The Real Deal New York

Satirical photo of the day: Litwin raises toast to Cuomo for 421a extension

"Thanks Cuomo," says the Glenwood founder in spoof pic
June 12, 2015 04:30PM

A tipster submitted this tongue-in-cheek graphic featuring Glenwood Management founder Leonard Litwin to The Real Deal.

Although the image may have you thinking otherwise, the fate of the 421a tax abatement has not yet been sealed.

Glenwood, a major landlord in New York City, was catapulted into the limelight when it became clear that the New Hyde Park-based firm was “Developer 1” in two blockbuster federal criminal complaints. Although Glenwood was not charged with wrongdoing, Assembly Speaker Sheldon Silver and Senate Majority Leader Dean Skelos allegedly used their powerful roles for personal financial gain. Glenwood and the 100-year-old Litwin, the most prolific donors to politicians in New York state for more than a decade, were lobbying for legislation such as an extension of the 421a tax breaks — a major financial boon to developers.