August 19, 2016

Cuomo Floats New 421A Rules as Building Permits Slip in Manhattan and Brooklyn

Mentions News

Commercial Observer

Ofer Cohen, the founder of Downtown Brooklyn-based brokerage TerraCRG, said the volume of land sales in the borough have sharply decreased as a result of the 421A expiration. The brokerage estimated that the dollar amount of property sales had dropped 30 percent to $3.62 billion for the first half of 2016 from $5.13 billion the same time in 2015, as The Real Deal reported last month.

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