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Our coop in midtown Manhattan (60 apts) got a J51 abatement recently for just over $100K in tax benefits for our boiler, elevator and exterior capital improvement projects! The application fee for a J51 is $500 and our property manager handled the filing. The program is sponsored by the NYC Dept. of Housing and Preservation Development (HPD).
Go to www.nyc.gov and keyword in "J51" for more information. You can also call the HPD at 212-863-5517 for complete details on eligibility, how/when to apply, etc.
It's a tax benefit opportunity that you should definitely take advantage of.
Thanks, ABB. My only comment to you: I don't know why your prop agent hired a specialist lawyer to file a J51 abatement for you. Our agent handled it for us. Seems a waste of money in legal fees. We have a coop attorney but we didn't even have to use him on this.
One of the many reasons that I'd like us to look for a new agent who is more up to date on what's going on....what can I say? Too late on this J51, but I've saved your information about what to do for next time.
ABB - I may be wrong but I think your agent can start J51 filing when construction on a cap improvement project begins but you have to file for it within 4 yrs after the job is completed. Just my opinion but if your agent doesn't know if your bldg is eligible for J51, there's probably a lot he should know about many other things but doesn't. Every good agent knows about the J51 program or at least how to find out about it.
My suggestion: get a new agent/mgmt company and don't put it off. You may be losing out in many ways with the one you've got.
What is the value of some of your apartments?
The sale value of our apts are in the $450K to $500K range.
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Thanks. After the board did what research we could, our agent finally hired a specialist lawyer who is applying for it. Congrats on getting your abatement!
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