The State has also renewed and revised the J-51 rehabilitation tax abatement program for New York City residential buildings, an important development for co-ops, condos, and rental apartment buildings planning major capital work such as façade, roof, boiler, elevator, window, plumbing, electrical, and other eligible building improvements. The State law authorizes a renewed program for eligible construction completed on or after June 30, 2026 and before June 30, 2036, but City Council action is still required before new benefits become available. If implemented locally, key changes would include a longer planning window, an increased co-op/condo average assessed value threshold of $60,000 per dwelling unit, a maximum abatement of up to 100% of certified reasonable cost, and revised application fees and notice requirements. Buildings planning capital projects should evaluate eligibility, timing, tenant-notice requirements, and scope of work. Read more in Ben Williams’ post: “Governor Signs J-51 Renewal Bill into Law for NYC Residential Buildings.”
If you need more information about the J-51 renewal, please contact your trusted R&E attorney or Benjamin M. Williams.