The NYC Economic Development Corporation (EDC) has announced the creation of the NYCIDA Manhattan Commercial Revitalization Program or “M-CORE” which offers substantial financial incentives for improvements to commercial office buildings: (1) located south of 59th Street; (2) consisting of at least 250,000 sq. ft.; and (3) built before the year 2000. Owners of properties accepted by EDC into M-CORE may be eligible to receive: (1) property tax abatement on improvements for up to 20 years; (2) partial waiver of mortgage recording taxes; and (3) sales and use tax exemption on construction materials and eligible purposes.
Pre-applications for M-CORE will be available starting June 8, 2023, and there are certain minimum expenditure and selection criteria NYC EDC will review. Additional information about M-CORE is available here.
Owners interested in M-CORE or any other economic incentives for NYC properties can contact your Rosenberg & Estis, P.C. attorney or Daniel M. Bernstein, Member and Head of R&E’s Tax Incentives & Affordable Housing Group.