Partner Ronald Kremnitzer, Co-Chair of Pryor Cashman’s Real Estate Group, was interviewed for the Law360, December 6, 2012, article “Real Estate Deals Pile Up as ‘Fiscal Cliff’ Looms Near.” The article discusses property owners and developers who are rushing to complete sales by the end of the year in anticipation of the "fiscal cliff," making December a busy month for real estate attorneys. At the same time, many believe the unique circumstances also introduce the possibility of lawsuits in the new year if deals fall through.

While December is often a busy month for deals in many asset classes, this year is shaping up to be particularly packed for real estate attorneys as clients who may have been holding on to properties for the right time to sell seek to beat the potential spike in capital gains and other taxes. Kremnitzer told Law360 that for some clients, it makes the most sense to simply pay the tax on the sale now, since deferring will almost certainly mean a higher tax rate in the end. He further predicted, should Congress fall off the fiscal cliff, the market could see more 1031s and refinancings in lieu of sales.

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