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I read through the new J51 law. It does not seem too friendly to coops/condos. Firstly, to be eligible for J51 benefits work must be completed within 30 months instead of the previous limit of 36 months. Next, a private coop with an average per apartment assessed value above $30,000 would not be eligible for J51 unless the work in financed through a govt program which are usually reserved for affordable housing projects.
If the average AV is less than $30,000 it looks like the building is eligible for J51.
Does anyone have a different take on these new laws?
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It doesn't seem too friendly to *upscale* coops/condos. I'm sure all the buildings whose assessed value per apartment is less than $30k are very appreciative. I would imagine that the decision-making process involved in determining a cutoff level centered on how much of an effect would the lack of an abatement like J51 have on future capital improvements. Probably a disproportionately larger effect on buildings whose AV/P is below $30k than those above.
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