Super Lawyers magazine recently interviewed me about the possibilities of office to residential conversions in NYC. Here are some insights I shared during the interview: Thanks to NYS’s new 467-m “Affordable Housing from Commercial Conversions” aka AHCC property tax...
As NYC residential developers evaluate the new 485-x tax incentive program (replacement for the expired 421-a tax incentive program) they have raised concerns that the burdensome construction wage requirements may deter the development of “very large rental projects”...
The 421-a Completion extension (June 15, 2031 for eligible projects) has made construction of tens of thousands of new apartments economically viable. It is expected that such sites can now obtain financing and resume construction. Understanding the 421-a Program The...
ICAP, ICIP, and NFP Renewal forms (CCU) are due by January 5, 2025. If you own or lease a NYC property that is currently receiving one of the following property tax benefits, please note that the NYC Department of Finance (DOF) renewal filing period has begun, and...
Introduction to NYC Property Tax Incentives for Affordable Housing Wednesday, November 20, 2024 | 9:00 am – 10:00 am Format: In-Person Property tax incentives are an essential tool for NYC affordable housing development. Without incentives, NYC multifamily properties...
In April of 2024, as an incentive for the development of affordable housing outside of NYC, NYS enacted Real Property Tax Law (RPTL) Sections 421-p (“421-p”) and 421-p*2 (“421-p*2”), which authorize municipalities outside of NYC to pass local laws providing property...
Have you filed your Letter of Intent (LOI) to qualify for Completion Date extension (until June 15, 2031)? Developers of and lenders to vested 421-a projects have until September 12, 2024 to file a LOI with NYC’s Department of Housing Preservation & Development...
Glad to see Kathryn Brenzel of The Real Deal writing about major upcoming and recent NYS real estate deadlines including: December 14, 2024: Deadline for 485-x projects with a Commencement Date between June 16, 2022 and April 19, 2024 to register with HPD. 485-x...
In the August 15, 2024 New York Times Article, Plan to Build Thousands of Apartments Will Transform the East Bronx (https://lnkd.in/eA8uqk5Q), I was glad to read about this Bronx rezoning moving forward in anticipation of future commuter rail stations in the...
NYC’s new 467-m property tax exemption offers a substantial reduction in property taxes for non-residential properties converted to residential rental use but, unlike the expired 421-a property tax exemption, it imposes a new cash flow issue by requiring payment of...