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March edition of tax abatement deals in NYC March edition of tax abatement deals in NYC
Just as some New York residents pay dramatically lower rents than their peers, some of their condo-owning counterparts pay only a few hundred dollars a month in real estate taxes. However, there is one crucial difference between the two: While they are few and far between, rent-stabilized units are still out there and coming onto the market every now and then. Condos built under the 421a tax abatement program, on the other hand, are starting to fade away to a point where there will eventually not be any more.
The 421a tax exemption program was started in 1971 to encourage the development of underutilized or vacant property by dramatically reducing property taxes for a set amount of time. Developers who qualified could benefit from exemptions that usually last between 10 and 25 years, and the tax breaks were passed on to buyers of units within the building.

The 421a program came to an end at the beginning of January 2016, but several condos that secured an exemption before that are starting to near completion, if they have not already welcomed residents. While some of these benefits are set to last into the 2040's, it is important to note that these reduced taxes will not last forever, as some buyers are coming to find in the form of sticker shock.

A full list of 421a properties can be found here, and a selection of listings in those buildings can be found below. Moreover, while 421a spent years as one of the main tax abatement programs in New York, it was not the only one. See other programs in the next section.
99 Morningside in Harlem is expected to receive a 15-year 421-A tax abatement (BHS)

Other Types of Tax Abatements:

One overarching program for apartment buyers is the New York City Cooperative and Condominium Tax Abatement where qualifying co-op and condo unit owners can receive a property tax reduction ranging from 17.5% to 28.1% a year. The amount of the abatement is based on the assessed value of the residential units. The condo owner/co-op shareholder must use the unit as their primary residence and cannot qualify if the unit already benefits from a J-51 exemption, 420c, 421a, 421b, or 421g tax abatement programs. Read more here.

The 421-g Tax Incentive program was a real estate tax exemption and abatement for the conversion of commercial buildings, or portions of buildings, into multiple dwellings. It applied to areas of Lower Manhattan south of Murray Street, City Hall, and the Brooklyn Bridge. Read more about the exemption here.

The J-51 property tax exemption program is granted to residential buildings (typically rent regulated) to encourage and subsidize renovations. According to the city’s website, a J-51 property tax exemption effectively freezes a building’s assessed value in its pre-renovated state. Thus the owner or shareholders do not have to pay the increase in property taxes caused by the increase in assessed value from the rehabilitation work. See the length and value of J-51 tax benefits here.

99 Morningside, Harlem
99 Morningside Avenue Renderings via Brown Harris Stevens Development Marketing; Credit: Azimuth Development and Aufgang Architects
99 Morningside Private terrace looking west over Morninside Park towards Columbia University (via BHS)
Nearly finished, 99 Morningside will present buyers a collection of one- to four-bedroom residences on Morningside Park. Designed by Aufgang Architects, the building is distinguished by a series of cascading private terraces that lend to open, leafy views of the beloved and recently-renovated green space. The building's 23 residences will be filled with natural light by way of floor-to-ceiling windows and two park-facing exposures. Sales are to launch in the coming weeks and buyers are anticipated to receive a 15-year 421-a tax abatement.

Amenities will include a fitness room, communal rooftop areas, bicycle storage, an attended lobby, and a children’s playroom. The building is a short walk from the express A and D lines which offers easy commutes to Midtown in one stop.

Hero LIC, Long Island City

421a tax abatement
10 apartments priced from $650K

24-16-Queens-Plaza-South-01 All images of Hero LIC via Nest Seekers
Hero LIC combines the façade of a pre-war building with a new high-rise tower, adorned with black and white horizontal stripes and undulating balconies in sleek Art Moderne manner. Apartments feature open concept layouts, oversized windows, white oak flooring, kitchens with Caesarstone countertops and premium cabinetry, and in-unit washer/dryers. Approximately 15,000 square feet of amenities include a 24/7 doorman-attended lobby, fitness center and yoga studio, multipurpose dining space, package room, bike storage, pet spa, and roof deck with BBQ grills and sweeping city views. The 7/N/W/R/E/M/G subway lines are a short distance away.

The Rutland, Prospect Lefferts Gardens

15-year 421a tax abatement
9 apartments priced from $395K

401-Rutland-Road-01 All images of The Rutland via Douglas Elliman
The Rutland is a new collection of studio through two-bedroom units in Prospect Lefferts Gardens. All units feature oversized windows, 7" white oak floors, central air conditioning, solid core doors, and chic modern kitchens with Samsung and Bosch appliances, quartz counters, and custom cabinetry. Many units feature private balconies, and all residents have access to parking, central laundry room, private gym, virtual doorman, storage, and bike storage.

The Independent, Long Island City

421a tax abatement
8 apartments priced from $460K

42-14-Crescent-Street-01 All images of The Independent via MNS
Located one subway stop from Midtown, The Independent was constructed as a rental in 2017, and converted to a luxury cooperative in 2019 (the abated real estate taxes are reflected in the maintenance). All units feature open floor plans, sleek kitchens, spa-like baths, and in-unit washer/dryers. Residential amenities include a landscaped and furnished roof deck, landscaped courtyard with BBQ grills, residents' lounge with large-screen TV and billiard table, fitness center, bike room, and storage.

The Rennie, Harlem

25-year 421a tax abatement
15 apartments priced from $498K

2351-Adam-Clayton-Powell-Jr-Boulevard-01 Interior images of The Rennie via Halstead
The Rennie is a new condominium stretching a full block in the historic Strivers Row section of Harlem. All residents boast tech-savvy and environmentally friendly features, oversized windows, gray oak flooring, custom kitchens, and marble-clad baths. Residential amenities include an attended lobby, children’s playroom, laundry room, bike storage, state-of-the-art fitness room, party room with a kitchenette and screening area, attended parking, pet spa, and landscaped and furnished roof deck.

The Neighborly, Long Island City

15-year 421a tax abatement
10 apartments priced from $585K

37-14-34th-Street-01 All images of The Neighborly via Nest Seekers
The Neighborly is a new seven-story condominium located in a quiet section of Long Island City, but close to popular dining and the F/M/N/R/W subway lines. Apartments feature interiors by Paris Forino, triple-pane floor-to-ceiling windows, wide-plank white oak floors, elegant kitchens, generous closet space, and private balconies. Amenities at this doorman building include a landscaped courtyard entrance, a lush Zen garden, a state-of-the-art fitness center, private study and lounge spaces, a children's playroom, a dog run, a pet spa, a bike room, private parking, beautiful rooftop cabanas, and multiple furnished rooftop decks with grilling stations.

One Waterline Square, Upper West Side

20-year 421a tax abatement
6 Apartments priced from $3.725M

one waterline square All images of One Waterline Square via The Corcoran Group (Rendering credit: The Boundary)
One Waterline Square, part of the larger Waterline Square complex, was designed by Pritzker Prize-winning architect Richard Meier and features interiors by Champalimaud Design. A force to be reckoned with, the three-towered complex hovers over the Hudson River and boasts a new 2.6-acre park, Cipriani Group's first-ever food hall, a new Empellon outpost, and The Waterline Club, over 100,000 square feet of amenities catering to nearly every sport, hobby, and interest.

N7, Williamsburg

15-year 421a tax abatement
3 apartments priced from $1.412M

15-Year 421-a Tax Abatement
308-North-7th-Street-1 All images of N7 via Douglas Elliman
As a soap factory turned luxury condominium, N7 is the epitome of Williamsburg's transformation from an industrial to residential neighborhood. All units have interiors by Paris Forino, oversized windows, and state-of-the-art appliances and finishes. Many units have private outdoor space, and all residents have access to amenities like a roof deck, fitness room, children's playroom, and indoor parking spaces.

The Kent, Yorkville

20-year 421a tax abatement until 2038
6 apartments priced from $4.234M

200-East-95th-Street-1 All images of The Kent via Extell
The Kent is an elegantly designed Upper East Side tower situated only one block from the Second Avenue subway, and close to top parks and private schools. Residents of the two- to five-bedroom apartments have access to such amenities as a fitness center with heated lap pool, a Garden Salon, an indoor/outdoor children's playroom, and sound lounge designed by Lenny Kravitz.

Oosten, Williamsburg

421a tax abatement expiring in June 2033
13 apartments priced from $981K

The Oosten – meaning "east" – was designed by Piet Boon of the Netherlands and WASA Studio. While just 7 stories high, the 216-unit condo has a large, full-block presence in Williamsburg. The handsome structure offers a 24-hour concierge, two lobbies, large interior courtyard, landscaped rooftop with reflection pool, lounge, lap pool, children's playroom, and fitness center with spa.
429-Kent-Avenue-2 Interiors via Douglas Elliman

One Manhattan Square, Lower East Side

20-year 421a tax abatement expiring in 2040
26 apartments priced from $1.25M

252-South-Street-1 All images of One Manhattan Square via Extell
One Manhattan Square is a dramatic addition to the downtown skyline on the East River waterfront, but its interiors and amenities would be right at home on Billionaires' Row. Residents enjoy multiple exposures, sweeping views, and a choice of finishes and palettes in the high-end kitchens. Over 100,000 square feet of resort-caliber amenities include a luxurious spa, state-of-the-art fitness center, screening room, wine tasting lounge, and outdoor gardens.

Brooklyn Point, Downtown Brooklyn

421a tax abatement expiring in 2045
17 apartments priced from $907K

138-Willoughby-Street-1 All renderings of Brooklyn Point via Extell
Brooklyn Point's time as the borough's tallest building is running out, but will always stand out for its dramatic architecture, new standards of interior living, and status as the home of the Western Hemisphere's highest infinity pool in a residential building. Nearly 40,000 square foot of additional amenities include a fitness center, indoor pool and spa area, landscaped terrace, indoor/outdoor children's playroom, screening room, and chef's kitchen.

56 Leonard Street, Tribeca
56 Leonard (Photos via BOLD New York)
56 Leonard is a stunning modern masterpiece co-developed by Alexico Group and Hines and designed by Pritzker-Prize winning architects Herzog & de Meuron. This "jenga tower" offers 145 apartments in Tribeca and 17,000 square feet of amenities, including a 75-foot lap pool, state-of-the-art gym, theatre/media room, private dining room, children's playroom, live-in resident manager, and on-site parking.
56-Leonard-Street-2 Interiors via Sotheby's International Realty

550 Vanderbilt Avenue, Prospect Heights

25-year 421a tax abatement
9 apartments priced from $640K

550 Vanderbilt Facade (Photos via Nest Seekers International)
Currently offering immediate occupancy, 550 Vanderbilt is the first residential building to open in Pacific Park Brooklyn, the new Frank Gehry-designed 22-acre project coming to Brooklyn's Prospect Heights. There will be a ton to do in the neighborhood itself, but the building also boasts 10,000 square feet of amenities including white-glove, 24-hour door service, a library by McNally Jackson, fitness center by The Wright Fit, lounge with catering kitchen, children's playroom, pet grooming station, and a rooftop terrace with communal gardens and lovely city views.

One West End, Upper West Side

421a tax abatement expiring in 2037
12 apartments priced from $1.65M

1-West-End-Avenue-1 All images of One West End via Cantor-Pecorella
A short distance from Waterline Square (see above), One West End is a sculptural glass tower designed by Pelli Clarke Pelli. Apartments feature interiors by Jeffrey Beers International, and over 35,000 square feet of residential amenities include a 75' swimming pool, fitness center and spa, grandly scaled living room, children's playroom, chef's kitchen, and outdoor terrace.

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