421a


The Latest

A photo illustration depicting the death of the 421a property tax break (NYC Housing Preservation and Development, iStock)

Dead and buried: 421a is gone. Will it ever return?

The mad rush to qualify projects is over, and with the property tax break 421a expiring today, New York...

Dead and buried: 421a is gone. Will it ever return?
Witkoff CEO Steven Witkoff and 589 Fulton Street in Brooklyn (Witkoff, NQS Creative, iStock/Photo Illustration by Steven Dilakian for The Real Deal)

Apollo, Witkoff beat 421a deadline with DoBro tower

Time is ticking for multifamily developers trying to score a tax break on projects, but Steve Witkoff likely isn’t...

Apollo, Witkoff beat 421a deadline with DoBro tower
171 Chrystie Street, HUBB’s John McCarthy and Be Aviv’s Ben Harlev (171 Chrystie Street, Ben Harlev via NadlanCityNY)

HUBB NYC picks up LES rental for $64M

Three weeks before 421a is set to expire, HUBB NYC picked up one of the few apartment buildings developed on the Lower East Side under the program for $64 million. HUBB, led by president...

HUBB NYC picks up LES rental for $64M
Gary LaBarbera, James Whelan, Eric Adams, Tiffany Cabán and Kathy Hochul (Getty, iStock / illustration by Ilya Hourie for The Real Deal)

Council backs off sabotage of 421a

UPDATED May 17, 2022, 7:12 p.m.: As the mayor makes a last-minute push to save an affordable housing tax break, City Council members planned to rally for its demise. With seven working days left...

Council backs off sabotage of 421a
From left: James Whelan, president, REBNY; Cea Weaver, campaign coordinator, New York Housing Justice for All; Kathy Hochul, governor, New York (REBNY, NY Housing Justice for All, Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
News Analysis

The truth about 421a

 By now, you’re probably sick of reading about 421a. Really, what’s left to say about this property tax break? A lot, actually. Until now, we’ve been drubbed by supporters and opponents’ tiresome narratives about...

The truth about 421a

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