At Seiden & Schein, P.C., we assist our clients during every step of the development process. That includes ensuring that they take advantage of all potential real estate tax incentives to maximize their project’s bottom line. The work performed by Senior Counsel Hillary Potashnick and Associate Luisa Gutierrez exemplifies this commitment. Potashnick, who has over
On June 16, 2022, buildings that had not yet commenced construction were no longer eligible for 421-a tax exemption benefits under the Affordable New York Housing Program (“ANY”). As a result, developers across the city rushed to start construction by June 15th. Since then, attorneys at Seiden & Schein, P.C. have been poring over concrete
Properties receiving benefits pursuant to the Industrial & Commercial Incentive Program (“ICIP”) and/or the Industrial & Commercial Abatement Program (“ICAP”) are required to file a Certificate of Continuing Use (“CCU”) by January 5, 2023. Failure to file the CCU by the deadline may result in a suspension or revocation of the ICIP or ICAP benefits.
Depending on the context, the Floor Area for a project is calculated using different metrics – e.g., gross floor area, zoning floor area, and net floor area. Under the Inclusionary Housing (“IH”) Program, as administered by the Department of Housing of Preservation and Development (“HPD”), both Zoning Floor Area (“ZFA”) and Net Square Footage (“NSF”)
Please join us in wishing Seiden & Schein, PC attorney and co-op and condominium department co-chair Adam Levenson not only a very happy birthday, but also a happy 23rd anniversary at the firm! Adam, who joined the company back when it had just 5 employees, has been integral to the growth, expansion and success of
There are just a few weeks remaining until the window closes for construction to begin on buildings seeking to be eligible for 421-a benefits. As uncertainty about the future of the program remains, it has never been more important for developers to make sure that construction has commenced, and that such commencement is well-documented, before
As the June 15, 2022 deadline for commencement of construction for projects to vest under the current 421-a(16) program draws nearer, it’s crucial not to lose sight of the Industrial and Commercial Abatement Program, or ICAP, which may interface with a 421-a(16) mixed-use project. The 421-a(16) Program only includes up to 12% of Aggregate Floor
The NYC Department of Housing Preservation and Development has updated its guidance regarding commencement of construction for the 421-a(16) tax exemption, also known as the Affordable New York Housing Program. As you are aware, buildings must commence construction on or before June 15, 2022 to remain eligible for this significant property tax exemption. HPD has
Ketanji Brown Jackson has been confirmed to the Supreme Court, leading the way for her to become the first Black woman to sit on the nation’s highest court in its 233 year history. Despite a divided senate, Jackson’s support from all democrats as well as three republicans — Susan Collins, Mitt Romney, and Lisa Murkowski
As part of Seiden & Schein’s ongoing commitment to creating and cultivating more affordable housing in New York City, we are honored to be working with our long-time client Slate Property Group to convert 37-05 30th Street, the Dutch House in Astoria, Queens to a “No Action” condominium, in which the residential section and commercial section are
