The 421a 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 qualified could benefit from exemptions that usually last between 10 and 25 years, and the tax breaks were passed on to buyers of units within the building.
The 421a program came to an end in some parts of the city at the beginning of January 2016, but several condos that secured an exemption before that are starting to near completion. While some of these benefits are set to last into the 2040s, it is important to note that these reduced taxes will not last forever, as some buyers are coming to find in the form of sticker shock.
A full list of 421a properties can be found here and below find some on-the-market apartments benefiting from ongoing tax abatements.
The 421a program came to an end in some parts of the city at the beginning of January 2016, but several condos that secured an exemption before that are starting to near completion. While some of these benefits are set to last into the 2040s, it is important to note that these reduced taxes will not last forever, as some buyers are coming to find in the form of sticker shock.
A full list of 421a properties can be found here and below find some on-the-market apartments benefiting from ongoing tax abatements.
In this article:
From the Listing: This Park Facing Residence has it all. Open park views facing west, this rare 2 bedroom residence has a gracious layout that makes life easy, refined and fun. Tax abatement expires 2035. See floor plan and full details here.
From the Listing: 5B has beautiful skyline Manhattan & water views, solid walnut flooring throughout, open kitchen with top of the line Jenn air appliances, Liebherr refrigerator, one piece granite counter top. There is 15 years 421-A tax abatement in until June 30th of 2027. See floor plan and full details here.
From the Listing: Resale with Tax Abatement. Quiet light-filled one bedroom/one bath in Greenpoint in a boutique development affords you all you are looking for in a new home. This fourth-floor residence (elevator) has been designed with quality throughout from the oak wood floors to the hand-painted cabinets, GE Gallery appliances, 9 foot ceilings in an open floor plan and a Bosch Washer and Dryer. See floor plan and full details here.
From the Listing: Spacious, east-facing, one-bedroom apartment is now available at the prestigious L-Haus, a building designed by award-winning firm Cetra/Ruddy, which has quickly become one of Long Island City's most in-demand premier full-service condominiums.The apartment boasts 690 square feet, a clean layout, real bright oak floors, and 9.2 foot high ceilings. Its big triple-pane windows provide excellent sound insulation, great light as well as an unobstructed view of the building's back yard and LIC. The L Haus was completed in 2010, is comprised of 122-units, and has a 15-year tax abatement expiring in 2025. See floor plan and full details here.
From the Listing:
Bright and sunny, 5K faces West, with terrific afternoon light, in a wonderfully spacious layout with a separate alcove area, perfect for a home office! The open chef's kitchen is a dream with stainless steel appliances, granite countertops, white subway tile, and designer hardwood cabinets. Other apartment highlights include 10 ft ceilings, a marble bath with soaking tub, hardwood floors, floor-to-ceiling triple-glazed ultra-quiet casement windows with electric shades. J-421 Tax Abatement until 2023!
See floor plan and full details here.
From the Listing: SPACIOUS STORAGE UNIT INCLUDED IN PURCHASE! Enjoy your stunningly beautiful sunset Brooklyn and Manhattan Skyline view through dramatic and modern floor -to-ceiling windows. Tax abatement expires in 2025 See floor plan and full details here.
From the Listing: Welcome to 14 Hope Street, 2F, a spacious and stylish 1BR/1BA condo with a sprawling private patio and deeded covered parking spot in the heart of Williamsburg.
Situated on a serene, tree-lined street in prime Williamsburg, 14 Hope is a pet-friendly, elevator building with a common roof deck, first come first serve bike storage and low common charges (with a tax abatement until 2035). See floor plan and full details here.
From the Listing:
BROOKLYN POINT OFFERS ONE OF THE LAST 25-YEAR TAX ABATEMENTS AVAILABLE IN NEW YORK CITY. ESTIMATED ANNUAL SAVINGS FOR RESIDENCE 16B: $14,080.
A pristine residence nestled in the prestigious Brooklyn Point development, this stunning 1-bedroom, 1-bathroom home is a portrait of contemporary Brooklyn living. Features of this 737 sq. ft. home include beautiful wide-plank stained oak floors, floor-to-ceiling windows with northern exposure and panoramic views of Manhattan, an in-home washer/dryer, and a harmonious light wood color palette with satin copper fixtures and finishes designed to accentuate space and natural light. See floor plan and full details here.
A pristine residence nestled in the prestigious Brooklyn Point development, this stunning 1-bedroom, 1-bathroom home is a portrait of contemporary Brooklyn living. Features of this 737 sq. ft. home include beautiful wide-plank stained oak floors, floor-to-ceiling windows with northern exposure and panoramic views of Manhattan, an in-home washer/dryer, and a harmonious light wood color palette with satin copper fixtures and finishes designed to accentuate space and natural light. See floor plan and full details here.
From the Listing: Upon walking into your gorgeous open concept loft style apartment you are welcomed by the Western and Northern facing floor to ceiling windows, 9.5 feet high polished cement ceilings, and wide white oak hardwood floors. Designed by Hotel on Rivington architects Grzywinski + Pons and completed in 2011, this 24 unit, 7 stories residential building enjoys a 421-A tax abatement through 2022. See floor plan and full details here.
From the Listing: ONE MANHATTAN SQUARE OFFERS ONE OF THE LAST 20-YEAR TAX ABATEMENTS AVAILABLE IN NEW YORK CITY. This unit features 10' ceilings. Residence 7F is a 695 square foot one bedroom, one bathroom with an open gourmet kitchen and breakfast bar. This spacious residence faces North East with East River and Williamsburg Bridge views. See floor plan and full details here."
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From the Listing: Huge triplex convertible three bedroom perfect for anyone looking to expand their lifestyle! Apartment 3A is a 1,127-square-foot convertible three-bedroom triplex apartment with a 300-square-foot sleeping loft mezzanine that has the possibility of being converted to a third bedroom. Low common charges and seven years left on the tax abatement make this a cost-efficient home with great value! See floor plan and full details here.
From the Listing: This lovely apartment is located in Clermont Greene, one of Fort Greene's most sought after full-service condominium communities. This spacious home has everything on your wish list--two bedrooms, two baths, private outdoor space, a washer/dryer in the unit, and indoor PARKING* just an elevator-ride away! The apartment features over-sized rooms with walls of west-facing windows that bring in wonderful natural light and overlook the spa-like interior courtyard, complete with a fountain, manicured garden, and areas with chaises and picnic tables to lounge. . A tax abatement through 2025. See floor plan and full details here.
From the Listing: Check all of your boxes with this perfect two bed, two bath Condo with a spacious kitchen, exceptional light and a serene backyard balcony. The large living room features a wall of oversized, south facing windows allowing for streaming sunshine, while a wall of closets makes sure you have a place for everything. 267 8th street is a part of a 16 unit, pet friendly, condo building with very low common charges and a tax abatement until 2033! See floor plan and full details here.
From the Listing: An oversized and customized one-bedroom duplex at the Edge - Williamsburg's premier luxury Condo. Impressive 18'+ ceilings, a gourmet kitchen, upgraded 8' wide European oak floors, customized window treatments with electric shades, and a massive custom walk-in closet. One of only 3 duplexes with a bonus north-facing window. Tax abatement through 2036.
See floor plan and full details here."
From the Listing: 421-a TAX ABATEMENT NOW IN PLACE!. A brand new corner condo graced with sleek finishes and a layout that maximizes space and natural light, this stunning 2-bedroom, 2-bathroom home strikes the perfect balance between tastefulness and efficiency. Features of this 873 sq. ft. apartment include gorgeous white oak flooring, huge windows with northern and eastern exposure and city views, and a convenient in-home washer/dryer. See floor plan and full details here.
From the Listing: Terrace loversthis ones for you! Introducing a special opportunity to own the largest, private terrace currently available in Forest Hills. Its massive at over 900 square feet and wraps around the home with sundrenched, western + southern views. The terrace also offers amazing accessibility with doors from the living room and each of the two bedrooms. 15 year tax abatement from 2015. See floor plan and full details here.
From the Listing:
Welcome to this chic boutique condominium with the ultimate privacy, minutes away from the Greenpoint waterfront. Residence 201 was meticulously designed to maximize every square foot. This apartment features sweeping oak floor through out. This unit has very low carrying costs**! 15 year 421-A abatement
See floor plan and full details here.
From the Listing: Just reduced! A truly stunning Penthouse with a large terrace is located in the heart of Long Island City. This enormous 2 bed/2 bath home boasts open views from its floor-to ceiling windows, impressive cathedral ceilings. Tax abatement until 2025. . See floor plan and full details here.
From the Listing: 15-Year 421-A Tax Abatement
One Thirty Eight North Tenth is a striking new condominium designed by Morris Adjmi Architects that skillfully integrates the neighborhood's industrial aesthetic with a design-forward take on Italian Modernism. This intimate nine-unit building has the strong geometry, premium finishes, and considered detail that register to the discerning eye.
See floor plan and full details here.
From the Listing: 421a tax abatement expires in 2036.
. Perched on the 26th floor, this well laid out and spacious (1,376 sqft) 2-bedroom, 2-bathroom + home office is located on the southwestern corner of this luxury waterfront tower with floor-to-ceiling windows and postcard views of Manhattan. The open floor plan is intelligently designed with split bedrooms, an oversized living room, and a full-size dining area which leads out to a large 140 sqft private balcony perfect for entertaining. See floor plan and full details here.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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