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 ...

Assuming no surprises, the 2nd Avenue Subway will open on January 1, 2017. What a way to start the new year! The first subway train will leave the new station at 96th Street on the UES at 6:04am. And when commuters descend into the new station on 96th Street as well as 86th, 72nd and 63rd, they will discover the fruits of MTA’s contemporary art projects. Now who says, subway can’t be a museum of sorts?

Harlem is adding another celebrity to its mix: Canadian Soprano Sharon Azrieli has purchased a large four-unit building in Harlem, paying $3.7 million for 111 West 128th Street. The four-story building currently features 24 rooms, 12 bedrooms and eight bathrooms across 6,000 square feet and four units. The seller was sculptor Gregg LeFevre who has created over 120 public art works in cast metal around the U.S. Notably, his work has been collected by Meryl Streep.