clock menu more-arrow no yes

NYC buildings where buyers can get tax breaks thanks to 421-a

The program may have expired in January, but some buildings are still benefitting

View as Map

For about 45 years, the 421-a program spurred new residential development in New York City, offering tax abatements of up to 25 years. For developers, it offered an incentive to include affordable units in their buildings, and made it feasible for them to build on vacant land. The program expired in January when the parties failed to agree on terms for its renewal. While there is still no indication that a new version of 421-a is near, plenty of projects did get started before the expiration date, and are now benefitting from those tax abatements. Check out some of those, in handy map form.

Read More

1. One Mahattan Square

Copy Link
252 South St
New York, NY 10038

One Manhattan Square is Extell's so-called "vertical village" on the Lower East Side, stretching 800 feet into the air. There will be 815 one-to-three-bedroom units, plus 100,000 square feet of amenity space, and 40,000 square feet of garden space. Sales are expected to launch sometime this fall.

2. 56 Leonard

Copy Link
56 Leonard St
New York, NY 10013

With its Jenga-like design from Herzog & de Meuron, 56 Leonard has certainly made its mark on the lower Manhattan skyline. It features 145 condominiums across its 60 stories, and closings began earlier this year. The Alexico Group and Hines are the developers.

3. 70 Charlton

Copy Link
70 Charlton St
New York, NY 10014

Developed by Extell and designed by Beyer Blinder Belle, 70 Charlton sits in the western Soho neighborhood Hudson Square. It features 92 one-to-four-bedroom condominiums across 22 stories. Occupancy is expected by the end of 2016.

4. 15 Hudson Yards

Copy Link
15 Hudson Yards
New York, NY 10001

This not-quite-supertall residential tower, part of the Hudson Yards megaproject, launched sales just this year. Related Companies and Oxford Properties are the developers. It features 285 market-rate units and, thanks to 421-a, 106 affordable apartments. Occupancy is expected in 2018.

5. Manhattan View at MiMA

Copy Link
460 W 42nd St
New York, NY 10036

Manhattan View at MiMA is an interesting conversion story. It is the top 13 floors of the larger MiMA rental building. Originally known as One MiMA Tower, those 13 floors are going from luxury rental to luxury condominium. Interior designer Jamie Drake of Drake / Anderson is handling the conversions. Sales launched in February of 2016.

6. One West End

Copy Link
1 West End Ave
New York, NY 10023

One West End is the first condo building at Riverside Center, located on the southern end of what is technically Lincoln Square (though often referred to as the Upper West Side). Designed by Pelli Clarke Pelli, it has 246 units.

7. One Riverside Park

Copy Link
40 Riverside Blvd
New York, NY 10069

Yes, One Riverside Park is the infamous "poor door" building, featuring separate entrances for its market-rate and affordable residences. Its 219 units have been on the market for over two years. Goldstein, Hill & West Architects is responsible for the design and Extell is the developer.

8. The Kent

Copy Link
200 E 95th St
New York, NY 10128

The Kent, from developer Extell and architecture firm Beyer Blinder Belle, is bringing a new price point to its corner on the Upper East Side. But that is tempered by 421-a. There will be 83 residences in its 30 stories and among the amenities will be a "Sound Lounge" designed by Lenny Kravitz. Sales launched in May of 2016. Occupancy is expected by the fourth quarter of 2017.

9. Circa Central Park

Copy Link
285 W 110th St
New York, NY 10026

With a stunning design by FXFOWLE, this project, developed by Artimus, has 38 units and sits on the corner of Central Park West and 110th Street on the border of the Upper West Side and Harlem. It benefits from a 25-year abatement and sales launched in April; apartments up for grabs range from a $3 million three-bedroom to a nearly $9 million five-bedroom.

10. The Monarch

Copy Link
47-05 5th St
Long Island City, NY 11101

This six-story building has 21 luxury condominium units. Newman Design Architecture is the developer. Sales launched in August of 2016 and occupancy is expected before winter.

11. 190 South 1st Street

Copy Link
190 S 1st St
Brooklyn, NY 11211

The ODA New York-designed 190 South 1st Street is a 13-story, 32-unit condominium building in Williamsburg. It's being co-developed by Adam America Real Estate and the Naveh Shuster Group, and received a 15-year tax abatement through 421-a. Though it currently benefits from its proximity to the L train, that shouldn't be a problem when the line's interborough service shuts down in 2019, as it is also near the J, M, and Z trains. Sales launched in June 2015, and it's not about 75 percent sold; occupancy is expected in 2017.

12. 51 Jay Street

Copy Link
51 Jay St
Brooklyn, NY 11201

Developed by the Slate Property Group and Adam America Real Estate, 51 Jay Street is actually a conversion of an old Dumbo manufacturing building. ODA New York is responsible for the design, which will add 74 condominium units to what is now a seven-story structure. It benefits from the nearby F train and a 15-year abatement. Sales launched in June of 2015 and occupancy is expected this year.

13. The Nevins

Copy Link
319 Schermerhorn St
Brooklyn, NY 11217

Located in Downtown Brooklyn, the Nevins will bring 73 condominiums to the neighborhood. The developers are Adam America Real Estate and the Naveh Shuster group, with Issac & Stern as architect and Andres Escobar as interior designer. Sales launched in July of 2016 with prices starting at $550,000.

14. Six Ten Warren

Copy Link
610 Warren St
Brooklyn, NY 11217

This six-story, 31-unit condo project in Boerum Hill features an exterior by Issac & Stern and interiors by Paris Forino. Adam America Real Estate is the developer and sales launched in June of 2016. Right now, the cheapest apartment for sale is a 789-square-foot one-bedroom, asking $950,000—but it does have that abatement going for it.

15. 550 Vanderbilt Avenue

Copy Link
550 Vanderbilt Ave
Brooklyn, NY 11238

The first condo building within the Pacific Park megaproject is another beneficiary of the 421-a program. Designed by COOKFOX, 550 Vanderbilt features 278 units across 17 stories. The apartments are a mix of studios, one-, two-, three-, and four-bedrooms, from $890,000 to more than $6 million. Sales launched last year, and it's on track to welcome residents this year.

16. 251 First

Copy Link
251 1st St
Brooklyn, NY 11215

Yet another ODA New York joint, this 11-story building (which replaced a McDonald's on Fourth Avenue) will bring 44 residences to Park Slope. Adam America Real Estate is the developer. Sales started in May of 2016 and the building is already 50 percent sold.

17. Waverly Brooklyn

Copy Link
500 Waverly Ave
Brooklyn, NY 11238

Located in Clinton Hill, Waverly Brooklyn has 48 condominium units across seven stories. It is being developed by Orange Management and Gerner, Kronick & Valcarcel is responsible for the design. It benefits from a 25-year abatement, and residents should be moving in by the end of the year.

1. One Mahattan Square

252 South St, New York, NY 10038

One Manhattan Square is Extell's so-called "vertical village" on the Lower East Side, stretching 800 feet into the air. There will be 815 one-to-three-bedroom units, plus 100,000 square feet of amenity space, and 40,000 square feet of garden space. Sales are expected to launch sometime this fall.

252 South St
New York, NY 10038

2. 56 Leonard

56 Leonard St, New York, NY 10013

With its Jenga-like design from Herzog & de Meuron, 56 Leonard has certainly made its mark on the lower Manhattan skyline. It features 145 condominiums across its 60 stories, and closings began earlier this year. The Alexico Group and Hines are the developers.

56 Leonard St
New York, NY 10013

3. 70 Charlton

70 Charlton St, New York, NY 10014

Developed by Extell and designed by Beyer Blinder Belle, 70 Charlton sits in the western Soho neighborhood Hudson Square. It features 92 one-to-four-bedroom condominiums across 22 stories. Occupancy is expected by the end of 2016.

70 Charlton St
New York, NY 10014

4. 15 Hudson Yards

15 Hudson Yards, New York, NY 10001

This not-quite-supertall residential tower, part of the Hudson Yards megaproject, launched sales just this year. Related Companies and Oxford Properties are the developers. It features 285 market-rate units and, thanks to 421-a, 106 affordable apartments. Occupancy is expected in 2018.

15 Hudson Yards
New York, NY 10001

5. Manhattan View at MiMA

460 W 42nd St, New York, NY 10036

Manhattan View at MiMA is an interesting conversion story. It is the top 13 floors of the larger MiMA rental building. Originally known as One MiMA Tower, those 13 floors are going from luxury rental to luxury condominium. Interior designer Jamie Drake of Drake / Anderson is handling the conversions. Sales launched in February of 2016.

460 W 42nd St
New York, NY 10036

6. One West End

1 West End Ave, New York, NY 10023

One West End is the first condo building at Riverside Center, located on the southern end of what is technically Lincoln Square (though often referred to as the Upper West Side). Designed by Pelli Clarke Pelli, it has 246 units.

1 West End Ave
New York, NY 10023

7. One Riverside Park

40 Riverside Blvd, New York, NY 10069

Yes, One Riverside Park is the infamous "poor door" building, featuring separate entrances for its market-rate and affordable residences. Its 219 units have been on the market for over two years. Goldstein, Hill & West Architects is responsible for the design and Extell is the developer.

40 Riverside Blvd
New York, NY 10069

8. The Kent

200 E 95th St, New York, NY 10128

The Kent, from developer Extell and architecture firm Beyer Blinder Belle, is bringing a new price point to its corner on the Upper East Side. But that is tempered by 421-a. There will be 83 residences in its 30 stories and among the amenities will be a "Sound Lounge" designed by Lenny Kravitz. Sales launched in May of 2016. Occupancy is expected by the fourth quarter of 2017.

200 E 95th St
New York, NY 10128

9. Circa Central Park

285 W 110th St, New York, NY 10026

With a stunning design by FXFOWLE, this project, developed by Artimus, has 38 units and sits on the corner of Central Park West and 110th Street on the border of the Upper West Side and Harlem. It benefits from a 25-year abatement and sales launched in April; apartments up for grabs range from a $3 million three-bedroom to a nearly $9 million five-bedroom.

285 W 110th St
New York, NY 10026

10. The Monarch

47-05 5th St, Long Island City, NY 11101

This six-story building has 21 luxury condominium units. Newman Design Architecture is the developer. Sales launched in August of 2016 and occupancy is expected before winter.

47-05 5th St
Long Island City, NY 11101

11. 190 South 1st Street

190 S 1st St, Brooklyn, NY 11211

The ODA New York-designed 190 South 1st Street is a 13-story, 32-unit condominium building in Williamsburg. It's being co-developed by Adam America Real Estate and the Naveh Shuster Group, and received a 15-year tax abatement through 421-a. Though it currently benefits from its proximity to the L train, that shouldn't be a problem when the line's interborough service shuts down in 2019, as it is also near the J, M, and Z trains. Sales launched in June 2015, and it's not about 75 percent sold; occupancy is expected in 2017.

190 S 1st St
Brooklyn, NY 11211

12. 51 Jay Street

51 Jay St, Brooklyn, NY 11201

Developed by the Slate Property Group and Adam America Real Estate, 51 Jay Street is actually a conversion of an old Dumbo manufacturing building. ODA New York is responsible for the design, which will add 74 condominium units to what is now a seven-story structure. It benefits from the nearby F train and a 15-year abatement. Sales launched in June of 2015 and occupancy is expected this year.

51 Jay St
Brooklyn, NY 11201

13. The Nevins

319 Schermerhorn St, Brooklyn, NY 11217

Located in Downtown Brooklyn, the Nevins will bring 73 condominiums to the neighborhood. The developers are Adam America Real Estate and the Naveh Shuster group, with Issac & Stern as architect and Andres Escobar as interior designer. Sales launched in July of 2016 with prices starting at $550,000.

319 Schermerhorn St
Brooklyn, NY 11217

14. Six Ten Warren

610 Warren St, Brooklyn, NY 11217

This six-story, 31-unit condo project in Boerum Hill features an exterior by Issac & Stern and interiors by Paris Forino. Adam America Real Estate is the developer and sales launched in June of 2016. Right now, the cheapest apartment for sale is a 789-square-foot one-bedroom, asking $950,000—but it does have that abatement going for it.

610 Warren St
Brooklyn, NY 11217

15. 550 Vanderbilt Avenue

550 Vanderbilt Ave, Brooklyn, NY 11238

The first condo building within the Pacific Park megaproject is another beneficiary of the 421-a program. Designed by COOKFOX, 550 Vanderbilt features 278 units across 17 stories. The apartments are a mix of studios, one-, two-, three-, and four-bedrooms, from $890,000 to more than $6 million. Sales launched last year, and it's on track to welcome residents this year.

550 Vanderbilt Ave
Brooklyn, NY 11238

16. 251 First

251 1st St, Brooklyn, NY 11215

Yet another ODA New York joint, this 11-story building (which replaced a McDonald's on Fourth Avenue) will bring 44 residences to Park Slope. Adam America Real Estate is the developer. Sales started in May of 2016 and the building is already 50 percent sold.

251 1st St
Brooklyn, NY 11215

17. Waverly Brooklyn

500 Waverly Ave, Brooklyn, NY 11238

Located in Clinton Hill, Waverly Brooklyn has 48 condominium units across seven stories. It is being developed by Orange Management and Gerner, Kronick & Valcarcel is responsible for the design. It benefits from a 25-year abatement, and residents should be moving in by the end of the year.

500 Waverly Ave
Brooklyn, NY 11238