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Affordable New York – The New 421a Program

NEW YORK CITY—The new 421a program, now known as Affordable New York, is welcome news for developers and land owners in NYC.  In a challenging environment,…

By James Nelson | Updated on June 05, 2017

James Nelson James Nelson

NEW YORK CITY—The new 421a program, now known as Affordable New York, is welcome news for developers and land owners in NYC.  In a challenging environment,  it will provide the incentives needed to get rental projects moving again.

Last year, land sales in the City were off significantly. Overall volume was only $2.7B over 77 sales, compared to 2015′s record $10.9B over 119 trades. The first quarter of this year didn’t show much improvement as annualized sales volume took an additional 55% decline to $1.3B, while land values citywide dropped 27% to an average $499/BSF.

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