BACC Holds Round Table Discussion for Lithuanian Real Estate Development Association (LNTPA)
On November 7th, 2018, Lithuanian real estate professionals, part of the Lithuanian Real Estate Development Association (LNTPA), participated in a round table discussion. The LNTPA’s goal for the discussion was to meet with U.S. Real Estate market professionals to learn about the market, reglations and networking for possible future collaborations. The event, planned by the Baltic American Chamber of Commerce (BACC) alongside the Consulate General of Lithuania in New York, involved the Lithuanian Trade Delegation, a number of real estate lawyers from multiple law firms, architects, real estate developers, among other professionals from the real estate sector. Sujata Yalamanchili, Esq., Partner, Hodgson Russ LLP introduced Lithuanians to the attractiveness of investing in American real estate property, federal, state and local laws’ influence on real estate development i.e. tax incentives and environmental laws, financing options: bank financing, CMBS lenders, non-bank institutional lenders and mezzanine financing and key trends. Michael E. Lubin, Partner at Watson Farley & Williams gave insight on joint ventures, and how local communities impact real estate projects. Elliot S. Matz, former COO at Brooklyn Navy Yar and BACC Board Director touched upon the history and development of the Brooklyn Navy Yard. LNTPA Director Mindaugas Statulevicius brought up the case of communities stepping in and preventing real estate expansions in Lithuania, particularly capital city Vilnius, and received advice from NY real estate experts on how similar issues are addressed in the United States. Knowledgeable participants shared excellent points to consider in regards to this topic, such as getting support from local representatives, the Mayor, and staff people or those who work for politicians, to help with revising building projects so that issues with communities are minimized and knowing the local zoning laws/codes of a community in question. The round table discussion was moderated by Viktor Sidabras, Advisor for Foreign and Security Affairs for the Foreign Minister of Lithuania and BACC Board Director. The BACC assembled this discussion to encourage international development between Lithuania and the United States.