In 1971, New York City launched a new program designed to encourage developers to build on vacant land. The program known as the 421-a tax abatement gave developers a ten-year exemption on paying taxes if they agreed to develop the underused land. At the time, the program made a lot of sense. In the 1970s, urban decay was rampant, even in many areas of Manhattan. But the program not only benefited developers. Owners who bought units in a 421-a tax abatement building also benefited since the bill effectively enabled developers to pass along their tax break to buyers who in turn could avoid paying taxes on their units for the first decade.
While the original 421-a tax abatement is essentially dead, there are still a few 421-a deals left for buyers. This reflects the fact that several of the condo projects that secured a 421-a exemption before the program was phased out are only now coming to completion. To help buyers looking to take advantage of this final round of 421-a benefits, 6sqft has compiled a list of some of the best deals left on the market.
Rendering courtesy of Williams New York
Extell on Thursday officially launched sales at Brooklyn Point, the developer’s first skyscraper in the borough. According to the building’s site, units available include studios, one-, two- and three-bedroom condos, ranging from $837,000 to $3,413,000 in price. Residents at the 720-foot tower, located at 138 Willoughby Street in Downtown Brooklyn, will enjoy a plethora of amenities including a wine room, a stroller valet, well-equipped fitness center and, of course, the highest rooftop pool in the Western Hemisphere.
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Brooklyn Point renderings via Williams New York
It’s no surprise that the supertall savants at Extell–who are currently constructing the 1,550-foot Central Park Tower as the world’s tallest residential building–used their first foray into Brooklyn to smash yet another sky-high record. The Post reports that the developer’s City Point tower, dubbed Brooklyn Point, will boast the highest rooftop pool in the entire city. Sitting at the top of the 720-foot luxury condo at 138 Willoughby Street, it will be a 27-foot-long saltwater infinity pool, complete with a full lounge area, a stargazing observatory, and space for outdoor movie screenings.
More details and views ahead
In October, Extell Development released a website with details about their luxury high-rise planned for Downtown Brooklyn. Two months later, they’ve released additional renderings of 138 Willougby, their first outer-borough tower. As YIMBY learned, the 720-foot skyscraper called Brooklyn Point, temporarily the tallest in Brooklyn, will have 458 condominiums designed by Katherine Newman that focus on blending “Brooklyn industrial chic” with a “refined mid-century aesthetic.”
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New rendering of City Point courtesy of Extell Development
Extell Development released a teaser website on Thursday ahead of its sales launch for Brooklyn Point, the group’s first tower in Brooklyn, and revealed more details about the luxury high-rise. Rising 68 stories and 720 feet high, the tower at 138 Willoughby Street will be the tallest building in the borough until 9 DeKalb Avenue rises, which will be roughly 1,000 feet tall. As the last phase of City Point, Brooklyn Point will join two other residential buildings, the Brodsky Organization’s 7 DeKalb and City Tower.
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