Nick Sinatra on Tax Credits for Urban Redevelopment

(Newswire.net — January 9, 2017) Pasadena, CA — As American cities continue the trend of urban redevelopment, investors and property developers seek ways to help fund building and restoration projects. Noted real estate developer and investor Nick Sinatra knows that tax credits, particularly the Federal Historic Tax Credit (HTC), have worked to encourage project development. The federal HTC is governed by the National Park Service and the IRS and is designed to assist owners of historic properties in rehabilitating those buildings. State and local historic tax credits may also be available to property owners. “The federal HTC and other historic tax credit options are a great way to stimulate redevelopment and restoration of historic buildings,” says Nick. “Throughout the Rust Belt and in other major urban areas, historic buildings wait for a new chance at life, and these programs encourage developers to revitalize those properties.”
 Nick and his company Sinatra & Company Real Estate’s subsidiary 157 Great Arrow LLC recently completed purchase of a portion of the Pierce Arrow Factory Complex in Buffalo.  The complex, consisting of the automobile factory, administrative offices, and assembly buildings, was built in 1906 and served as the headquarters for the Pierce-Arrow company until its demise in 1938 and is listed on the National Register of Historic Places. That historic designation makes it eligible for tax credits to be used toward restoring the buildings in the complex. Sinatra’s company purchased two portions of the complex for $2 million, encompassing nearly 500,000 square feet of space spread over four floors.  A small group of investors own other portions of the sprawling downtown complex. Plans are being made to restore the historic building facades while converting the buildings themselves to residential and mixed-use developments. To learn more about the property acquisition, visit https://www.buffalorising.com/2016/12/big-deal-sinatra-purchases-portions-of-pierce-arrow-complex/.

Historic tax credits like the federal HTC may save property owners significant amounts of money, with credits up to 20 percent possible. Nick Sinatra knows how important those savings can be. “Without the assistance of tax credits and other redevelopment programs, many property owners and investors may find it prohibitive to undertake restoration projects,” says Nick.  “By encouraging redevelopment in the downtown areas of Buffalo and other cities along the Eastern Seaboard, historic tax credits ultimately stimulate the local economy and lead to new jobs.”  For more information on Nick’s real estate development projects, visit https://www.linkedin.com/in/nick-sinatra-ab716453