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In this episode of Inside R&E, Benjamin M. Williams, Member and Head of the firm's Property Tax Department, invites Brett B. Theis, Member in the firm’s Litigation Department, and Neil Axler, Managing Director at EisnerAmper NY and leader of the firm’s National Real Estate Valuation Practice, to discuss appraisal methodologies, commercial lease appraisals, arbitration and property tax issues.
In this conversation, Ben, Brett, and Neil explore various appraisal methodologies and valuation approaches. Neil discusses how appraisals are handled when engaged by divorce attorneys or appointed as a neutral appraiser for both parties. He offers insights into the sales, cost, and income approaches to property valuation, explaining which method is best suited to different scenarios. Brett adds perspective on appraisals in the context of commercial lease renewals, rent resets, and baseball arbitrations, emphasizing the importance of real-world experience in determining value. The group also discusses why arbitrators are often preferred over brokers, common issues surrounding the application and violation of USPAP (Uniform Standards of Professional Appraisal Practice), and the reasons lease agreements often lack specifics on rent renewals. They explain how it’s determined whether a dispute proceeds to arbitration or trial, and share stories and lessons learned from past cases they’ve worked on.
Benjamin Williams’ practice focuses on property tax reductions and planning. He has represented thousands of clients in property tax appeals and at New York City Tax Commission hearings. He also has a depth of experience in real estate tax projections for development, acquisition, leasing, financing and budgeting. Ben’s forte is in reducing property taxes for co-ops and condos, multi-family residential, office, and retail properties. He has worked on Industrial and Commercial Abatement Program (ICAP), ICIP, 421-a, 485-x, 467-m, J-51, Not-For-Profit, Childcare Center exemption and abatement applications and projections.
Brett Theis’ clients include some of New York’s largest investment and advisory firms, publicly traded REITs, commercial landlords and management companies, shopping center owners, international pension funds, not-for-profit corporations, and families with large real estate holdings. He uses his vast knowledge of New York law and nearly 20 years of litigation experience to evaluate complicated matters and develop intelligent, cost-effective strategies to achieve his clients’ goals. Brett regularly represents his clients in high-stakes matters in all New York state and federal courts, including appellate courts, and maintains an active arbitration practice. He has first-chaired numerous jury and non-jury cases to verdict and has been equally successful winning cases on motions for summary judgment and obtaining extraordinary injunctive relief for his clients when necessary.
Neil Axler has three decades of real estate experience in valuing individual assets and portfolios of income-producing commercial and industrial properties. His diverse client base includes publicly traded and privately held companies, high-net-worth individuals, family offices, and government entities at the state, local, and federal levels. Neil oversees business development, management, and execution of real estate valuation consulting projects. With deep expertise in valuations for financial reporting, trust and estate planning, federal government agencies, tax appeals, and litigation support, Neil is also experienced in providing services for special servicers and in handling complex bankruptcy and restructuring cases.
For any questions related to this episode, contact Benjamin M. Williams at bwilliams@rosenbergestis.com or (212) 551-1246. Brett B. Theis can be reached at btheis@rosenbergestis.com or (212) 551-8494. Neil Axler can be reached at neil.axler@eisneramper.com or (917) 648-2159.
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