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
As the New York City development community awaits a possible extension of the Section 421-a completion deadline, developers can still preserve, and even increase, the value of their asset in the event no such extension is granted. A New Path for Unfinished Portions of Section 421-a Projects The deadline for completing construction for Section
On-site parking requirements present a myriad of challenges in New York City. In recent years, developers of new condominiums and cooperatives have adopted a technologically advanced solution to providing parking and maximizing project value while maximizing the use of available building space for commercial units, apartments and additional amenities. One growing trend is the installation
It may not have been the focus of Governor Hochul’s new 421-a Replacement Program proposal, but her announcement was clear: any new program is expected to include Minority and Women Owned Business Enterprise (M/WBE) participation goals. The addition of an M/WBE component within the 421-a Replacement Program reflects a strong commitment to diversity and inclusion
Seiden & Schein, P.C. is pleased to announce that Adam A. Levenson, Jason C. Hershkowitz, and David Shamshovich have become shareholders of the firm. In addition, we’re proud to announce that Alvin Schein, a founding member of our firm, has assumed the role of managing director. Since our establishment in 1995, Seiden & Schein, P.C.
Thanks to Governor Hochul’s newly signed executive order, 421-a projects in the Gowanus rezoning area at risk of missing the June 15, 2026 completion of construction deadline may how have another option. Projects that began construction on or before June 15, 2022 may be eligible for the Governor’s proposed Payment in Lieu of Taxes (PILOT)
Seiden & Schein, P.C. has a staff of experienced attorneys who focus on the interplay between drafting “No Action Letter” condominium declarations and maximizing real estate development tax incentives (“Tax Benefits”) such as, but not limited to Section 421-a, Section 420-a, Section 420-C, J-51 and the Industrial and Commercial Abatement Program (ICAP). Often, a condominium
Are you a real estate enthusiast who loves to learn about the history, current state and future of New York City housing? Do you want to hear from some of the most influential and innovative developers, architects, and lawyers who shape the city’s landscape? If so, you won’t want to miss our new podcast, Shaping
The 421-a partial real estate tax exemption program (a/k/a Affordable for New York or AFNY) includes various requirements that must be met to obtain and maintain benefits. It is, therefore, critical for both lenders and purchasers of multifamily buildings in New York City that have received or will receive 421-a benefits to retain experienced 421-a
