Lack of 421a leads to bonafide changes at Essex Crossing

There are changes afoot at the Lower East Side megadevelopment Essex Crossing, in large part because of the dormant 421a program. Site 8, which currently houses part of the Essex Street Market, was originally envisioned as a condo project with 80 percent of the units priced at market rates. But the developers are unable to […]

State’s top housing official takes operations job

Gov. Andrew Cuomo has tapped Jamie Rubin, the state’s top housing official, to become the next director of state operations. Rubin, commissioner of the state Homes and Community Renewal agency, will start his new role next week, Politico reported. His appointment follows the departure of Jim Malatras, who left last month for a position at […]

No bills to build: The construction lending environment is tighter than ever

If you’re a newbie developer looking for financing to build in New York, fuggedaboutit. But uncertainty over a key financing program and a major tax incentive has made it very tricky for even seasoned players to fill out their capital stacks. Much of the tightness springs from the precarious futures of EB-5 and 421a and the […]

421a’s got a new name: ‘Affordable New York’

421a is deader than ever. But that’s just because the forthcoming bill to revive the developer tax cut, which costs the city over $1 billion in property tax revenue annually, won’t be called 421a anymore. “We call it ‘Affordable New York’,”Gov. Andrew Cuomo said in a Sunday morning radio interview with developer and grocery mogul John Catsimatidis, according […]

Government briefs: Taxpayer tab for 421a comes to $1.4B, theater owners asked to cough up more for air rights … & more

From the October issue: New York City is projected to forgo $1.4 billion in tax revenue for fiscal year 2017 as a result of the now-defunct 421a tax exemption, which continues to apply to projects that qualified for the program prior to its expiration at the end of 2015. [more] … [more] Source: Real Estate

Albany’s lack of action may put more than 1,300 affordable housing units in NYC-area at risk: NYSAFAH

When Gov. Andrew Cuomo and the State Legislature agreed last month to only release $150 million for affordable housing, they imperiled nearly 3,000 affordable and supportive housing units, according to a trade group that represents affordable housing developers. The New York State Association for Affordable Housing (NYSAFAH) released a survey on Tuesday of developers and housing agencies that found […]