Statement of Qualification
- 1. All Rights of Use and Reproduction Reserved Copyright © 2017 Marks Paneth LLP REAL ESTATE GROUP STATEMENT OF QUALIFICATIONS
- 3. • Founded in 1907 • Ranked 30th nationally • Top 10 ranking in the Mid-Atlantic Region • Offices in New York, New Jersey, Pennsylvania and Washington DC Top 3 Practice Areas • Real Estate • Tax • Nonprofit, Government & Healthcare Other Notables • Over 100 Years of Experience in Real Estate working with developers, management companies and families • Best Possible Ratings (Public Company Accounting Oversight Board and Peer Review Ratings) • Ranked as one of the Top 3 Forensic Accounting Firms for 6 consecutive years MARKS PANETH LLP SNAPSHOT Real Estate Services | markspaneth.com 3
- 4. FIRM RANKINGS Real Estate Services | markspaneth.com 4 Key and notes: Last year's rankings have been revised based on 2015 revenue provided by firms. Some firms' rankings will therefore differ from those reported last year. * Firm estimate § Gross revenue NA Not available or not applicable 1 Revenue and total staff for PwC are from firm reports for North America; partner figures are firm-supplied and are U.S.-only; other figures are AT estimates based on reported data. 2 Firm reports business offices, not every physical location. 3 For its fee split, RSM US reported both rounded percentages (given here) and exact dollars amounts (given in Databank on page 8). 4 Total personnel includes professionals in Grant Thornton’s Shared Services Center in Bangalore, India. 5 CLA does not have a headquarters location – there is no single place from which the firm is controlled or directed. Individual teams/offices are empowered to make decisions as much as possible. 6 Office figures are for CBIZ; MHM has 31 offices. 7 All figures based on fiscal 2016 and 2015; may differ from calendar-year data from earlier Top 100 reports. 8 Changed name from WeiserMazars (#S039100) Reprinted with permission.© 2017 SourceMedia Inc. and Accounting Today. All rights reserved. SourceMedia, One State Street Plaza, New York, N.Y. 10004. For more information about reprints from Accounting Today, visit PARS International Corp. at www.SourceMediaReprints.com. This PDF is authorized for electronic distribution and limited print distribution through April 12, 2018
- 5. FIRM RANKINGS FOR THE FULL LIST OF TOP 25 ACCOUNTING FIRMS OR ANY CRAIN’S LIST, GO TO WWW.CRAINSNEWYORK.COM/ LISTS Reprinted with permission from Crain's New York Business. © 2016 Crain Communications Inc. All rights reserved. Further duplication without permission is prohibited. Visit www.crainsnewyork.com. #NB16041 Real Estate Services | markspaneth.com 5 SEPTEMBER 26 - OCTOBER 2, 2016 New York area includes New York City and Nassau, Suffolk andWestchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. Crain's New York Business uses staff research, extensive surveys and the most current references available to produce its lists, but there is no guarantee that the listings are complete. To qualify for this list, firms must have an office in the New York area. In case of a tie in the number of NY area professionals, firms are listed alphabetically. n/d-Not disclosed. 1-Full-time and full-time-equivalent, as of July 31, 2014. 2-Firmwide gross revenue. Revenue figures for firms with fiscal years ending in May through December are for the year ended in 2013, and revenue figures for firms with fiscal years ending in January through April are for the year ended in 2014, unless otherwise noted. 3-Fiscal year ends June 30. 4-Fiscal year ends Sept. 30. 5-Fiscal year ends May 31. Data is based on Crain's estimates. 6- Excludes 2,408 professionals in Parsippany, N.J., Stamford, Conn., andWilton, Conn., who are part of Deloitte's New York metro practice. 7-Fiscal year ends Jan. 31. 8-Fiscal year ends July 31. Firm did not respond to this year's survey. Some data are based on Crain's research. 9-Includes 50 professionals outside of audit/accounting, tax and management advisory. 10- Fiscal year ends June 30. All figures for firmwide revenue and head count are for Sept. 30. 11-Fiscal year ends April 30. 12-Net revenue. 13- Fiscal year ends Aug. 31. 14-Fiscal year ends March 31. 15-Fiscal year ends May 31. Holtz Rubenstein Reminick merged with Baker Tilly Virchow Krause in June 2013. 16-CBIZ and Mayer HoffmanMcCann (MHM) are associated through an alternative-practice structure.MHMis an independent CPA firm. 17-Prager & Fenton andMetis Group merged on Jan. 1, 2013. 18- 2014 revenue. 19-Merging with Baker Tilly Virchow Krause in October 2014. 20-Chief executive and managing partner. 21-New York City office partner-in- charge. Research: Suzanne Panara and Nicholas Wells
- 6. Real Estate Services | markspaneth.com 6 • The real estate industry has been a core focus of our practice for more than 100 years, giving us the depth and breadth of industry knowledge and experience required to provide a broad spectrum of advisory, tax, auditing and compliance services to the most demanding clients. • We are proud to be trusted advisors for many of the most prominent commercial and residential real estate families, owners, builders, developers and investors. We Are Trusted Advisors Gotham Commercial Real Estate Monitor Three times a year, Marks Paneth fields a survey of commercial real estate professionals in the New York City market. This research provides an insightful snapshot of what’s top-of- mind for owners and managers of commercial property, commercial real estate brokers and agents, attorneys, accountants and other professionals specializing in the sector. The findings garner attention from top US and international media. To participate and receive the results before they are released publically, send an email to marketing@markspaneth.com. To read the latest results, visit our Firm and Services page and click on Real Estate. REAL ESTATE GROUP
- 7. WHAT WE DO Real Estate Services | markspaneth.com 7 Tax Advisory and Tax Compliance Services • Core return preparation and compliance • Planning, structuring and advising • State and local consulting • Business incentive and credit negotiations • Due diligence on capital market transactions • Advisory with and implementation of new Treasury Regulations • Guidance satisfying quarterly and annual REIT compliance tests • Like kind exchange analysis under IRC 1031 • International structuring • Estate and gift planning • Litigation support • Tax controversy, dispute and audit assistance • Cost segregation studies Accounting and Auditing Services • Delivery of audited, reviewed and compiled financial statements • Attestation and special-purpose reports • Operating and/or escalation audits • Forecasts, projections and budgets • Certiorari reports • GAAP and GAAS consulting • Cost certifications • Tax credit audits • Fraud investigation and litigation support • Government auditing standards consulting • SEC Reporting • Appraisal services • Technology consulting • Assistance going public
- 8. WHAT WE DO Real Estate Services | markspaneth.com 8 Restructuring and Debt Workout Services • Evaluate viability of operations • Prepare financial projections • Cash flow management and modeling • Assess the financial feasibility of plans • Due diligence • Debt forgiveness and restructuring • Financial reporting • Facilitation of bank financing Affordable and Low-Income Housing Services • HCCP Certified Group of professionals • Application pre-scoring to optimize the likelihood of obtaining tax credits • Preparation and review of tax credit applications • 95-5 Certification • HUD financial statement and compliance audits • Cost certification and advice on refinancing • Certification for carryover allocation • Mark-to-market accounting
- 9. WHAT WE DO Real Estate Services | markspaneth.com 9 Foreign Desk Services • Global tax structuring and planning • Business plan development and modeling • Advisory with and coordination of EB-5 investments • Evaluate alternative investment markets • Transfer pricing and operating model creation • Assistance with financial reporting • Business and financial instrument valuations • Participation in contract negotiations • Assistance with raising capital and private placements • Convert foreign filings for use in US private placements • Assistance with the SEC registration process Lease Audit and Lease Administration Services • Revenue maximization and recovery • Audit contingent rent calculations • Lease compliance reviews • Participate in settlement negotiations • Lease abstraction and data validation • Lease structuring and review • Acquisition due diligence • Litigation support • Review of cash flow models • Lease administration, including best practices and process re-engineering • Review of internally prepared contingent rent calculations including CAM, operating and real estate escalation pools
- 10. Real Estate Services I markspaneth.com 10 SOME OF OUR CLIENTS
- 11. HERE’S WHAT OUR CLIENTS ARE SAYING ABOUT US Real Estate Services | markspaneth.com 11 “In launching a first-of-its-kind infrastructure REIT with utility assets, we turned to Marks Paneth to establish compliance policies and processes to address new capitalization regulations. The REIT experience and industry connections they brought to the table gave us great confidence in rolling out our compliance practices.” – Greg Imhoff, InfraREIT, Inc. Real Estate Services | markspaneth.com 11 “We have used Marks Paneth for our accounting needs since the company was founded in 2003. They consistently deliver quality audits at affordable pricing and have trained our staff to prepare the majority of our financial statements, which saves both time and money. Over the years, we’ve had many intricate situations arise and Marks Paneth is always accessible, even on short notice to answer critical questions for us.” – Richard Mandel , President, Ramsfield Hospitality Finance, LLC “Marks Paneth is a valued member of our team – we’ve been using them for tax advisory, core compliance and assurance projects for over 30 years. Their client service is consistently outstanding and their technical knowledge and understanding of our industry is second to none.” – Marc Nachwalter, Controller, The Winter Organization “We have been in the real estate business for three generations and Marks Paneth has been with us for over 60 years. They have helped us with sound, timely advice and have helped us avoid some major pitfalls. They are knowledgeable, honest and always available. In the rapidly changing world, we know Marks Paneth is on the cutting edge of the real estate industry and appreciate having them on our side.” – Harvey & Martin Kalt, Harvey Kalt & Son “As a client of the Marks Paneth for over 30 years I have benefited from their support and wisdom in building my business. I can’t think of another firm I would rather be with and look forward to our relationship continuing with my children.” – Jon Estreich, Founder, Estreich & Company “Our firm represented a client in a complicated lease dispute and I needed an accountant as an expert witness who understood and could explain complex lease accounting concepts to a judge. Marks Paneth had exactly the skills and knowledge I needed. They were able to reduce complex accounting principles to their essential elements and their thorough analysis and knowledge of commercial leases allowed us to prevail in the litigation. They have continued to assist the client with lease-related issues.” – Jason Shaw, Esq., Partner Whiteman, Osterman & Hanna LLP
- 12. Real Estate Services | markspaneth.com 14 REAL ESTATE GROUP PARTNERS William Jennings PARTNER-IN-CHARGE wjennings@markspaneth.com 212-503-8958 Tim Andrews tandrews@markspaneth.com 212-503-6398 Vincent Barra vbarra@markspaneth.com 212-503-6385 Alan Blecher ablecher@markspaneth.com 212-201-3197 Lawrence Cohen lcohen@markspaneth.com 212-503-8855 Marc Despagni mdespagni@markspaneth.com 516-992-5726 Brad Eckstein beckstein@markspaneth.com 516-992-5880 Isidor Hefter Ihefter@markspaneth.com 212-324-7076 Michael Hurwitz mhurwitz@markspaneth.com 212-201-2230 Joseph Klein jklein@markspaneth.com 212-201-3220 Dov Klein dklein@markspaneth.com 212-324-7073
- 13. Real Estate Services | markspaneth.com 14 REAL ESTATE GROUP PARTNERS Andrew Kubrick akubrick@markspaneth.com 516-992-5877 Vivian Martinez vmartinez@markspaneth.com 516-992-5776 Avery E. Neumark aneumark@markspaneth.com 212-324-7085 Michael Saul msaul@markspaneth.com 516-992-5804 Abe Schlisselfeld aschlisselfeld@markspaneth.com 212-201-3159 Neil A. Sonenberg nsonenberg@markspaneth.com 212.324.7070 Mendy Schmookler mschmookler@markspaneth.com 212.201.3098 Michael Siino msiino@markspaneth.com 212-503-6230 Howard Warshaw hwarshaw@markspaneth.com 212-710-1673
- 14. Real Estate Services | markspaneth.com 14 Marks Paneth LLP provides public and private businesses with a full range of auditing, accounting, tax, consulting, trade remediation and valuation services, as well as litigation and corporate financial advisory services to domestic and international clients. We also specialize in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit and medical practice clients. We have a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle. Our subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, our membership in Morison International, a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the US and around the world. MARKS PANETH LLP Who We Are
- 15. WE ARE COMMITTED TO YOUR SUCCESS Our priority is to help you make smart decisions at every turn.