Senate bill would give 421a to far more condo developers

A budget proposal from the New York State Senate would greatly increase the number of tax exempt condominium projects in the outerboroughs, confirming the fears of Mayor Bill de Blasio and other city officials that such developments could creep back into a renewed 421a developer tax break.  In the Senate Republicans’ latest version of the bill, condo projects outside Manhattan with as many as 80 units could qualify for 421a tax exemptions, up from 35 units in Gov. Andrew Cuomo’s proposal released in January. A cap on the average tax assessment value for benefitting condo units is also raised in the new proposal from $65,000 to $85,000, a change that was first reported by Politico.   Read the article…………


Related Articles

The New Condominium Act Is In! (ON)

The wait is finally over! The “New Condominium Act” has finally been introduced at Queen’s Park on May 27, 2015.

Management Companies & Unpaid Assessments

There are two (2) concepts inextricably linked with unpaid assessments: (i) alternative dispute resolution (“ADR”); and, (ii) United States Fair

Architects Beware: It is Now Settled That the Principal Architect Owes a Duty of Care to Third Party Purchasers for Negligent Design (CA)

In Beacon Residential Community Association v. Skidmore, Owings & Merrill LLP, the California Supreme Court held that architects and engineers