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The recent expiration of the 421-a tax credit has claimed another victim, this time in Queens at the $1.5B Hallets Point project.
The 2,000-apartment development was also slated to include a supermarket, a new school and a waterfront esplanade when it was completed in seven years. However, because of the tax burden without a 421-a break, most of it was put on hold just a day after Mayor de Blasio broke ground on the project last month, according to DNAInfo.
“Without a new 421-a or a replacement program, we can’t continue with the project,” says a spokesperson for the Durst Organization, the project’s developer. “Nothing can be done.”
The first building in the multi-phase development will still go forward, since construction began on it before 421-a expired. That building includes 400 apartments, over 80 of which are affordable. The supermarket will also go forward.
As for the rest, the Durst Organization plans to wait and see.
“It’ll be a problem for us, but this is a 10-year build-out to begin with,” the spokesperson says. “We think about things in the very long term.” [DNAInfo]
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