Since January 2016, the 421a abatement — which saves developers big in taxes and creates some affordable housing — has been unavailable for new development projects. But that will soon change with a forthcoming bill that will revive the developer tax cut in exchange for setting aside subsidized affordable apartments. With a new name “Affordable New York,” the tax abatement program would create 2,500 units of new affordable housing per year and will extend the tax incentives for 40 years, ...

After five years of stalling and discussions, a two-block section of the East River Esplanade between Catherine Street and Pike Slip finally got the green light to move forward as planned. The hold up, in a nutshell, was due to the Department of Environmental Protection’s plans to redo some water mains near the proposed stretch of esplanade that would have prohibited the city’s Economic Development Corporation from moving forward with the redevelopment. Those plans have now been dropped since the ...

With a slowdown in luxury condo sales — which fell 25% in the third quarter year-over-year according to Douglas Elliman report, developers have shifted their attention to rentals. Rates for rental apartments continue to rise because most of the new product is luxury. In the third quarter, the average rent for a two-bedroom apartment was $2,320.

Much of the inventory slated for 2017 is rentals — developers are expected to complete 3,575 rental units compared to 2,774 condos, nearly doubling Miami’s ...