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”)
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
