Brooklyn rental projects that did not yet secure a 421a tax abatement are stranded in a precarious position, but condo projects will be only marginally affected.
That was the consensus Tuesday among some of Brooklyn’s biggest residential players in the wake of the New York State legislature’s failure to renew the 421a tax abatement.
Ofer Cohen, founder of Brooklyn commercial brokerage TerraCRG and host of the Only Brooklyn real estate summit, said in the last six months, he saw a tremendous slowdown of rental development sites trading hands. “We actually can’t sell anything for rental development,” he said.
Read more here.