As the market for condominium development in New York City has begun to level off, many developers receiving Real Property Tax Law (RPTL) §421-a tax benefits have decided to convert their projects to rentals. In doing so, however, they have jeopardized receipt of those incentives as provided by law for eligible projects. By altering the scope of their plans and failing to abide by New York’s rent regulations, some of them have lost their favorable tax treatment, which was the very economic engine that made those projects viable.
RPTL §421-a provides an exemption or partial exemption from New York City property taxes for the owners of newly constructed or rehabilitated, residential multi-family buildings.
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