CLIENT ALERT: NYC M-Core Revitalization Deadline
July 12, 2023 – The New York City EDC and the New York City Industrial Development Agency recently launched The Manhattan Commercial Revitalization (M-CORE) program.
This innovative program provides owners of commercial office buildings with a range of tax incentives to support transformative renovations of office buildings located in Manhattan south of 59th Street.
The program is designed to help building owners decrease vacancies and attract world-class tenants.
M-CORE Tax Incentives
- Real property tax abatement and stabilization
- Partial mortgage recording tax exemption
- Sales tax exemption
Eligibility Requirements
- Location: Manhattan, South of 59th Street (excluding the Hudson Yards Financing Area and Penn Station Area GPP)
- Building Age: Built prior to 2000
- Building Size: At least 250,000 gross square feet
- Minimum Capital Investment: 75 percent of the project location’s current assessed value for land and building as determined by the New York City Department of Finance for the most recent available year
To learn more about this program and discuss whether your project might be eligible for these tax incentives, please contact DHC’s Economic Development and Tax Incentive Practice Group Co-Chairs:
Jeff Citron: 646-428-3290 | cit@dhclegal.com or Nick Terzulli: 646-428-3270 | ntt@dhclegal.com
