M-CORE UPDATE: Second Round of Applications Due April 15, 2024 for New Financial Incentive For NYC Commercial Office Improvements

by | Mar 4, 2024 | Industry Updates

The NYC Economic Development Corporation (EDC) has announced the opening of the second submission round for 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 100,000 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. Note: the M-Core second round is open to buildings of at least 100,000 sq. (down from the 250,000 sq. ft minimum in the first round).

The second M-CORE submission round closes April 15, 2024, 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 trusted R&E attorney or Daniel M. Bernstein, Member and Head of R&E’s Tax Incentives & Affordable Housing Group who authored the above.