February 22, 2017
The developers of Essex Crossing re-arranged their plans again, adding more housing units to a plan that already totals 1,000 apartments and condominiums. This, according to an account in Curbed New York of a meeting of Community Board 3 held February 15, 2017.
At least some of the change in plans results from the expiration of New York City’s most important tax break for development, the 421-a program. Until recently, the program offered property tax relief to new residential developments that include substantial affordable housing.
Essex Crossing will now include 561 apartments and condominiums priced to be affordable to households earning low and moderate incomes, as well as 517 luxury apartments and condominiums. Meanwhile, the first building is almost finished, and includes a seniors high-rise with 100 affordable apartments.
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