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July 18, 2007
421a Deal Breaks Down
The Real Estate Observer
By Matthew Schuerman
Here's one we missed from Monday.
NYC Mayor Bloomberg was hoping to add some last-minute amendments to NY State's 421-a reform bill "that would permit the 421a housing tax break to apply to subsidized middle-class housing planned for Queens West."
NoLandGrab: The Mayor has spoken out against the "Atlantic Yards carveout" on grounds that a sole developer shouldn't get special subsidies, which according to the Mayor's office could cost the city $300M. Presumably, the amendments sought by the Mayor included removal of this big gift for Bruce Ratner.
Schuerman cites an un-named real estate exec who reports that negotiations with State Assemblyman Vito Lopez have broken down:
As a result, the executive said, any changes that would undo the problems that the Bloomberg administration sees with the state legislation that passed last month will have to wait until the fall.
Schuerman updated the post with news that the Senate was passing amendments that reflected changes previously passed by the Assembly, which, "do not reflect the alterations the Mayor was seeking."
Posted by lumi at July 18, 2007 7:34 AM