Allison Scollar, head of Guzov Ofsink’s real estate practice, was quoted in Real Estate Bisnow this month. She offers advice to real estate buyers about the growing number of developers going bankrupt and what to do to protect oneself.
TOUGHING OUT DEVELOPMENT
We’re seeing more holes in the ground where luxury condos or offices were supposed to break ground. Guzov Ofsink attorney Allison Scollar tells us that many developers are running out of money, and if they didn’t get the required foundations in by last June, they aren’t eligible for tax abatements. Others are having a harder time leasing because build-outs are too expensive, leaving spaces at high prices. Her advice? Be more aware of the building lot, zoning, school districts, and neighbors before any purchases, and pay more attention to the quality of construction and amenities offered. One trend she sees returning is parking (thank goodness; we’ve been circling the block for the past 15 . . . years), and as a result, more developers are offering garages.
The market is also offering plenty of opportunities from burned commercial and residential developers. Two of her clients are taking over buildings; one bought a note at $150 PSF that should have sold for $300 PSF. Allison, who was just chosen as top woman in real estate and construction for ‘09 by NY Residential magazine, comes from a family of lawyers, including her brother, cousin, father, and grandfather (family gatherings must be interesting!). No word whether her daughter, who’s currently preoccupied with “Sesame Street,” will follow.
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View LinkedIn Profile for Allison: As head of Guzov Ofsink's real estate practice, Allison Scollar handles all aspects of real estate transactions. She represents individuals as well as businesses and banks in a wide variety of real estate and corporate transactions, including the sale and acquisition of New York residential real estate, commercial financing, commercial leasing, and preparing and filing Offering Plans. Having represented many developers on commercial to residential conversions, Allison is able to guide clients every step of the way – from acquiring development sites through the Attorney General review process – to ensure proper and timely filing. She also represents individuals with purchases and sales of homes. “While clients may be new to real estate transactions, we've been through the range of them many times and can tell them what they need to do and what to expect. They can always reach us with any questions, and they find that very reassuring.” Education St. Johns Law School, J.D. New York University, B.A. Admissions State of New York U.S. Southern District of New York |
