On Tuesday, April 26, 2022, Nixon Peabody's Ruben Ravago and Laura Mehl Sugarman had an informative discussion on the benefits of leasehold condominiums, particularly for nonprofits. Not only do nonprofit tenants feel the impact of New York City's exorbitant real estate taxes through high rents, they often bear direct responsibility for pass-through real estate tax costs. Creating a leasehold condominium can provide relief, allowing an eligible organization to obtain an exemption from real estate taxes and use those dollars to fund its mission. They touched upon the leasehold condominium structure and the factors informing whether it is worthwhile for a given nonprofit. Ruben and Laura provided insights on the following related topics:
Ruben and Laura covered a lot of information in a short amount of time during this webinar. If you have any questions or would like additional details about leasehold condominiums, general real estate issues or information regarding cooperatives, be sure to reach out to them directly! We hope you will join us for future programs.