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Keyword: 421a

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  • Lightning Rod: It's not A-Rod's fault he got a tax break on his condo

    03/05/2011 9:19:06 PM PST · by JimPrevor · 2 replies
    The Weekly Standard ^ | March 14, 2011 | Jim Prevor
    New York Yankees superstar Alex Rodriguez is in the news again, this time for reasons having nothing to do with Cameron Diaz or baseball. It seems A-Rod has purchased a spiffy condo in a building newly constructed in Manhattan. The building’s developers took advantage of New York’s 421a program, which is designed to both encourage new construction and provide affordable housing. In exchange for constructing a new building on vacant or under-used land and creating affordable housing in the outer boroughs, developers get their real estate taxes on the improvements phased in over a period of years​—​in this case, ten.......