Real Estate Board of New York Revives Project 421-A

Real Estate Board of New York (REBNY) Image: therealdeal.com
Real Estate Board of New York (REBNY)
Image: therealdeal.com

As the owner, chairman, and CEO of Monday Properties–a real estate property firm in New York City–Anthony E. Westreich is responsible for leading the entirety of the firm’s business activities; this role includes dealing with major leasing and capital transactions. An engaged participant in his professional field, Anthony Westreich is a member of the Real Estate Board of New York.

The Real Estate Board of New York (REBNY), together with the administration of Gov. Andrew M. Cuomo, reportedly had talks in August 2016 to discuss resurrecting an old housing project known as 421-A that would offer more affordable housing for low to moderate-income earning families of New York City.

The proposal that was sent to developers stated that they would be required to provide below-market housing that would entail setting aside 20 to 30 percent of units per project for this purpose. Although there is no clear-cut plan on how 421-A will be financed and managed, union leaders expressed the sentiment that wage subsidies and tax-abatement may be viable resolutions to the issue. For now, it is up to the REBNY to decide on the matter.

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