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Hard work paying off as State approves key real estate legislation
July 3, 2013
President, Real Estate Board of New York
The 2013 New York State Legislative Session recently ended and the Real Estate Board of New York successfully advocated for several pieces of legislation that will help our industry.
The Commercial Revitalization Program (CRP) for upper Manhattan and the boroughs outside Manhattan and the Industrial and Commercial Abatement Program (ICAP) were both extended for two years. This legislation also extended Lower Manhattan leasing incentives for business attraction and retention. We expect Governor Andrew Cuomo to sign the bills into law soon.
Earlier this year, the co-op/condo abatement law was extended for three years. When the abatement was extended in January, NYC indicated that units owned by a trust or a Limited Liability Corporation (LLC) would not be eligible for the benefit. REBNY worked quickly and helped to get a bill introduced and passed by both houses of the legislature that would permit units owned by a trust to be eligible for the benefit if they met the primary residence requirement. We thank all those that took part in this important endeavor.
REBNY is pleased with the progress made on industry issues during this legislative session. We will keep you updated as additional important legislation moves forward.
Below is more detailed information on the CRP and ICAP extensions.
These extended provisions (with the new expiration date in parentheses) for Lower Manhattan include:
• Commercial rent tax reduction (6/30/2015)
• Lower Manhattan energy program (6/30/2015)
• Lower Manhattan Relocation Employment Assistance Program (LM-REAP) and REAP (both are extended to 6/30/2015) which provides comparable benefits to relocation of companies to the boroughs outside Manhattan
• Real estate tax abatement for commercial tenants (3/31/2016)
• New York State Sales Tax Exemption for Build-Out in Area A (12/1/2016) which includes all of the Downtown Alliance district and Area B (12/1/2018) which includes the World Trade Center Site, World Financial Center and Battery Park City. The legislation reduced the minimum lease term for the sales tax benefit in Area A and B to five years for leases signed after 9/1/2013.
Additionally, this legislation also extended the CRP program in northern Manhattan and the boroughs (6/30/2016) and ICAP (4/1/2017). These programs are critical for the ongoing recovery from Superstorm Sandy.
In other REBNY News:
Although we have completely booked our tee times for REBNY’s Annual Golf & Tennis Outing, tennis players are still needed for the event on Thursday, Aug. 1, 2013 at the North Shore Country Club. The original event date was in June but was canceled due to weather conditions. Come and enjoy a great day of fun, food, drinks and prizes. Register online at www.rebny.com. For more information, contact Kathleen Gibbs at email@example.com or 212-616-5246.