After 10 months of legislative limbo and stalled construction sites, the Building and Construction Trades Council of Greater New York and the Real Estate Board of New York have reached an agreement to resurrect the controversial 421-a tax exemption, which props up rental development throughout much of New York City.
Construction is nearly finished on 432 Park Avenue, the tallest residential building in the Western hemisphere. Five open-air mechanical floors on the 1,396-foot-tall skyscraper will be lit every day at sunset starting Monday, and we have photos of the display.
Last year, YIMBY gave you the first look at the residential expansion planned for 207 South 3rd Street in Williamsburg. Now we’ve got new renderings of the project, which is under construction at the corner of Roebling Street. The updated images show factory-style windows, glassy balconies with landscaping, and a gray brick facade. However, the boxy, protruding shape and the double-height ground floor remain the same as the original design.
East Flatbush hasn’t seen much development action since the 421-a tax break expired in January. But a little market-rate project is coming to the hood, possibly spurred by renewed negotiations over the controversial policy. A pair of five-story residential buildings may replace a detached house at 3603 Farragut Road, at the corner of Brooklyn Avenue in East Flatbush.
The area near Fordham University in the Bronx is poised to get a little more market-rate housing. Plans were filed earlier today to build an eight-story apartment building at 2180 Arthur Avenue in Belmont, in the northwestern part of the borough.
