November 14, 2016

What Does the New 421-a Deal Mean for Brooklyn Real Estate Development?



“The renewal of a 421-a program will be instrumental in re-activating the development market in Brooklyn. Since the expiration of the old program, development site trade volume came to almost a complete halt. Without a program, no new rental product can be built. If this deal goes through, we believe developers will respond with renewed activity, in purchasing, planning and breaking ground to rental unit production, a portion of which will be affordable.”

Read more here.