Say goodbye to another property tax break – Robert Khodadadian

While the industry fretted over 421a and good cause eviction in the final months of the legislative session, state lawmakers quietly let another real estate measure expire. The decades-old tax exemption program J-51, which incentivized landlords to renovate apartment buildings, dies today. To qualify, work needed to be completed no later than June 29. There was an effort to save the program — one that came closer to succeeding than the bid to rescue 421a.

Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or “quiet” real estate transactions, allowing buyers and seller to bypass traditional avenues and extraneous expenses of high-profile listings in the New York City area. Home Page, Residential Real Estate, conversions, j-51, Local Law 97, New York City, New York State Assembly, tax abatement, tax policy The Real Deal New York Read More