Working together, the Firm can help a client chart a project plan that maximizes the project’s value while minimizing real estate tax and other costs.Īdditionally, we focus on connecting our clients with other real estate players to help our clients grow their businesses, which is a core mission of the Firm and a unique value add platform that we offer to clients. The Firm is one of the few in New York City with the ability to advise its real estate tax and incentives clients alongside other practice groups of significant concern to the client, such as our Land Use and Opportunity Zone Practice Groups. New York State Division of Housing and Community Renewal to Brooklyn with the Relocation Employment Assistance Program (REAP) calculator, Commerical Rent Tax (CRT) Industrial & Commercial Abatement Program (ICAP). NYC Department of Housing Preservation and Development The tax break for all properties is an abatement on any taxes greater than 115 of your initial tax due to the capital improvements that are made and this break can run. Begun in 1984 under a different name, ICAP provides real property tax relief for capital improvements to real property. The group regularly works with the following governmental agencies: the industrial and commercial abatement program (icap). Not-for-profit real estate tax exemptions to qualify for one of the last remaining commercial tax abatement opportunities for new development, modernization or renovation projects. Payment In Lieu of Tax (PILOT) Agreementsįood Retail Expansion to Support Health (FRESH) MGNY Consulting has lead the ICAP execution for dozens of projects and has been proudly serving the NYC developers for the past 12 years. To be eligible, industrial and commercial buildings must be built, modernized, expanded, or. Industrial & Commercial Abatement Program (ICAP) Ben developed the Rhodium Group Industrial Carbon Abatement Platform (RHG-ICAP) to model facility-level opportunities for emissions reductions in industry. Industrial & Commercial Abatement Program (ICAP) This program provides abatements for property taxes for periods of up to 25 years. Building Amenities: Otis® Elevator, On-site Coin-Operated Laundry, On-site Storage Lockers, Roof Deck, Electronic Access Control System, Video Intercoms. Voluntary and Mandatory Inclusionary Housing 35 Year 421-a tax abatement for the residential portion of building as well as a ICAP abatement for the commercial portion. Key aspects of the practice include the following: The NYC Real Estate Tax and Incentives Practice Group advises NYC real estate owners, developers, and lenders on different methods to maximize the return on their investment by way of minimizing real estate taxes and identifying the project’s eligibility for various real estate tax, zoning, and other benefits administered by various governmental agencies. The firm offers assistance in maximizing the value of an existing property through both the J-51 real estate tax abatement and exemption program and by obtaining approval of a Major Capital Improvement Rent Increase (MCI) from the NYS Division of Housing and Community Renewal. These benefits in certain circumstances may run for as long as 34 years.The NYC Real Estate Tax and Incentives Practice Group advises NYC real estate owners, developers, and lenders on different methods to maximize the return on their investment. In most circumstances, up to three additional years of tax benefits may be obtained during the construction period. Depending on the eligibility criteria, a 421-a real estate tax exemption may provide exemption benefits for a period of thirty-five years. We counsel developers of new residential construction of multiple dwellings that are eligible for a tax exemption under the 421-a program. ICAP (Industrial Commercial Abatement program) is designed for commercial construction projects including alteration, new development or any types of physical improvement done to the property. JGP has expertise in filings involving various real estate tax exemption and abatement programs available in New York, including benefits pursuant to the Industrial and Commercial Abatement Program (ICAP), the 421(a) Program, the J-51 Program, and not-for-profit exemptions. The ICAP tax abatement may provide a substantial real estate tax savings where a nonresidential building is altered or constructed in certain areas of New York City. The firm represents owners who construct new buildings or make alterations to existing buildings within the City of New York in filing for a tax abatement under the Industrial Commercial Abatement Program (ICAP).