 Since New York City is an island and the demand for land is high, many buildings are demolished and replaced with new developments. Developers were offered tax incentives by the city to promote multi-family residential construction in New York. These tax incentives may be passed on to buyers through the 421a program. You can learn more about the 421a program and the exempt properties in New York City by reviewing 421a information at the City's website.
Aside from possible tax benefits, new construction offers excellent views since many buildings offer units that rise above their surroundings and large windows to take advantage of the view. New buildings also have excellent amenities such as gyms, pools, or parking garages, fabulous appliance packages, high-end finishes, open floor plans, and more. Many new developments are condos, therefore, apartments may be used for rental purposes and pet policies are generally more lenient than with co-ops. For more information on new developments, contact Debbie Murray today.
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