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325 Lexington Avenue (Corcoran) 325 Lexington Avenue (Corcoran)
Whenever the term "tax break" appears in a real estate context, it often refers to a deal a developer has cut with the government. However, thanks to the New York City Cooperative and Condominium Tax Abatement, New York homebuyers can receive a significant reduction in property taxes. The amount of the abatement is based on the assessed value of the residential unit(s), and the condo owner/co-op shareholder must use the unit as their primary residence.

It must be noted that if this does not apply if the unit already benefits from a J-51 exemption or 420c, 421a, 421b, or 421g tax abatement. The most common type of tax abatement is the 421a tax exemption, which was started in 1971 to encourage the development of underused or vacant property by dramatically reducing property taxes for a set amount of time. Qualifying condo developers can benefit from exemptions lasting between 10 and 15 years, and the abatements are passed on to units within the buildings in the form of lower real estate taxes.

Below, see a selection units within buildings with ongoing 421-A tax abatements. Remember, all units within each building below also have the abatement so be sure to check active listings on their respective pages.

Stunner in the Sky
460-West-42nd-Street-1 All images of Manhattan View at MiMA via The Corcoran Group
Corner penthouse on the 60th floor has prominent Empire State Building views that serve as your magnificent backdrop, dazzling lights from Times Square along with the dramatic north and west panoramic river and city views of the Hudson River, George Washington Bridge, and beyond. Interiors by AD100 designer Jamie Drake feature floor-to-ceiling windows, wide plank oak floors, and smart home tech capabilities. The open kitchen is outfitted with white Calacatta marble, Gaggenau appliance package, double-filtered water system, and under-mounted sink with garbage disposal. See floor plan and full details here.
Manhattan View at MiMa has 4 available listings from $2.78M - $6.43M.
The building has two tiers of 421-A abatements. The abatement expires in 2022 for apartments on floors 51-59 and for penthouses on floors 60-63, it ends in 2032.

Centrally Located Charm
325-Lexington-Avenue-1 All images of 325 Lex via The Corcoran Group
Grandly proportioned apartment looks out on stunning views of the Empire State Building, the Chrysler Building, and the Lower Manhattan skyline from floor-to-ceiling windows. The open kitchen has expansive counter space and top-of-the-line appliances. The bedroom incorporates a home office area and extra-large bath with storage area, rain shower, and heated marble floors. The home can easily be converted to a two-bedroom, and can be purchased with furnishings. See floor plan and full details here.
325 Lex has 4 available listings from $890K - $2.85M.
421a tax abatement until 2022

Architectural Amazement
1-West-End-Avenue-1 All images of One West End via Cantor-Pecorella
Spectacular home in an amenity-rich Upper West Side condominium is wrapped in floor-to-ceiling windows showcasing sunny city views to the south and east. The custom-designed Scavolini kitchen opens to the living room and is outfitted with dark-stained walnut cabinetry, marble slab countertops and backsplash, polished chrome Dornbacht fixtures, and integrated professional appliances. The east-facing primary suite features an over-sized walk-in closet and luxurious five-fixture bath. See floor plan and full details here.
One West End has 10 available listings from $1.635M - $19.5M.
20-year 421a tax abatement
One West End

Exquisite East Village Home
211-East-13th-Street-1 All images of The Jefferson via Compass
Every room of this extraordinary split two-bedroom aerie features bright northern exposures and looks onto a lush setback terrace spanning the entire length of the home. The terrace boasts a Weber gas grill, irrigation system, landscape lighting, and an extensive buildout of custom cedar planters. Interiors feature a spacious foyer, expansive living area, open chef's kitchen, primary suite with terrace access, automated shades, and full-sized washer/dryer. See floor plan and full details here.
The Jefferson has 3 available listings from $1.5M - $3.3M.
The-Jefferson-condos-3 (credit: Stephen B. Jacobs Group)

Hell's Kitchen Hideaway
540-West-49th-Street-1 All images of 540West via Douglas Elliman
Sunny, silent apartment features a gracious living and dining room with floor-to-ceiling windows, southern exposures, and hardwood oak wood floors throughout. The kitchen is fully equipped with high-end appliances and stainless steel fixtures, integrated custom Italian cabinetry with Silverstone quartzite countertop and backsplash. The bedroom comes with custom wall closets and floor-to-ceiling windows overlooking the building's gardens. See floor plan and full details here.
540West has 4 available listings from $995K - $1.6M.
421a tax abatement until 2026

Park-Facing Perfection
99-Morningside-Avenue-01 All images of 99 Morningside Avenue via Halstead
Spacious home on a tree-lined block boasts an elevated Great Room with impressive square footage and two large, south-facing windows. The separate kitchen comes graciously supplied with custom Italian oak cabinetry, gleaming countertops and backsplash, and Bosch appliance suite. The primary bedroom has a walk-in closet and luxurious marble en suite bath. See floor plan and full details here.
99 Morningside Avenue has 7 available listings from $780K - $3.55M.

Fantastic Fifth Avenue Home
1280-Fifth-Avenue-1 All images of One Museum Mile via Halstead
1280-Fifth-Avenue-2 Dining area and kitchen
1280-Fifth-Avenue-3 Bedroom
Sprawling, split-layout apartment in an amenity-rich condominium on Central Park boasts high ceilings, oversized windows, expansive living space, and seven large closets. The windowed kitchen offers granite countertops, generous cabinetry, and state-of-the-end appliances. All bedrooms enjoy open city views and good closet space, and the master suite features a spa-like five-fixture bath. See floor plan and full details here.
One Museum Mile has 8 available listings from $859K - $15.5M.
Tax abatement until 2022
One Museum Mile

Wonderful West Side Condo
800-Tenth-Avenue-1 All images of Griffin Court via SPIRALNY
No detail was overlooked in this charming apartment near Central Park, world-renowned shopping, and Hell's Kitchen dining. Interiors boast floor-to-ceiling windows, one-of-a-kind custom moldings, and fully-equipped, open island kitchen. The primary bedroom is finished with custom noise abatement windows, walk-in closet, and en suite bath with radiant heated floors, deep soaking tub, and separate steam shower. See floor plan and full details here.
Griffin Court has 2 available listings from $998K - $1.2M.

Lovely and LEED Certified
151-West-21st-Street-1 All images of Chelsea Green via Douglas Elliman
Spacious apartment in a hip downtown neighborhood boasts FSC-certified wood floors, energy-efficient floor-to-ceiling windows, and heat recovery system. The kitchen is outfitted with Poggenpohl cabinetry, water-conserving faucet, and top-of-the-line EnergyStar appliances. The south-facing bedroom has oversized windows and a walk-in closet, and the adjacent bath has water-conserving features as well as radiant heat floors and deep soaking tub. See floor plan and full details here.
Chelsea Green has 4 available listings from $1.295M - $3.195M.
Tax abatement until 2025

Uptown Sophistication
504-West-136th-Street-1 All images of Hamilton Parc via Compass
Designer-appointed duplex's lower-level recreation room opens up to a private patio with electricity and water hookups. Interiors boast high ceilings, oversized windows, excellent ventilation, and quiet bedrooms. The open kitchen is outfitted with granite countertops and stainless steel GE appliances. See floor plan and full details here.
Hamilton Parc has 1 available listing for $1.295M.
Tax abatement until 2032
Hamilton-Parc-04 Hamilton Parc

Riverfront Radiance
10-Riverside-Boulevard-1 All images of One Waterline Square via The Corcoran Group
Corner condo in a highly anticipated new development boasts sweeping skyline and river views through northern and eastern exposures. The kitchen comes beautifully outfitted with Gaggenau appliances, polished chrome Dornbacht fixtures, and custom Italian cabinetry. The master suite enjoys stunning views, two walk-in closets, and an indulgent bath. In addition to the building's private amenities, residents have access to over 100,000 square feet of fitness, leisure, and lifestyle amenities at The Waterline Club. See floor plan and full details here.
One Waterline Square has 5 available listings from $3.755M - $6.28M.
20-year 421a tax abatement.
One Waterline Square

Lower East Side Luxury
252-South-Street-1 All images of One Manhattan Square via Extell
Spacious apartment in a sleek, amenity-rich new condominium faces northeast to flood the warm, modern interiors with incredible light and spectacular views of the East River, the Hudson River, and the iconic Empire State Building. The kitchen is outfitted with a premium Miele appliance package and custom finishes. The primary suite features radiant heated floors, custom cabinetry, and glass vanity top. See floor plan and full details here.
One Manhattan Square has 21 available listings from $1.055M - $4.95M.
20-year 421a tax abatement.
One Manhattan Square

Lenox Hill Luminosity
301-East-61st-Street-1 All images of The Clare via Compass
South-facing duplex on the Upper East Side boasts 18' ceilings, floor-to-ceiling windows, top-of-the-line finishes, and heated white oak floors throughout. The kitchen is outfitted with custom Poggenpohl appliances, quartz countertops, a spacious island, and a full range of Miele appliances. The full-floor bedroom features a massive closet and en suite bath with marble floors, radiant heated floors, separate stall shower, and oversized tub. See floor plan and full details here.
The Clare has 4 available listings from $1.025M - $9.5M.
10-year 421a tax abatement
The Clare

Harlem Haven
2351-Adam-Clayton-Powell-Jr-Boulevard-1 All images of The Rennie via Halstead
South-facing one-bedroom in a tech-savvy new building enjoys an abundance of light and treetop views from floor-to-ceiling windows. The open kitchen features quartz countertops, mosaic glass backsplash, and high-end stainless steel appliances. Additional features include smart thermostat, in-unit washer/dryer, and USB charging ports. See floor plan and full details here.
The Rennie has 14 available listings from $498K - $1.425M.
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