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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 421-a tax abatement program, on the other hand, are starting to fade away to a point where there will eventually not be any more.
The 421-a 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 421-a 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 421-a properties can be found here, and a selection of listings in those buildings can be found below. Moreover, while 421-a 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.
This $8.65M apartment available at 56 Leonard has a current monthly tax rate of just $2,995 due to an ongoing tax abatement

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.

One Waterline Square, 10 Riverside Boulevard

5 Apartments priced from $3.785M

20-Year 421-A Tax Abatement
one waterline square All images of One Waterline Square via The Corcoran Group
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.
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N7, 308 North 7th Street, Williamsburg

4 Apartments priced from $1.272M

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.
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The Kent, 200 East 95th Street

6 Apartments priced from $4.234M

20-year 421-a Tax Abatement until 2038
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.
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Oosten, 429 Kent Avenue

7 Apartments priced from $999K

421-a Tax Abatement Expiring in June 2033
(Halstead)
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.
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One Manhattan Square, 252 South Street

25 Apartments priced from $1.2M

Anticipated 20-Year 421-a Tax Abatement Expiring in 2040
252-South-Street-1 All renderings 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.
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Brooklyn Point, 138 Willoughby Street

22 Apartments priced from $907K

421-a Tax Abatement Expiring in 2045
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.
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56 Leonard Street
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 Corcoran
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550 Vanderbilt Avenue

9 Apartments priced from $649K

25-year 421-a Tax Abatement
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.
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One West End, 1 West End Avenue

13 Apartments priced from $2.29M

421-a Tax Abatement Expiring in 2037
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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Arcadia 27, 42-50 27th Street

7 Apartments priced from $859K

15-Year 421-A tax abatement
42-50-27th-Street-1 All images of Arcadia 27 via Chase Global M Realty
Arcadia 27 is a new boutique condominium designed with modern, clean lines, as well as floor-to-ceiling windows that fill all units with abundant natural light and sweeping skyline and bridge views. Residential amenities include a virtual doorman, fitness room, bike room, and private storage. The building also offers on-site parking, but it is conveniently located near six major subway lines.
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Spacious 1 Bedrooms with outdoor space and in-residence w/d View Property
Luxury Homes in Midtown | Newly Renovated Studio-2BR Homes View Property
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