"The unit counts are not an accident. They are part of a broader pattern created by New York's new 485-x tax incentive, which offers long-term property tax breaks but also triggers separate wage rules once a project hits 100 units."
"Industry and legal observers say that structure has created a '99-unit cliff,' nudging developers toward modestly sized rental projects that lock in 485-x benefits without triggering higher construction wage floors."
Rabsky Group is set to develop two mid-rise rental buildings in Bedford-Stuyvesant, totaling 197 apartments. The buildings will be 11 stories high, with one containing 99 units and the other 98. This development aligns with New York's 485-x tax incentive, which encourages smaller projects to avoid higher construction wage requirements. The projects are being designed by Kao Hwa Lee Architects, and the acquisition is expected to finalize soon, with a $3 million mortgage already assigned to the buyers.
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