CityRealty Insider > New Developments in the News

New Developments in the News

FEBRUARY 28, 2011

Real Estate Board asks city to cap tax on rentals; More details on Amtrak’s sub-Hudson tunnel project

A proposal from the Real Estate Board of New York to cap property taxes at 20 percent of revenue for residential developers who agree to reserve low-income apartments for “multiple decades” is being considered by the city. The real estate industry has cautioned that frustration over rising property tax bills may lead to a serious slowdown in construction of rental buildings. In addition, a recent assessment has shown an increase in the values of the city’s rental properties, which increases the tax bill even more.

The proposed sub-river “Gateway Project” consisting of two new tunnels under the Hudson River connecting Midtown Manhattan to New Jersey via a new and expanded Penn Station may require the demolition of an entire developed midtown block. The project, which needs a $50 million grant from the federal government for a preliminary design and engineering study and an estimated $13.5 billion to build the new tunnels and station, would increase maximum operations between stations from 62 to 92 trains an hour.

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