Ritu Saheb, Architect, AIA's blog about New York architecture

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My world of 421a tax benefits in New York city real esate

 My world of 421a by RItu Saheb, Architect, AIA. Photo courtesy of Streeteasy

My world of 421a by RItu Saheb, Architect, AIA. Photo courtesy of Streeteasy

By Ritu Saheb, Architect, AIA

"Isn't 421a dead?"; I hear this a lot. Then why am I still doing 421a work?

Even though the provision for 421a tax abatement/tax deferral officially ended in December 2015, it's legacy will continue for next 10 years (at least for architects, like myself).

421a is a process.............................................

 Rooftop in  my  421a rental building in Brooklyn. Photo courtesy of Streeteasy

Rooftop in my 421a rental building in Brooklyn. Photo courtesy of Streeteasy

 Garden, in  my  421a rental building in Brooklyn. Photo courtesy of Streeteasy

Garden, in my 421a rental building in Brooklyn. Photo courtesy of Streeteasy

You apply for 421a benefits before you begin construction, you amend the application during the construction process as many times as you need, you make a final application after you have receive a C of O (Certificate of Occupancy) based on what you have actually built.

An architect is required every step of the way to review the drawings, the work out the uses and square footages based on which the 421a benefits will be granted, and to certify that the building was actually built as per the application.

Just before the 421a provision was yanked in 2015, developers rushed to put the building footing in so that it would be grandfathered in.

Therefore, I hope to thrive for a years to come on the 421a work...................................................

Article by Ritu Saheb, Architect, AIA