NYDEC has successfully guided New York through the growth stages of Like-Kind Property Exchanges since the game-changing passage of the Safe Harbor Regulations in 1991. As the primary press source authenticating the legality of what was then considered to be a fringe part of the tax code, NYDEC representatives were featured on radio, TV, and leading newspapers. Hosting dozens of seminars to attorneys, accountants, financial planners, realtors, and property owners during these early years propelled NYDEC’s prominence as the “go-to” NY practitioner as a Qualified Intermediary.
Having formed thousands of relationships across the region through the successful accomplishment of real property exchanges of all types, NYDEC continues to be at the forefront of the industry. From the eligibility of CO-OPs, to air rights, to Delaware Statutory Trusts, to mineral rights, the ever-evolving field of IRC Section 1031 requires bright minds willing to invest the time necessary to listen to problems and help develop solutions. Led by professionals who stay current with changing rules governing common issues such as related party transactions, holding requirements, “boot” issues, and a host of other factors, exchangers are afforded a complete sense of comfort prior to proceeding with a transaction.
1) Protecting your money is NYDEC’s most important function. Many precautions have been instituted that together provide the most secure accounts available in the country.
2) Professional guidance before, during, and after each exchange by knowledgeable, readily accessible experts is an absolute key. Exchangers do not have to endure long wait times, answering machines, phone queues, and ultimately vague responses to specific questions. NYDEC carries a sterling reputation for being available and responsive to the needs of clients.
As the average deal size grows along with the quantity of transactions, NYDEC pledges to maintain its legacy of providing what amounts to “boutique” services to its clients. Many property exchangers have returned to NYDEC multiple times over the decades to either review past transactions, handle current ones, or plan for potential future sales.