Depending on where you live, your building’s 421A tax abatement may end in the near future. Originally introduced in 1971, the 421A was intended to encourage new residential construction. Heading into the second quarter of 2016, real estate attorney Andrew Luftig strongly suggests checking with the department of finance to see what your taxes are projected to be when your abatement is phased out.

In the time leading up to this phase out, it is important to keep in mind the financial and investment goals for your apartment, as this change in taxes may affect the sale or rental price of your home in the future. This may be a perfect time to look into other properties to purchase with longer abatements, or to assess the current value of your home.

Your 421A Tax Abatement and Building

Annie Cion Gruenberger and Arlene Reed of Warburg Realty have represented buyers and sellers of apartments at the following East Side buildings. Click on the address for more detailed, building-specific information! (Building numbers sourced March 2016)

151 East 85th Street

421A tax abatement at 151 East 85th Street ends in 2020.

Your Opportunity

Over the last year and through the first quarter of 2016, properties within your building have sold for approximately $2,833 per square foot. With limited inventory on the market in your building, you are presented with an excellent opportunity to sell at a competitive price in a short amount of time.

Many prospective buyers who are in the market for condos in our neighborhood are currently priced out of current new developments. Due to this shift in the market, a larger demand has been created for properties like yours. Over the last 12 months, properties at 151 East 85th Street have been on the market for an average of 58 days, proving a true interest for the building and its many offerings.

205 East 85th Street

421A tax abatement at 205 East 85th Street ends in 2021.

Your Opportunity

Over the last year and through the first quarter of 2016, properties within your building have sold for approximately $2,351 per square foot. With limited inventory on the market in your building, you are presented with an excellent opportunity to sell at a competitive price in a short amount of time.

Many prospective buyers who are in the market for condos in our neighborhood are currently priced out of current new developments. Due to this shift in the market, a larger demand has been created for properties like yours. Over the last 12 months, properties at 205 East 85th Street have been on the market for an average of 54 days, proving a true interest for the building and its many offerings.

207 East 57th Street

421A tax abatement at 207 East 57th Street ends in 2018.

Your Opportunity

Over the last year and through the first quarter of 2016, properties within your building have sold for approximately $2,039 per square foot. With limited inventory on the market in your building, you are presented with an excellent opportunity to sell at a competitive price in a short amount of time.

Many prospective buyers who are in the market for condos in our neighborhood are currently priced out of current new developments. Due to this shift in the market, a larger demand has been created for properties like yours. Over the last 12 months, only two properties at 207 East 57th have been on the market, making this a great time to consider selling with limited inventory in the building.

212 East 57th Street

421A tax abatement at 212 East 57th Street ends in 2018.

Your Opportunity

Over the last year and through the first quarter of 2016, properties within your building have sold for approximately $1,457 per square foot. With limited inventory on the market in your building, you are presented with an excellent opportunity to sell at a competitive price in a short amount of time.

Many prospective buyers who are in the market for condos in our neighborhood are currently priced out of current new developments. Due to this shift in the market, a larger demand has been created for properties like yours. Over the last 12 months, properties at 212 East 57th Street have been on the market for an average of 77 days, proving a true interest for the building and its many offerings.

135 East 79th Street

421A tax abatement at 135 East 79th Street ends in 2020.

Your Opportunity

Over the last year and through the first quarter of 2016, properties within your building have sold for approximately $2,833 per square foot. With limited inventory on the market in your building, you are presented with an excellent opportunity to sell at a competitive price in a short amount of time.

Many prospective buyers who are in the market for condos in our neighborhood are currently priced out of current new developments. Due to this shift in the market, a larger demand has been created for properties like yours. Over the last 12 months, properties at 151 East 85th Street have been on the market for an average of 58 days, proving a true interest for the building and its many offerings.