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J-51 tax abatements

Started by heatfanz
almost 16 years ago
Posts: 21
Member since: Jun 2010
Discussion about
Do J-51 tax abatements stay with the apartment after it is sold or is it ownership specific? Thanks.
Response by kylewest
almost 16 years ago
Posts: 4455
Member since: Aug 2007

Generally, in coops, it is the corporation's and each shareholder benefits no matter when they became a shareholder so long as the abatement is in place. Not sure if you meant in a coop though.

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Response by joepa
almost 16 years ago
Posts: 278
Member since: Mar 2008

It is building specific - it stays with the building for the duration of the benefits.

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Response by heatfanz
almost 16 years ago
Posts: 21
Member since: Jun 2010

Sorry...in a condo

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