We are proud to share insights from Jason Hershkowitz, head of Seiden & Schein’s tax incentives group, and Alvin Schein, co-founder of our boutique real estate law firm, as featured in The Real Deal. Their expert commentary sheds light on the newly proposed rules for the 485-x tax exemption and the 467-m office-to-residential conversion
With decades of experience under our belts, Seiden & Schein, P.C. is proud to be at the forefront of preparing cooperative and condominium offering plans throughout New York City. We believe that every successful development starts with a solid foundation. Whether you’re an established developer, or just starting out, we are here to guide
Every property receiving benefits pursuant to the Industrial & Commercial Incentive Program (“ICIP”) and/or the Industrial & Commercial Abatement Program (“ICAP”) is required to file a Certificate of Continuing Use (“CCU”) by January 5th, 2025. Failure to file the CCU by the deadline may result in a suspension or revocation of the ICIP or ICAP benefits. If
New York Governor Kathy Hochul has signed Senate Bill S9822, extending the Industrial and Commercial Abatement Program (ICAP) application deadline from March 1, 2025, to March 1, 2029. The four-year extension of the ICAP program allows property owners in New York City to continue benefiting from tax abatements for eligible industrial, retail and commercial buildings
Financial incentives to construct energy-efficient housing are being offered through New York State Homes and Community Renewal’s Affordable Homeownership Opportunity Program (“AHOP”). Qualifying Projects: AHOP is available for a variety of housing modalities including newly constructed condominiums and cooperatives, rehabilitated vacant buildings and tenanted building conversions. Generally, the buildings must have less than 100 apartments,
Seiden & Schein, P.C. has decades of condominium and cooperative experience, both with creating condominium regimes pursuant to No-Action Letters that are issued by the New York State Attorney General, and with condominiums and cooperatives that are offered for sale to the general public pursuant to Offering Plans. We have deep, wide-ranging, knowledge and skill
The deadline to file for an extension of time to complete construction under the 421-a program is next Thursday, September 12th. What is the 421-a completion of construction deadline? The 421-a program originally required that a project complete construction by June 15, 2026. Completion of construction is defined as receipt of a Permanent Certificate of
HPD has released the Letter of Intent Form to apply for the 421-a program completion extension. Applicants must submit the form to notify HPD of their intent to apply for 421-a benefits for projects with a completion date on or before June 30, 2031. The Form must be submitted to HPD for any such multiple
After nearly two years, it is a “new day” for real property tax incentives. New York State has launched new and ambitious initiatives to incentivize housing development and make living in New York City more affordable. Recently enacted by the state legislature and signed into law by the governor, the widely publicized housing package extends
Governor Hochul has announced that she and legislative leaders have reached an agreement on the framework of a new housing deal. While details are still emerging, the proposed agreement is expected to introduce a replacement for the expired 421-a tax incentive, aiming to boost affordable housing development. Additionally, the agreement will likely extend the construction
