421-A Question

I think so. Call Tax Exemption Unit at HPD.

The search discussions function on the right side of your screen is helpful.

http://streeteasy.com/nyc/talk/discussion/5892-how-much-long-does-it-typically-take-for-a-new-constructions-re-tax-abatement-to-kick-in

421-a exemptions have two phases: construction benefits and permanent benefits. Theoretically, 421-a should already be in place. However, the 421-a unit at HPD is notoriously slow and backlogged. It can easily take over a year for the application to be approved. Three years is not unheard of. You can call the 421-a unit at HPD and ask for a status, but they aren’t going to tell you much more than “the application has been filed and is currently being processed” or “the application has not been filed.” Ask the developer what the status is, and if they say it’s in place, ask to see a copy of the Temporary Certificate of Eligibility. If they can’t provide that, they’re lying.

What does this mean to you? If the developer’s 421-a expeditor isn’t sufficiently aggressive, you could close on your condo while 421-a benefits are still pending. You would then end up paying full taxes until the application is approved, at which point you would be refunded the overcharge. You don’t want that to happen.

What can you do about it? That’s between you and your attorney, I guess.