Annual Savings
15 Years
Exemption Term

This new development in prime Bensonhurst came with unique challenge. Since conversion projects are scrutinized more carefully for the purposes of eligibility, MGNY’s role was to advise the architect, the developer and the GC throughout the entire life-cycle of the project. While all other tax experts advised the developer against pursuing the 421a benefits, MGNY was able to steer the design team to revise the plans to meet the strict eligibility and underutilization requirements. This strategy prolonged the construction process by a several months, but the trade-off was receiving the 421a tax exemption for 15 years. The outcome: $105,000 of annual tax savings and much higher per square foot sale price for the condo units.