News & Publications

In anticipation of the announcement of the $3.5 billion of New Markets Tax Credits (NMTC) allocation awards by the U.S. Department of the Treasury's Community Development Financial Institutions Fund next month, Stites & Harbison will conduct its fifth annual New Markets Tax Credits Workshop on Wednesday, February 13th. With a distinguished panel, the workshop will address: (i) the basic elements of the NMTC program; (ii) how best to position a project to receive a NMTC [...]

Pryor Cashman's nationally-recognized Real Estate Group advised on two of the largest real estate transactions completed in New York City this week. In one deal, the Group represented affiliates of Silverback Development and AEW Capital Management in connection with their acquisition and financing of the residential component of 24-16 Queens Plaza South in Long Island City. The property was purchased from Greystone Development. Wayne Heicklen, co-leader of the Real Estate Group, Partner Danielle Schechner and Associate Ari Tran advised on the transaction. [...]

Transit-oriented development is a key idea among modern urban planners, and will likely be the key that unlocks new life for Worcester's Union Station. What is it, and why will it make a difference? Transit-oriented development is, well, development that is oriented around transit hubs. To oversimplify, the concept is to make the public transportation system so integral to an area that it is easy for people to use it – easier than it is [...]