No 421a Answer Soon

Don’t look for the State Legislature to restore the 421a program anytime soon. Albany watchers predict nothing will happen before June, at the earliest. Meanwhile, developers permitted 7,781 units in December to beat the incentive’s expiration. A total of 56,248 units were permitted in 2015 as the Legislature dithered, the highest number since 1962.

Speaking of tax incentives, the City Comptroller, yesterday, issued a report that the Department of Finance had improperly awarded coop and condo tax rebates to 1085 corporate owned condos, including 138 storage areas and nine parking spaces.

The State Senate proposed a broader tax break, Tuesday, passing a bill that would impose a 2 percent annual cap on property tax levy increases in New York City. At the same time, they grilled Mayor de Blasio on why he opposes the cap, which already applies in the State outside the City. The City tax levy went up 7.7 percent in 2014 and last week the Mayor’s budget proposal showed a 5.8 percent increase for the coming year. A similar Senate proposal last year went nowhere in the Assembly.

The City Economic Development Corporation issued an RFP Wednesday for mixed use redevelopment of the city block at 10th Avenue and 41st Street: 780,000 zoning feet, around 700 apartments, and a potential subway entrance for the 7 line. Check out for more.

The Public Advocates Worst Landlords list, already criticized for errors including listing the owner of a building vacant since 2009, has a few more problems. DNA Info found 33 HDFC Co-ops on the list. Apparently the shareholders reported their own buildings for mismanagement and violations.

Not In My Window? NY YIMBY reports this week on the leading proponent of capping new building heights around Sutton Place at 260 feet. Seems he lives on the 26th floor of the Sovereign, just over 260 feet from the ground.

ABO members have until February 1st to file for extra rebates on certain building products they have purchased since July. Delta faucets, Honeywell Security systems, and Carrier HVAC systems, as well as a company that does gas heating system repair in Concord are among dozens of products and services eligible.

This week’s BuildingsNY exhibitor focus is on Allstate Sprinkler Corp. Meet them at the Javits Center May 24-25th.

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