A key piece to the puzzle in Brooklyn ground up Residential and Mixed Use development of vacant land has been the 421A Tax Abatement which expired in 2016.
Governor Andrew Cuomo has been working on a bill that could replace the 421A Tax Abatement. Cuomo says that “it has been signed off by the real estate community and the labor unions”. Cuomo also said that “it will create 2,500 units of affordable housing per year and give developers 40 years of tax breaks’.
The answer to what is the future of land prices in Brooklyn is where and in what neighborhood you are looking. According to Paul Travers, managing partner at Washington Square Partners “prices in Downtown Brooklyn peaked about six months ago.”
The consensus seems to be that land prices may be off 20% to 30% from peak at the moment, however Brooklyn has become a market unto itself and land prices should keep moving along nicely for several years to come.
If you are thinking of selling your vacant land, development opportunity, residential, commercial or mixed use property in Brooklyn, Queens or Manhattan, call us. You will be very happy that you did.
Accord Real Estate Group