Coming sooner than you think: June 2022 deadline to start buildings under current tax break (which might expire), to meet May 2025 project requirement
Crunch time is coming, in 15 months.
The date 6/15/22--as I wrote in June 2019--is key to understanding whether and how the developers of Atlantic Yards/Pacific Park will meet the 5/31/25 deadline for the required 2,250 affordable housing units, with potentially onerous $2,000/month fines per missing unit.
There are four towers under construction now, but that means a gap of 876 units, which depend likely on two towers starting over the Vanderbilt Yard--and that depends on a platform that has not yet started.
The 6/15/22 may be the deadline to start the necessary buildings, given that that's the deadline to start buildings under the current Affordable New York tax break, and it's not clear whether and how that will be renewed, provoking uncertainty among developers.
The date 6/15/22--as I wrote in June 2019--is key to understanding whether and how the developers of Atlantic Yards/Pacific Park will meet the 5/31/25 deadline for the required 2,250 affordable housing units, with potentially onerous $2,000/month fines per missing unit.
There are four towers under construction now, but that means a gap of 876 units, which depend likely on two towers starting over the Vanderbilt Yard--and that depends on a platform that has not yet started.
The 6/15/22 may be the deadline to start the necessary buildings, given that that's the deadline to start buildings under the current Affordable New York tax break, and it's not clear whether and how that will be renewed, provoking uncertainty among developers.
So while it's surely possible to start constructing a building in the second half of 2022 and finish by mid-2025, the tax advantages remain uncertain.
Of course it's possible that the project developers will seek an extension or exemption--COVID-19?--though they have not done so.
Stay tuned.
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