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The 421-a tax exemption is a property tax exemption in the U.S. state of New York that is given to real-estate developers for building new multifamily residential housing buildings in New York City. As currently written, the program also focuses on promoting affordable housing in the most densely populated areas of New York City. The exemption ...
Borough, Block, and Lot (also called Borough/Block/Lot or BBL) is the parcel number system used to identify each unit of real estate in New York City for numerous city purposes. It consists of three numbers, separated by slashes: the borough , which is 1 digit; the block number, which is up to 5 digits; and the lot number, which is up to 4 digits.
The New York City Department of Buildings (DOB) is the department of the New York City government that enforces the city's building codes and zoning regulations, issues building permits, licenses, registers and disciplines certain construction trades, responds to structural emergencies and inspects over 1,000,000 new and existing buildings.
According to Ritchie Torres, "TPT is quite different from and far harsher than a typical foreclosure from the perspective of a property owner. If you are the target of a foreclosure, you get a share of the proceeds from the sale of your property. Under TPT, the city can completely strip you of all the equity in your property". [9]
[1] [2] In the United States, zoning includes various land use laws enforced through the police power rights of state governments and local governments to exercise authority over privately owned real property. [3] Zoning laws in major cities originated with the Los Angeles zoning ordinances of 1904 [4] [5] and the New York City 1916 Zoning ...
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Maximum Base Rent (MBR) is calculated to ensure the rent from rent control units covers the cost of building maintenance and improvements. The formula reflects real estate taxes, water and sewer charges, operating and maintenance expenses, return on capital and vacancy and collection loss allowance.
111 Eighth Avenue occupies the full city block between Eighth and Ninth Avenues and 15th and 16th Streets in the Chelsea neighborhood of Manhattan, New York City. [1] The building, completed in 1932, was designed by Lusby Simpson of Abbott, Merkt & Co. [2] [3] The building is 15 stories tall and has 2.9 million square feet (270,000 m 2) of floor space, more than the Empire State Building; [4 ...