Questions owners are asking

The abatement offsets the property tax increase your construction would otherwise trigger, for 8 to 25 years depending on the project and the schedule it lands on. There is no honest ballpark before a review: the dollar value turns on what the finished building earns and how the assessment moves, so anyone quoting a figure from two inputs is guessing. A specialist can size it from your project's actual numbers.

Renovation work qualifies across the city, with Manhattan the exception to check: between 59th and 96th Streets commercial projects are excluded entirely, and south of 59th Street renovation runs on its own schedules. One trap worth knowing: an enlargement that grows the building's size or height by more than 30 percent counts as new construction, not renovation, and that can flip the answer in Manhattan.

Yes, and on their own provision. Benefits are available for commercial or renovation construction work on the square footage used to provide lodging and support services for transient guests. Note where the weight falls: transient is the test, not the sign over the door, so space run as permanent residence sits on the residential side of the line however the building is described. The point owners miss is that hotel use is expressly not treated as residential, so it does not count toward the 20 percent residential bar that stops other projects. The location, spending and timing rules still apply in the ordinary way.

Usually, though not under that name. Community facility is a zoning term and does not appear in the tax statute at all. What the statute asks is whether the finished property is nonresidential and used for providing goods or services, or for other lawful business activity, which is a test most community facility uses meet. The catch is elsewhere: a property already receiving a not-for-profit exemption generally cannot hold ICAP at the same time, so the ownership and exemption position is the thing to check first.

The commercial share of a mixed-use project can qualify. The residential share decides it: where 20 percent or more of the building is residential, the benefit is barred. Whether your planned split clears that line is exactly what MGNY confirms on the first call.

The application must be filed on or before the DAY the first building permit is issued, and only certain permits start that clock: foundation, new building, support of excavation and Alteration Type 1. A demolition or electrical permit does not. If a qualifying permit was issued today, the filing can still be made today, so call before writing anything off.

Two program-wide ones: applications are accepted until March 1, 2029, and no benefits are granted for work under a building permit issued after April 1, 2029. Your own project adds its own clocks, starting with the first-permit rule above and a four-year window for the minimum required spend.