Developer Sam Charney Dissects New York's 421a Extension and New Tax Break on the Block 485x

05/20/24 • 26 min

Last month, Gov. Kathy Hochul passed a bombshell housing deal that extended the 421a tax abatement and introduced a new tax break for apartment projects: 485x. Developer Sam Charney of Charney Companies talks the profit potential of 485x compared to 421a, demand for sites eligible for the extension and when rental construction will ramp back up.

Previous Episode

Deconstruct Live! Talks Bank Failures, Multifamily Fears with Fortress, Benefit Street and Urban Standard

It's Deconstruct Live! at The Real Deal's New York Forum. Fortress' Steve Stuart, Benefit Street Partners' Mike Comparato and Urban Standard Capital's Seth Weissman talk bank failures, distressed note buying and lending demand in a live taping of Deconstruct.

Next Episode

Dealing with Syndications 101 with LP Adviser Aleksey Chernobelskiy

Aleksey Chernobelskiy has many pieces of advice for retail investors writing checks for syndicated real estate deals. But, one of the most important: you could lose it all. As many syndicators — firms that pool equity to buy property — grapple with distress, thanks to rising interes rates, investors have been stuck in the crosshairs trying to determine whether to pump more money into a struggling deal, or walk away.

Deconstruct chatted with Chernobelskiy about syndicator best practices, what retail investors should know about real estate investing, feeder funds tapping wealth for these deals and what LPs can do if everything goes wrong.