients meet the challenges of today’s technology-driven, global business environment. Our firm focuses on serving privately-owned, mid-sized and large businesses. Our partners have expertise in real estate and construction, hedge funds, manufacturing/distribution, healthcare, retail, technology, estate planning and all tax and accounting matters.