Energy Cost Savings Program (ECSP) – An eight year program (with a 4 year phase out) that reduces the delivery portion of electricity and natural gas expenses by 45%.
(Eligible in commercial buildings north of 96th Street and all of the boroughs) |
Approximately $1.13/ RSF |
Commercial Expansion Program (CEP)– Property Tax abatement signed in conjunction with ownership for a $2.50/RSF for 3 years with $1.65/RSF on the 4th year, and $.83/RSF on the 5th year. For expansion leases over 25,000 sqft applying for a 10 year time frame the benefit rises to $25.00/RSF.
(in all 4 outer Burroughs as well as select locations within Manhattan).
|
Approximately $2.00/RSF |
Relocation Employment Assistance Program (REAP)– Provides $3,000.00/employee per year in tax abatement to employees relocating to any of the 5 boroughs.
(Eligible in commercial buildings to tenants in all 4 of the outer Boroughs). |
$3,000/ job per year |
Commercial Rent Tax (CRT)– An exemption on commercial rent tax worth 3.9 percent of annual rent for the base year for a total of 5 years.
(Eligible in commercial buildings to tenants in all 4 outer Burroughs as well as select locations within Manhattan). |
Worth approximately 2.5 months of free rent on a 5 year lease term |
Industrial & Commercial Abatement Program (ICAP)-Partial exemption partial or complete abatement of property taxes for renovated commercial buildings built within the last 25 years.(Eligible to commercial buildings to tenants signing leases in all 4 outer Burroughs as well as select locations within Manhattan).
(Eligible to commercial buildings South of Murray Street) |
$4.40/RSF |