May 2, 2024

Whole new world: How NYC values 421a, 485x sites now

When Gov. Kathy Hochul resuscitated a near-death development market two weeks ago, brokers’ phones started ringing. And they haven’t stopped. “I’ve got back-to-back calls today with developers,” Dan Marks, CEO of commercial brokerage TerraCRG, said late last week. “They want to see opportunities that either qualify for the [421a] extension or the 485x program.”

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