Lack of 421a leads to bonafide changes at Essex Crossing

There are changes afoot at the Lower East Side megadevelopment Essex Crossing, in large part because of the dormant 421a program. Site 8, which currently houses part of the Essex Street Market, was originally envisioned as a condo project with 80 percent of the units priced at market rates. But the developers are unable to tap into the expired tax abatement program 421a, so they’ve changed strategies, earmarking studio apartments for low-income seniors there instead. … [more]

Source: Real Estate

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