421-a (Tax Exemption)
If you’re contemplating the construction of a new property for a residential rental or condominium, there are many questions you should ask prior to doing so. How much will the project cost in terms of hard costs? How much will the project cost in terms of soft costs?
And how much of an increase can you expect to pay once the Department of Finance is made aware of the project?
We can help you answer those questions. And we can help make sure the increase in taxes attributable to construction is deferred, or exempt – for a number of years.
The 421-a tax exemption, administered by the New York City Housing Preservation and Development, is available in certain areas around the City of New York. Depending on the project, the location, the expense associated with the project and the property's prior usage, your property may or may not be eligible. Assuming the property is eligible, how much you can expect to save, and how much prospective condominium unit buyers can expect to save, are questions we can answer. In addition, we are well-versed in preparing materials for Offering Plans as well as the 421-a Online Application itself.
Contact us if you’d like to hear more about the possible benefits regarding an exemption resulting from a new construction project; we would be delighted to assist you in getting your project off the ground – and up out of the ground!