Being inside a 421a geographic exclusion zone and seeing new construction is like a bag of candy on Halloween. When I was walking down 44th Drive towards Jackson Avenue, I was more captivated by what was happening to my left (away from 27-19 44th) than the construction mess that was on my right. As luck would have it, 27-19 44th Drive is a legit 421-a building in a geographic exclusion area. You know what that means – rent stabilization AND affordable units! Take a look at the Department of Finance tax benefit stats:
Right now the property is in year 2 of a 3 year 421-a tax benefit, at which time the benefit will then, pending compliance, go full term (35 years according to a February 2012 sundry agreement filed for the property in ACRIS). Interesting to note, the owners of the site, NAS International, Inc., purchased the property way back in 1996 and did so with just a $230,000 mortgage. Today, NAS International still owns the property (and satisfied the mortgage), but conveyed a 99-year lease to TP LIC, LLC for $22,800,000 (which was subsequently assigned to the current developer, Watermark Court Square Property Owner, LLC, for $6.5 million). Not a bad investment back in 1996.