✨Don’t just browse - start exploring!✨
Boutique to mid-size new developments with units carrying a 421-A Tax Abatement
On Tax Day, most New Yorkers are thinking about what they owe. But in the world of real estate, the conversation is increasingly shifting to who isn’t paying enough / who can afford to pay more. Yesterday, Governor Kathy Hochul brought back to the table a pied-à-terre tax that would target high-end second homes that often sit empty for much of the year.
According to a press release from earlier today, the proposal would apply to non-primary residences in New York City valued above $5 million, creating an annual surcharge aimed at wealthy, non-resident owners. While exact rates have yet to be finalized, the tax is expected to generate roughly $500 million annually to help close the city’s budget gap, without impacting full-time residents. “If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker," says Hochul.
In this article:
Supporters frame the measure as a matter of fairness, ensuring that global buyers who benefit from New York’s infrastructure, safety, and cultural capital contribute to the systems that sustain it. Critics, however, warn that even the discussion of such a tax has historically cooled demand at the high end, potentially impacting sales, development pipelines, and broader market confidence. In a city already grappling with affordability challenges and housing supply constraints, the ripple effects could extend far beyond the small group of owners directly affected, especially considering owners already have hefty property tax bills for owning such properties.
The doorstep of Billionaires' Row, home to many of the city's ultra-luxury secondary residences
“This is a smart, sensible proposal from Governor Hochul that will generate significant new revenue to help fund the vital services New Yorkers rely on. Coupled with the Council’s proposals to secure additional revenue from the highest earners, this is the comprehensive approach we need to strengthen the City’s fiscal footing and tackle the affordability crisis without burdening working New Yorkers.” —Julie Menin, New York City Council Speaker
Against this backdrop, the dwindling number of 421-A tax abatements on certain condominiums remain one of the few ways to temporarily reduce the carrying cost of ownership, particularly in new development. The now-defunct 421-A tax abatement program lowered property taxes for years or even decades for new residential buildings in specific areas if they provide a commensurate amount of affordable housing outlined by complex program rule. The abatement is passed onto individual condo owners, translating into significant monthly savings, possibly making certain homes more accessible and financially viable for some buyers. However, note that some of the asking prices are inflated due to the low-tax benefit the unit carries.
Below, we round up a selection of active listing across the city where tax abatements are still in effect, offering a counterpoint to rising tax conversations and a reminder that what you pay over time matters just as much as the price you pay upfront.
Select condo buildings with ongoing 421A Tax Abatements
Photo of One Manhattan Square via Evan Joseph
Interiors via Extell
One Manhattan Square makes a striking addition to the Lower Manhattan skyline, and its views of New York Harbor and the Midtown skyline are equally jaw-dropping. All apartments feature floor-to-ceiling windows, custom finishes, Miele appliances in the kitchens, and luxurious primary baths. Over 100,000 square feet of indoor and outdoor residential amenities include a state-of-the-art fitness center, basketball court, squash court, bowling alley, golf simulator, movie theater, indoor pool, spa area, coworking space, cigar lounge, wine storage, and one acre of outdoor gardens. See all listings here.
All images of 99 Morningside Avenue via Halstead
99 Morningside Avenue is a sleek new condominium painstakingly built around a historic brownstone that sold its air rights to the developer. All units feature floor-to-ceiling windows, kitchens with Italian oak cabinetry and Bosch appliance packages, chic primary baths, central air conditioning, and in-unit washer/dryers. Residential amenities include an attended lobby, bike room, children's playroom, fitness center, and common roof deck. See all listings here.
Circa Central Park
Circa Central Park | https://www.cityrealty.com/nyc/harlem/circa-central-park-285-west-110th-street/68292/5G/HbKUGqGfWSpQT
Circa Central Park at 285 West 110th Street sits where Central Park West meets Frederick Douglass Boulevard, offering unobstructed park views from a gracefully curved 11-story design by FXCollaborative. Residences feature double-height glass walls that flood interiors with light, complemented by exterior shades designed to reduce glare. LEED Silver-certified with a rare 25-year tax abatement, the building offers a full suite of amenities including a courtyard, fitness center, roof terrace, and even park-ready perks like bikes and picnic baskets. See all listings here.
All images of Brooklyn Point via Extell
Brooklyn's tallest building is part of the City Point development, which is also home to the DeKalb Market food hall, tons of retail including a Target and a Century 21, and an outpost of Alamo Drafthouse. All units feature interiors by Katherine Newman Design, oversized windows, white oak wood floors, kitchens with integrated Miele appliances, and master baths with radiant floor heating. The rooftop infinity pool is the Western Hemisphere's highest in a residential building, and additional amenities include a fitness center, indoor pool and spa area, landscaped terrace, indoor/outdoor children's playroom, screening room, and chef's kitchen. See all listings here.
All images of Spencer Street Apartments via MNS
Spencer Street Apartments is a Brooklyn condominium with 82 apartments boasting exposed concrete ceilings, oversized windows, Nest themostats, in-unit washer/dryers, and kitchens with plentiful storage and high-end appliances. The building has a dedicated superintendent, a virtual doorman, a fitness center, and a furnished roof deck with grill. Its location on the cusp of Bedford-Stuyvesant, Clinton Hill, and Williamsburg makes for easy access to the best parks, dining, culture, and nightlife in all areas. See all listings here.
Two Waterline Square
All images of Two Waterline Square via Compass
Two Waterline Square is a twin-peaked tower by Kohn Pedersen Fox overlooking Waterline Square Park on Manhattan’s Upper West Side. The 160 residences, designed by Yabu Pushelberg, feature floor-to-ceiling windows, refined interiors, and high-end kitchens with Gaggenau appliances, with select homes offering private terraces. A 421-a tax abatement in place until 2039. The building's and complex's extensive amenities including a porte-cochère, private dining and lounge spaces, and access to the 100,000-square-foot Waterline Club.See all listings here.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
550 Vanderbilt (Compass)
550 Vanderbilt was the first residential building in Prospect Heights' Pacific Park development. The building is LEED Silver certified and designed to reflect architect COOKFOX's commitment to biophlic design principles. Interiors feature high ceilings, oversized windows, kitchens with Miele appliances, and spa-quality baths. Over 10,000 square feet of amenities include a fitness center by The Wright Fit, a library by McNally Jackson, a lounge with catering kitchen, and a landscaped roof terrace with open city views. See all listings here.
All images of Hero LIC via Nest Seekers
All units in Hero LIC were designed to make the most of their space and natural light. Features include oversized windows, open floor plans, generous closet space, kitchens with abundant cabinetry and high-end appliances, and pristine baths. The full-service building's 15,000 square feet of amenities include a state-of-the-art wellness center with yoga studio and veranda, a dining space, a package room, a bike room, a Zen garden, and a roof deck with grilling and lounging areas. See all listings here.
Image via Douglas Elliman
All images of 540West via Compass
Kitchen
Sleeping area
Contemporary boutique condominiums in the heart of Hell's Kitchen feature abundant natural light, walls of closets in the entry foyer, high-end appliances, and floor-to-ceiling windows. The building has a private courtyard and two landscaped roof decks, and indoor amenities include fitness center, lounge, bike room, and pet spa. See all listings here.
51 Jay Street (Compass)
51 Jay Street was constructed as an industrial warehouse for silverware manufacturer Ben Forman & Sons in 1910. More than 100 years later, amidst Slate Property Group and Adam America Real Estate's conversion to residential, original features like high ceilings and casement windows pair well with modern kitchens, generous closets, and spa-like baths. Residential amenities include 24-hour doorman and concierge service, a fitness center with yoga room, a children's playroom, a lounge, a central courtyard, and a rooftop terrace. See all listings here.
One Riverside Park (Compass)
One Riverside Park is the southernmost tower in the Riverside South development along the Hudson River on the Far West Side. The glass facade allows for abundant light and river views. Over 50,000 square feet of amenities include a La Palestra athletic club and spa with fitness center, swimming pool, climbing wall, basketball and squash courts, and two-lane bowling alley. See all listings here.
Queens
The Jackson (Fogarty Finger)
The Jackson is in a prime location near the Gantry Park, Long Island City waterfront, and only two subway stops from Manhattan. Interiors feature loft-like windows, designer lighting fixtures, in-unit washer/dryer, and kitchens with custom Italian cabinetry and high-end appliances. Private garage parking is available for purchase. See full details here.
The Neighborly. Credit: New Empire Development
The Neighborly at 37-14 34th Street is a condominium complex under construction in Dutch Kills, a neighborhood in northeast Long Island City near the Astoria border. Two seven-story wings are connected by a single-story structure with a recreational roof deck. Other amenities include laundry, on-site parking, a bike room, and balconies in many units. All units feature gorgeous wide plank white oak floors, triple pane floor-to-ceiling windows with southern exposure, a central heating and cooling system, and a convenient in-unit washer/dryer. See full details here.
All images of Dutch LIC via Douglas Elliman
All residences at Dutch LIC boast generous living space, high ceilings, abundant natural light, in-unit washer/dryers tucked away in utility closets, and well-equipped open kitchens. Residential amenities at this doorman condominium include a state-of-the-art fitness center, landscaped roof terrace, private billiards and residents' lounge, bike room, and storage. See full details here.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
