December 31, 2024

NYREJ: 2024 Year in Review: Sean Cronin

What was your greatest professional accomplishment or most notable project, deal, or transaction in
2024?

Just recently we obtained an 80% reduction on a high-profile property resulting in millions of dollars of tax refunds which will assist in having the property re-developed. This past year, we have assisted numerous major new development projects that were hit hard by rising construction costs and inflation by obtaining immediate tax relief even during construction.

Most gratifying is helping a client to obtain needed tax relief in sectors or properties that are
struggling, such as office buildings or properties with significant vacancies.

What emerging trends will drive investment and development in 2025?

Re-purposing commercial real estate has become increasingly popular, driven by evolving market demands, economic pressures, and innovative development strategies. As properties transition from traditional commercial uses to residential, mixed-use, or other formats, the implications for property taxes are both complex and significant.

During this conversion process the tax assessment must be watched closely. The key date for assessment purposes is “taxable status date” each year. Even if a property is in contract to be converted to a more valuable use, until that transition occurs, the property must be valued and taxed in its condition and use as of taxable status date which typically yields lower taxes.

New York Real Estate Journal - 17 Accord Park Drive #207, Norwell MA 02061 - (781) 878-4540

Sean M. Cronin, Esq.

Sean M. Cronin is a founding partner at Cronin & Cronin Law Firm with over 20 years experience. He specializes in negotiating tax certiorari matters for prominent developers, national REITs and tenants in Nassau, Suffolk, and Westchester counties, as well as the five boroughs. He is responsible for successfully reducing the assessments, and thereby the real estate taxes, on many of the largest properties in New York State thanks to his expertise in property valuation issues and knowledge of market conditions and demographics. His clients include developers and owners of all property types, including office buildings, industrial buildings, shopping centers and retail locations, restaurants, apartment buildings and condominium complexes, golf courses and assisted living facilities. 

 

Sean is an Executive Board member and past Co-President of the Long Island Real Estate Group, a charitable organization created to support local communities.   He is an Executive Board Member of Vision Long Island which advances more livable, economically sustainable, and environmentally responsible growth on Long Island through Smart Growth.   Sean is an Advisory Board Member of the Viscardi Center and on the Board of Advisors of the Energeia Partnership. He is an active member of the Chaminade Lawyer’s Association and Real Estate Group as well as the Washington & Lee Alumni Association. 

 

Sean is featured regularly in the New York Real Estate Journal’s “Ask the Expert” section and has been quoted in various publications, including the Long Island Business News and Newsday. He has been recognized by the Long Island Business News as a “Who’s Who in Commercial Real Estate” multiple times, most recently in 2023 and by the Long Island Herald as the Top Tax Certiorari Attorney in 2023. 
 

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Our staff is knowledgeable in all areas related to property tax. We regularly consult with clients regarding purchasing a property or possible major construction by projecting future property taxes and values as well as aid in obtaining any exemptions they may be eligible for.
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