Planning to purchase, build, or renovate commercial office property in New York City? The NYCIDA Commercial Office Program can help you lower the tax burden on those expenses.
- Building taxes may be stabilized at the pre-improvement assessed value for up to 25 years
- Land taxes may stabilized for up to 25 years
- City and State sales tax (8.875 percent) may waived on purchases such as construction and renovation materials and equipment
- Mortgage Recording Tax may be lowered from 2.8 percent to 0.3 percent
All NYCIDA benefits are discretionary. NYCIDA will assess the need for financial assistance and the economic impact of the proposed project.
Factors considered by NYCIDA include (without limitation):
- Size of capital investment (minimum of the greater (i) $5 million or (ii) 25 percent of the combined assessed valuation of the project land and existing improvements, exclusive of acquisition cost)
- Jobs created and average wages paid
- Nature of business
- Financial performance
- For developer projects, tenanting strategy and timeframe, including letters of commitment from one or more anchor tenants
- Environmental review