Frank Scala, CPA
Partner Neal Korenberg, CPA
Partner, Vice President and
Quality Control Director
and indirect costs and ensure
everything is covered so that the
contractor won’t be caught short.”
The firm’s professional relation-
ships with bankers, sureties and
other industry professionals, Castel-
lano says, allows the team to pro-
vide clients with another level of
service aside from general account-
ing services. Additionally, its experi-
enced professionals can help
clients take advantage of certain tax
incentives and cost saving opportu-
nities which are available only to
these specific industries. “The team
at Castellano, Korenberg & Co. un-
derstands the availability of certain
contractor tax credits to ensure
clients utilize all possible tax
savings.” Other niche services include
year-end tax planning that can in-
clude calculating contractor run-off
and the projection of overhead ex-
penses to help manage a client’s
cash flow.

All of these specialized services
and familiarity of the industry are
crucial to serving the best interests
of clients. “Construction accounting
and taxation are unique,” Castellano
says. “There are different methods
of reporting income for tax pur-
poses that are available to contrac-
tors. It is important that a CPA firm
understand the complex accounting
and tax issues required of contrac-
tors. A CPA firm that does not
focus on contractors may not fully
recognize all of the tax implications
to a construction company, or the
strategies to mitigate these taxes.”
14 – WINTER 2018 — New York Construction Report
Lisa Ricciardi, CPA
Partner He says this understanding also
stretches to include knowledge of
current and future trends. In the
current business environment,
many contractors are looking to do
bonded projects. “Maximizing
bonding capacity allows a contrac-
tor to consider large, more lucrative
projects and usually requires inde-
pendent CPA involvement.”
Banks and sureties, he says,
want to see solid earnings retained
in the business together with ample
working capital and liquidity. An
owner’s instinct might be to mini-
mize or defer profits in order to
reduce the tax burden. A knowl-
edgeable construction CPA can
work with the contractor to manage
this delicate balance.

Castellano says the firm takes
pride in the relationships it has
built. “We continue to grow with
our clients and other service profes-
sionals. They are the cornerstone to
the success of Castellano, Koren-
berg & Co.”
He says the firm is directly in-
volved in all client interactions and
engagements and keeps clients in-
formed of financial and tax law
changes as they arise.

The firm is also dedicated to its
team of professionals. “Our com-
mitment to professional growth al-
lows us to address the
ever-growing needs of today’s mar-
ketplace, sustain low employee
turn-over and more importantly,
provide our clients with uninter-
rupted professional expertise and
personalized service year after
year.” Brendan Logan, CPA
Tax Partner
Castellano, Korenberg & Co. ac-
tively donates time, money and
items to a variety of charitable or-
ganizations. Partner, Lisa Ricciardi
said, “Our firm continually gives
back to the community in many
ways. One of the organizations that
involves those who are in the con-
struction industry is Contractors for
Kids which provides financial assis-
tance to families with sick chil-
dren.” Other organizations the firm sup-
ports include The Cooley’s Anemia
Foundation, The Interfaith Nutrition
Network, Long Island Cares, Inc.,
The Mary Brennan Inn, Movember
USA, Nontraditional Employment
for Women, Wounded Warrior Proj-
ect, and Homecoming Farm.

Castellano, Korenberg & Co. is a
member of the Construction Finan-
cial Management Association
(CFMA), Regional Alliance for Small
Contractors, Long Island Contrac-
tors Associations (LICA), Long Is-
land Builders Institute (LIBI),
General Contractors Association
(GCA), Mechanical Contractors As-
sociation (MCA), New York City
Surety Association, Queens and
Bronx Building Association (QBBA),
Association of Wall Ceiling & Car-
pentry Industries of New York, Inc.

(WC&C), Subcontractors Trade As-
sociation (STA), Women’s Builders
Council, Concrete Industry Board,
as well as a number of other ac-
counting and business associa-
tions. For more information, visit
www.castellanokorenberg.com.




PROJECTS AND OPPORTUNITIES
Demolition to begin at 75
Nassau St., makes way for
ODA designed tower
Rendering of the 40-story tower at 75 Nassau
St. (ODA New York)
More than two years after Lexin
Capital filed building applications
for a tower designed by ODA New
York, the city has finally issued
demolition permits to the devel-
oper, signaling that construction is
about to begin at the 75 Nassau St.

site. The 40-story residential develop-
ment was first announced in 2014.

It was originally planned to stand
800 ft. tall but building applications
submitted in March 2015 revealed a
height reduction. Updated render-
ings showed a shorter structure,
rising to 498 ft.

To date, Lexin Capital has not
made any announcement regarding
a scheduled date of completion.

However, New York Yimby stated,
“... with demolition only just begin-
ning, a three year estimate until
opening day would not be unrea-
sonable.” With an approximate total of
229,000 ft., the building will feature
39,203 sq. ft. of commercial space
on its first four floors, and 197 resi-
dences on the remaining levels. It is
expected to have both condo-
minium and rental units, each sized
under 1,000 sq. ft.

Amenities, likewise, remain
unannounced but ODA has con-
firmed the building will have ter-
races and a roofdeck garden. On its
website, the firm stated, “... the vol-
ume edges are fragmented through
an undulation of terraces. This iden-
tifies the building among the sur-
rounding two-dimensional
envelopes and provides exterior
space unaccustomed to the Finan-
cial District’s skyscrapers.”
“A rooftop tree garden character-
izes the building’s pinnacle, capped
like a natural version of the Wool-
worth peak,” ODA stated.

The tower sits directly across
from another residential develop-
ment by Lightstone Group. Con-
crete has already been poured for
the 130 William St. Tower.

Landmarks Commission
approves Domino Sugar’s
conversion into office
development Rendering of the office space’s interior
(Practice for Architecture and Urbanism)
Landmarks Preservation Com-
mission (LPC) has approved a pro-
posal by developer Two Trees to
convert the Domino Sugar factory’s
landmarked refinery building into an
office space.

The proposal is already the sec-
ond design submitted by the devel-
oper. After scrapping the first
architect’s design despite being ap-
proved by the commission, Two
Trees tapped architect Vishaan
Chakrabarti of Practice for Architec-
ture and Urbanism.

“The new plan is better for
everyone,” said Two Trees manager
for external affairs David Lombino.

“It honors and highlights the land-
mark; provides a flexible, modern,
and totally unique office experi-
ence; and welcomes the public to
enjoy this great piece of New York’s
history.” Chakrabarti’s design calls for a
glass-encased office development
with a barrel-vaulted roof sur-
rounded by the refinery’s original
outer walls, and set back from the
brick exterior. According to the de-
veloper, this will allow the free flow
of sunlight and air between the
building’s old and modern compo-
nents. Amenities will be added, includ-
ing a courtyard and ground-floor
space for restaurants and shops.

The previous architect, whom
the developer has not revealed, de-
signed a similar structure. It also in-
volved a glass-enclosed office
space within the refinery’s existing
brick exterior but it leaned against
the brick walls.

LPC approved the first design in
2014, but Two Trees decided not to
push through with the development
for fear that it would result into a
dark space that would be unattrac-
tive to tenants.

The refinery is located in the old
Domino Sugar Factory site that Two
Trees plans to transform into a
mega-development project, includ-
ing five buildings and a park by the
East River.

Mecanoo unveils plans for
NY Public Library’s $317M
renovation Dutch architecture firm Mecanoo
has finally unveiled the $317 million
master plan it developed in collabo-
ration with local practice Beyer
Blinder Belle to renovate the New
York Public Library’s main building
at Fifth Ave. and 42nd St.

During the library’s board of
trustees meeting on Nov. 15, visu-
New York Construction Report — WINTER 2018 – 15