Based in Manhattan, Peter R. Friedman directs Friedman Equities, LLC, as chairman. In that role, he oversees coordinated investments and developments spanning several states. Among his representative deals, Peter R. Friedman acquired a 4.5-acre site in Stamford, Connecticut, and negotiated entitlement rights for a mixed-use development spanning in excess of 1.4 million square feet.
As reported in the Commercial Observer, last year’s federal tax reform bill contains a provision that, though not specifically focused on real estate, has created tax incentives for the redevelopment of properties in specially designated areas, or Opportunity Zones. These zones are economically underserved and overlooked, and have been identified by state governors as such. They have also been approved as eligible by the US Treasury Department.
Through the Opportunity Zones program, significant capital gains taxes can be deferred through 2026. Investments made in an Opportunity Zone, either as money within a “qualified opportunity fund” or as an individual asset, becomes fully exempt after a decade. This makes investments in redevelopment projects attractive to high-net-worth individuals seeking tax-deferred ways of reinvesting gains they have achieved on other investments.
