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Steven P. Polivy

Chair, Economic Development & Incentives Practice
666 Fifth Avenue
20th Floor
New York, NY 10103

Steve Polivy serves as chair of Akerman's Economic Development & Incentives Practice. He represents developers, international investors, Fortune 500 companies, and other real estate end-users in securing crucial government incentives and tax benefits for major urban redevelopment and corporate relocation projects.

He helps clients obtain funding through federal programs such as the EB-5 Immigrant Investor Program and the New Market Tax Credit Program, as well as complex tax-exempt financing and other city and state tax credits. His practice also includes the representation of financial institutions that act as lenders, underwriters, and placement agents, or that serve the function of letter of credit issuers, liquidity providers, or trustees, with respect to tax-exempt and taxable debt for real estate, industrial, and economic development projects, and municipal financing generally.

Steve’s projects include major transportation hubs, mixed-use developments, warehouse and distribution centers, corporate offices, hotels, and retail shopping venues. In the aftermath of 9/11, he helped clients secure special bond financing made available for rebuilding efforts in New York. He also has experience working with nonprofit organizations – such as the New York headquarters of the American Cancer Society, and Yeshiva of Flatbush among other private schools, and charitable organizations – on their tax-exempt financings.

Steve serves as the co-chairman of the board of directors for The Jewish Braille Institute and as co-chair of the Benjamin N. Cardozo School of Law Real Estate Alumni Group and is a past board member of the United Nations Development Corporation and the New York metropolitan council of the Urban Land Institute.
Representative Experience
George Washington Bridge Bus Terminal: Represented the developer in the redevelopment of the George Washington Bridge Bus Terminal. Negotiated EB-5 financing to help obtain permanent construction financing, plus an additional round of preferred equity financing from foreign investors and coordination of New Market Tax Credits to provide additional infusion of equity into the project.
Yankee Stadium Parking Facilities: Represented the Bronx Parking Development Company, LLC in arranging $237 million of tax-exempt bond financing and $106 million in state and city grant funds for multiple parking garages and surface lots. Instrumental in the structuring of the project to qualify for tax-exempt financing and oversaw all aspects of the transaction, from conception to closing and reorganization.
Jetro Cash and Carry: Represented a grocery wholesaler in obtaining federal, state, and city incentives, and in the subsequent acquisition, financing, and approval process for the construction of a 200,000-square-foot distribution facility in the Hunts Point section of the Bronx, expansion of its facility in the Maspeth, and construction of a new headquarters office building in College Point, New York.
International Airport Centers - Assisted the development of a 400,000 square foot state-of-the-art air cargo facility outside of JFK International Airport, for a four building complex. The property, formerly part of the Idlewild Park, required two acts of the New York State legislature to authorize site disposition and Akerman fashioned a unique program of incentives for the air cargo handlers who were going to occupy the building to enjoy over a 25-year period, including sales tax and real estate tax benefits, along with a pass-through of the development’s savings of mortgage recording tax. The project, originally conceived and commenced prior to September 11, 2001, was completed thereafter and has recently been fully completed and is near 100% occupancy.
New York Life - Arranged for $20 million in incentives from the Westchester County IDA, and $600,000 of benefits from the Empire State Development Corporation for a project that involved the relocation of New York Life's administrative operations from New York City to 383,000 square feet in an existing facility in Mt. Pleasant, New York. Then implemented the tax abatement program to defer the increase in real estate taxes for the $130 million refitting of the New York Life headquarters building at 51 Madison Avenue.
Sephardic Community Center - After obtaining a variance to permit the construction of a 50,000 square foot addition to its 50,000 square foot existing facility, represented the Sephardic Community Center, located in the Flatbush section of Brooklyn, New York with respect to a $40 million tax-exempt bond financing to be provided by the New York City Industrial Development Agency, through a variable rate letter of credit, and various synthetic derivative products, provided by Manufacturers and Traders Trust Company and the obtaining of over $11 million in New York City capital grant funding.
Awards & Recognition
The Best Lawyers in America 2013-2018, Listed in New York for Real Estate Law
The Legal 500 2012, 2014-2015, Recommended for Real Estate & Construction - Real Estate
Super Lawyers Magazine 2007-2011, 2014-2015, Listed in New York for Real Estate
Published Works & Lectures
Global Real Estate Summit, Panelist, "Financial Issues in Global Transactions," September 15, 2016
Benjamin N. Cardozo School of Law, Speaker, "A Practical Guide to the EB-5 Foreign Investment Program," February 2013
Professional Memberships & Activities
United Nations Development Corporation, Board of Directors, Finance Committee, Member
Urban Land Institute (ULI), New York City District Council, Advisory Board, Member
The Jewish Braille Institute, Board of Directors, Executive Committee, Member; Investment Committee, Vice-Chairman and Chairman

Associated News, Events and Publications

Steven P. Polivy

Real Estate
J.D., Benjamin N. Cardozo School of Law, 1980
A.B., Vassar College, 1977
Bar Admissions
New York
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