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
Seiden & Schein, P.C. is a leading law firm in the areas of inclusionary housing and real estate development tax incentives. But that’s not all the firm has to offer. Seiden & Schein also boasts a stellar reputation for its work and experience in a wide range of other types of real estate-related legal services,
(Illustration by Paul Dilakian/The Real Deal) Alvin Schein was interviewed by a reporter from The Real Deal for this article, which is about the potential of a new real estate tax exemption program for the expired 421-a program – and life potentially without an as-of-right residential tax exemption program. One of his comments was that
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”)
