Rent Guidelines Board Gives Preliminary OK To Hikes Up To 4%, Disappointing Landlords
... little interest in taking over the buildings. In March, L+M Development Partners sued Santander Bank over its refusal to take ...
May 01, 2025
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This Week's N.Y. Deal Sheet: Ralph Lauren Spends $132M On SoHo Storefronts
... into a 135-unit rental apartment property using the 467-m tax abatement. Northwind Group provided a $45M acquisition and predevelopment ...
Apr 29, 2025
News
Investment Sales Up 38% As NYC Developers Gear Up For Action
... New York City development. While the 485-x and 467-m tax incentive programs were passed last year, full rules and ... Q3. The deadline to commence a project applicable for 467-m, the office-to-residential conversion tax break, is the end ...
Apr 09, 2025
News
Lawmakers, Neighborhood Groups Sue To Overturn City Of Yes
... have a chilling effect.” UPDATE, MARCH 26, 3:30 P.M. ET: This story has been updated with a statement from ...
Mar 26, 2025
News
L+M Sues Bank For Refusing To Take Keys To Rent-Regulated Apartments
... possible losses from the mortgage. L+M and Santander both declined to comment on ... reported by PincusCo. In 2019, L+M borrowed $12M from Signature Bank to finance ... for reconfigured units. In the complaint, L+M said the changes had an “immediate deleterious ...
Mar 21, 2025
News
This Week’s N.Y. Deal Sheet: Horizon Media Inks 360K SF Renewal
... . *** SL Green and RXR have renewed specialist media company M. Shanken Communications' 39K SF lease at Worldwide Plaza, Commercial ... Brooklyn’s first office-to-resi conversion under the 467-m tax abatement, Commercial Observer reported. The financing came ...
Mar 18, 2025
News
What Does It Take To Convert Office Space To Residential In NYC? Industry Experts From SOCOTEC Weigh In
... the Affordable Housing from Commercial Conversion tax incentive called 467-m. It provides property tax exemptions for conversions of nonresidential buildings ...
Mar 13, 2025
News
How NYC's New Development Tax Credits Are Changing What Gets Built And Where
Manhattan developers have seized on 467-m, even those that started their projects before the new abatement ... . To reinvigorate housing production, state legislators last year passed 467-m and 485-x, intended to replace 421-a. The 485 ...
Mar 13, 2025
News
1500 Broadway Owner Coughs Up $20M To Hang Onto Struggling Tower
... continued to lose value. CORRECTION, MARCH 12, 4:25 P.M. ET: A previous version of this story misstated 1500 Broadway ...
Mar 11, 2025
News
Lenders Getting Less 'Scared' Of Funding Office Conversions
... working with are very well positioned for it, but I'm sure there's many out there that are not as ... well positioned.” UPDATE, MARCH 4, 2:30 P.M. ET: A previous version of this story misstated the date ...
Mar 03, 2025
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