Purchase and Sale of 421-a Negotiable Certificates
Market-rate projects which are not eligible for 421-a tax benefits because they are located in the Geographic Exclusion Area ("GEA") but otherwise meet the requirements of 421-a, can qualify for a 10 or 20-year partial tax exemption by participating in the 421-a Affordable Housing Program (recent legislation expanded the GEA to all of Manhattan, portions of Queens, Staten Island, the Bronx and certain areas of downtown Brooklyn).
William N Mavrelis, represents buyers and sellers in real estate transactions ranging from less than a million dollars to complex matters concerning millions of dollars. Clients of our law firm include individuals, family groups, institutions, developers, and commercial real estate owners in real estate purchases and sales. Acquiring or selling real estate in New York is not a spectator sport; navigating the city's maze of laws and regulations requires the assistance of a highly knowledgeable real estate attorney.
Mr. Mavrelis' office's robust and diverse leasing practice has developed over the years of service to his clients. Mr. Mavrelis represents landlords and tenants in every type of leasing transaction, including ground leases, office or space leases ranging from major corporate headquarters to relatively small leases, and sale-leasebacks and other structured transactions involving leases. Mr. Mavrelis' work extends beyond the lease documentation to related architectural and construction documentation, including contract documentation for the leasing of restaurant spaces, retail stores and warehouse/industrial sites.
Real Property Tax Exemptions and Abatements (ICIP/ICAP; 421-a; J-51)
The Industrial & Commercial Abatement Program (ICAP) provides abatements for property taxes for periods of up to 25 years. To be eligible, industrial and commercial buildings must be newly built or renovated (i.e., modernized, expanded, or otherwise physically improved). ICAP replaced the Industrial Commercial Exemption Program (ICIP) which ended in 2008. Previously approved ICIP benefits were not affected.