31 THE QUEENS COURIER • APRIL 8, 2022 FOR BREAKING NEWS VISIT WWW.QNS.COM
real estate
Aff ordable housing extender rumored to be part of fi nal state budget
BY STEPHEN WITT
EDITORIAL@QNS.COM
@QNS
When at fi rst you don’t succeed, kick the
aff ordable housing can down the road.
Th at appears to be the case as multiple
sources say that Gov. Kathy Hochul is pushing
to give an expiring subsidy to New York City
developers to build aff ordable housing a oneyear
extension as part of the now late state fi scal
year 2022-23 budget.
Th e tax abatement, known as 421-a and is
set to expire June 15, is used to incentivize real
estate developers to build aff ordable housing.
Many developers get the tax break for constructing
buildings that contain 80% market
rate and 20% aff ordable units.
As 421-a is currently written, those making
up to 130% of the area median income (AMI)
— $139,620 for a family of three — would be
eligible for these units in buildings subsidized
by the program.
Hochul proposes replacing 421-a with a new
tax break called 485-w. Under this plan, the ceiling
is lowered for which families qualify from
130% of the AMI. Instead, those making up to
90% of the AMI will qualify for buildings with
30 units or less. And larger buildings will only
be open to those making up to 80% of the AMI.
But progressive lawmakers in the state want
to see the program scrapped altogether, arguing
the subsidy should be replaced with a reformed
property tax system that supports new housing
construction and focuses our scarce aff ordable
housing resources.
“Th ere’s going to be a one-year extension of
421-a as part of the fi nal budget,” said one veteran
assembly lawmaker, adding the governor is
adamant about including it as part of the budget.
But one progressive lawmaker source says
Hochul wanting the extender to be included as
part of the spending plan is a last gasp measure
that will not make it into the fi nal budget.
“As a progressive and somebody who cares
tremendously about reforming our property
taxes and building aff ordable housing, 421-a
and 485-w does not do either. We have time
before the old program expires and we should
come up and reform our property tax code
and fi gure out how to build aff ordable housing
cheaper and more effi ciently,” said Assembly
member Robert Carroll (D-Brooklyn).
Assembly member Steve Cymbrowitz (D-Brooklyn),
chair of the Assembly Housing Committee,
could not be reached on the issue at press time.
Meanwhile, longtime Assembly member
Peter Abbate (D-Brooklyn), the de facto head
of the Assembly’s Brooklyn delegation, who has
been through numerous state budgets in his 35
years in the assembly, said budget hold-ups are
usually over one or two issues, and then other
issues start getting thrown in.
Th is year it is criminal justice reforms that
the Assembly couldn’t agree on, and then the
421-a extender gets put in, said Abbate.
“Th ere’s two conferences this weekend. One
on Zoom Saturday night. And one on Sunday
aft ernoon in person. Th en there’s another
conference on Sunday in the late aft ernoon
probably to go over the fi nal details and we’ll
probably start voting on Monday,” said Abbate.
College Point offi ce building on sale for $22.8 million
BY JENNA BAGCAL
JBAGCAL@SCHNEPSMEDIA.COM
@JENNA_BAGCAL
A multimillion-dollar, four-story office
building just hit the market in College Point.
New York-based real estate company B6 Real
Estate Advisors announced that 129-09 26th
Ave. is currently on sale for $22.8 million. Th e
63,260-square-foot building includes 44,095
square feet of offi ce space and 19,165 square feet
of industrial space according to the company.
Building amenities at the College Point
property include 133 parking spaces and a
brand-new roof with solar panels that provides
the building with a yearly tax rebate and 10%
electricity deduction. Additionally, the industrial
portion of the building is divided into fi ve
spaces and includes two interior loading bays.
Th e building is located near College Point
Fields, which is currently undergoing a $4.5
million capital project to transform it into a
soccer fi eld.
According to the listing, the building is in
prime positioning near the Van Wyck Expressway,
Long Island Expressway, Grand Central
Parkway, Cross Island Parkway and Clearview
Expressway.
File photo
Photo courtesy of B6 Real Estate Advisors
129-09 26th Ave. in College Point.
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