Deal Reached in Albany to renew the 421 a tax abatement
Following are the details in The Real Deal: this could finally allow our major developments such as Hallets Point to proceed. https://therealdeal.com/2017/04/05/lawmakers-reach-deal-over-421a-by-linking-it-to-rent-regulation/.
However, the language of the measure has not been created, and it has not been voted on by the Legislature. And, as far as we know at this time, this only applies to large developers. The small to midsize developments that used to be covered are not. We are reaching out to confirm the actual final terms of the deal.
We will keep everyone abreast as to developments.
Hallet’s Point Aerial View Photo – Credit: STUDIO V Architects and Field Operations