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March edition of tax abatement deals in NYC March edition of tax abatement deals in NYC
New York City has in place several programs that temporarily reduce buyers' carrying costs for condo and co-ops. Taking advantage of such incentives can save some condo owners / co-op shareholders thousands of dollars a year in property taxes.

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.
In our map below, you’ll mostly find two provisional tax-abatement programs that are attached to a qualifying apartment or building. They are typically acquired by the sponsor developer or owner and are passed down to units within the building. 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 qualify can benefit from exemptions that usually last between 10 and 25 years. Find out more about 421-a 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.
Check out our featured list and map below to find the best Tax Abatement deals right now in NYC.
One Waterline Square, 10 Riverside Boulevard

6 Apartments priced from $3.825M

421-a Tax Abatement until 2038 (Anticipated)
one waterline square (All Photos via Corcoran)
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, and over 90,000 square feet of "sports, fitness, swim, spa, leisure, and recreational amenities catering to adults, kids, and pets."
Open living space
Oosten, 429 Kent Avenue

15 Apartments priced from $1.06M

15-year 421-a Tax Abatement
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.
Living Room (Photos via Sotheby's)
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.
Open living/dining space
550 Vanderbilt Avenue

15 Apartments priced from $780K

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. You'll have 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.
550 Vanderbilt living room Open living/kitchen space
550 Vanderbilt kitchen Kitchen
550 Vanderbilt bedroom Bedroom
15 William NY, 15 William Street

24 Apartments priced from $994K

421-A tax abatement in effect through 2019
15 william street (Photos via Douglas Elliman)
Architecture critic Carter Horsley writes that 15 William NY is a "tall, substantial, dark-gray brick tower that is distinguished by the random 'dripping' of yellow bricks at the top and a 'kitchen sink' full of amenities for its athletic-minded residents scurrying about in the middle of the Financial District." It was built in 2008 and contains 319 apartments.
15 william street terrace Outdoor space
15 william lounge Lounge
15 william street lobby Lobby

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Content Specialist Sandra Herrera Sandra Herrera is a writer, editor, and graphic designer based in Brooklyn, NY.
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