Tax Exemption/Tax Abatement Commencement: Duration and Amount.
28 RCNY § 5-06
in effect§ 5-06 Tax Exemption/Tax Abatement Commencement: Duration and Amount.
(a) Tax Exemption.
(1) Except as provided in § 489(9) of the Real Property Tax Law, for a period of fourteen years, or thirty-four years if the eligible project was a moderate rehabilitation or a project eligible under 28 RCNY § 5-03(a)(9), any increase in assessed valuation of properties which receive a Certificate of Eligibility and Reasonable Cost shall be exempt from taxation on any increase in assessed valuation resulting from the certified reasonable cost of the alteration, improvement or conversion performed pursuant to the Act. If the conversion, alteration or improvement results in an increase in the gross cubic content of the building, the portion of the building which represents the additional cubic content shall not be exempt from any increase in assessed valuation. In the case of fourteen year exemptions, any increase in assessed value which results from an alteration, improvement or conversion shall be fully exempt for ten years and such exemption shall be reduced by twenty per cent (20%) in each succeeding year. In the case of thirty-four year exemptions, any increase in assessed value which results from an alteration, improvement or conversion shall be fully exempt for thirty years and such exemption shall be reduced by twenty per cent (20%) in each succeeding year.
(2) The land improved by a building with a Certificate of Eligibility and Reasonable Cost shall not be exempt from an increase in assessed valuation. An increase in assessed valuation resulting from an alteration, improvement or conversion other than one made pursuant to the Act shall not be exempt.
(3) Tax exemption shall commence on the first day of July following the commencement of tax abatement with the following exceptions:
(i) If tax abatement commences on July first, tax exemption shall start at the same time;
(ii) Tax exemption may commence on the first day of any tax quarter designated by the Office following the commencement of construction if the property is:
(A) Aided by a loan made pursuant to Article 8, 8-a or 15 of the Private Housing Finance Law; or
(B) Aided by a loan made pursuant to § 312 of the United States Housing Act of 1964 (42 U.S.C. § 1452b); or
(C) Started after July 1, 1983 by a housing development fund company organized under Article 11 of the Private Housing Finance Law and carried out either
(a) with substantial governmental assistance or
(b) in a property transferred from the City where alterations and improvements are completed within seven years of the date of such transfer; or
(D) Started after July 1, 1988 by or on behalf of a company not qualified under any of the above provisions, which is a not-for-profit corporation qualified pursuant to § 501(c)(3) of the Internal Revenue Code and which has entered into a regulatory agreement with the HPD requiring operation of the property as housing for low and moderate income persons and families; or
(E) Started after July 1, 1992, and aided by a loan or grant under Article 11, 12 or 22 of the Private Housing Finance Law, § 696-a (Article 16) or § 99(h) of the General Municipal Law, or the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. §§ 12701 et seq.).
(iii) A Temporary Certificate of Eligibility may be issued in the discretion of the Office for projects eligible for tax benefits pursuant to 28 RCNY § 5-06(a)(3)(ii) above.
(b) Tax exemption limitation.
(1) Except for special circumstances enumerated in paragraph (4) of this subdivision (b), property in the Borough of Manhattan south of or adjacent to the south side of one hundred tenth street with an average assessed valuation per dwelling unit of thirty-eight thousand dollars ($38,000) or more after completion of construction, calculated by dividing the amount of the total assessed valuation of the residential portion of the property as determined under the Real Property Tax Law by the number of dwelling units in the building after completion of construction of the conversion, alteration or improvement, shall not be eligible for a tax exemption. The amount of assessed valuation that will be exempt from taxation shall be calculated pursuant to the following table:
Average Assessment per Dwelling Unit After Completion of Construction Percent of Increased Assessment Exempt
$18,000 or less 100%
$18,001 – $22,000 75%
$22,001 – $26,000 50%
$26,001 – $30,000 25%
$30,001 – $37,999 0%
$38,000 or more No exemption granted
(2) In calculating the amount of assessed valuation that will be exempt from taxation pursuant to the formula in paragraph (1) above, the full amount of total assessed valuation that does not represent increased assessed valuation shall be applied in such formula prior to the inclusion of any amount of increased assessed valuation.
(3) Where the real property is occupied in part for residential purposes and in part for non-residential purposes, unless the non-residential portion is on a separately-assessed tax lot, the assessed valuation of the property shall be allocated by the Office between the residential and non-residential portions based on pro rata square footage. In computing the total assessed valuation per dwelling unit under paragraph (1) above, only the amount of valuation so allocated to the residential portion shall be considered.
(4) Exception to Assessed Valuation Limitation to Allow Additional Affordable Housing Units.
(i) Notwithstanding the provisions in paragraph (1), the Office may reduce or remove the limitations on the exemption from taxation provided in such paragraph with respect to a particular property undergoing alteration or improvement, upon application of the property owner and a determination by the Commissioner that the increased benefit will increase the number of dwelling units that will be affordable to persons of low and moderate income, and the increased benefit is necessary to make economically viable units or to improve the quality of dwelling units that will be affordable to persons of low or moderate income.
(ii) As used in this paragraph (4), the term "persons of low or moderate income" shall mean persons who would qualify for housing subsidies pursuant to section two hundred thirty-five (§ 235) of the National Housing Act, as amended, at one hundred thirty-five percent (135%) of the income limitations provided therein. The term "affordable," when used in connection with persons of low or moderate income, shall mean that such persons shall not be required to spend more than thirty percent of their adjusted annual income for housing.
(iii) Upon receiving an application under this paragraph (4) in proper form, the Office shall immediately submit it to the community board for the area in which the project is located, which may, within forty-five days of receiving it and after a public hearing, make recommendations to the Office as to the application. The Office shall act on the application within sixty days of receiving it from the property owner in proper form, but not before expiration of the time for the community board to make its recommendations, unless the board has acted sooner.
(iv) The Office will not approve any application under this paragraph (4), unless the owner enters into an agreement with the City which guarantees that at least thirty percent (30%) of the apartments in the building receiving tax benefits shall be rented or sold to persons of low or moderate income at rentals or carrying charges not exceeding thirty percent (30%) of their annual income, and that such apartments will, on vacancy, be re-rented or re-sold to persons of low or moderate income for a period of no less than fifteen (15) years. Such units must be rehabilitated or newly created units resulting from substantial rehabilitation or conversion.
(5) For purposes of this subdivision (b), the assessed valuation shall be the actual assessed valuation not transitional assessed valuation.
(6) Further exceptions to assessed valuation limit. The following conversions, alterations, and improvements are not subject to the limitations set forth in paragraphs (1) and (2) of this subdivision (b).
(i) Alterations or improvements under 28 RCNY § 5-03(a)(6); and
(ii) Conversions of residential units covered by Article 7-C of the Multiple Dwelling Law under 28 RCNY § 5-03(a)(2); and
(iii) Alterations or improvements under paragraphs (5), (7) or (8) of 28 RCNY § 5-03(a) when carried out:
(A) with substantial governmental assistance, or with the aid of grants, loans or subsidies from any not-for-profit philanthropic organization one of whose primary purposes is providing housing affordable to persons of low or moderate income as defined in 28 RCNY § 5-06(b)(4)(ii); or
(B) with mortgage insurance by the New York City Residential Mortgage Insurance Corporation or the State of New York Mortgage Agency; or
(C) within the areas in New York County set forth in 28 RCNY § 5-10; or
(D) pursuant to a program established by the Federal Housing Administration, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association for the rehabilitation of existing multiple dwellings for persons of low or moderate income, or a program of mortgage insurance for the rehabilitation of existing multiple dwellings pursuant to § 223(f) of the National Housing Act, as amended, or a program of mortgage insurance established by the Federal Housing Administration for the rehabilitation of existing multiple dwellings for persons of low or moderate income; provided that properties receiving benefits under such programs are located in a neighborhood strategy area, as defined by HUD (24 C.F.R. Part 881), or in one of the neighborhood preservation areas listed in 28 RCNY § 5-10.
(7) Assessed valuation limits for projects commenced prior to June 1, 1986. Conversions, alterations and improvements commenced after September 15, 1983 and before June 1, 1986 are subject to the exemption limitations set forth in 28 RCNY § 5-06(b) whether they are located in Manhattan or in any other Borough of the City, unless they qualify under one of the exceptions to the assessed valuation limit set forth in 28 RCNY § 5-06(b)(6), or are located in a designated neighborhood preservation area, as listed in 28 RCNY § 5-06(d)(3)(iii)(C). For purposes of this subdivision (b), the Clinton neighborhood preservation area is exempt from the assessed valuation limits of 28 RCNY § 5-06(b) only for conversions, alterations and improvements commenced prior to June 28, 1988.
(c) Tax abatement.
(1) Enriched abatement. In the case of
(i) alterations or improvements carried out pursuant to 28 RCNY § 5-03(a)(6) which are carried out with substantial governmental assistance or with the aid of grants, loans or subsidies from any not-for-profit philanthropic organization one of whose primary purposes is providing low or moderate income housing or financed with mortgage insurance by the New York City Residential Mortgage Insurance Corporation or the State of New York Mortgage Agency or pursuant to a program established by the Federal Housing Administration for rehabilitation of existing multiple dwellings in a neighborhood strategy area, as defined by HUD (24 C.F.R. Part 881); or
(ii) any conversion, alteration or improvement of property located in census tracts in which seventy-five percent (75%) or more of the population live in households which earn fifty percent (50%) or less of the median household income of the City, involving substantial governmental assistance; or
(iii) any alteration, improvement or conversion carried out pursuant to 28 RCNY § 5-03(a)(9); the abatement of taxes on such property, including the land shall not exceed the lesser of the total actual cost of the alterations, improvements or conversion or one hundred fifty percent (150%) of the total certified reasonable cost of the alterations or improvements, and the annual abatement of taxes shall not exceed twelve and one-half percent (12.5%) of such certified reasonable cost.
(2) Maximum annual and aggregate abatement.
(i) In all cases not qualifying for the enriched abatement described in 28 RCNY § 5-06(c)(1), the maximum annual and aggregate abatement for each of the eligible projects listed in 28 RCNY § 5-03(a) is as follows:
Project Maximum Annual Abatement Maximum Total Abatement
28 RCNY § 5-03(a)(1) 8 1/3% of CRC 90% of CRC
* 28 RCNY § 5-03(a)(1) 8 1/3% of CRC 50% of CRC
28 RCNY § 5-03(a)(2) 8 1/3% of CRC 90% of CRC
** 28 RCNY § 5-03(a)(2) 8 1/3% of CRC 50% of CRC
28 RCNY § 5-03(a)(3) 8 1/3% of CRC 50% of CRC
28 RCNY § 5-03(a)(4) 8 1/3% of CRC 90% of CRC
*** 28 RCNY § 5-03(a)(5) 8 1/3% of CRC 90% of CRC
**** 28 RCNY § 5-03(a)(6) 8 1/3% of CRC 100% of CRC
28 RCNY § 5-03(a)(7) 8 1/3% of CRC 90% of CRC
***** 28 RCNY § 5-03(a)(8) 8 1/3% of CRC 90% of CRC*
28 RCNY § 5-03(a)(10) 8 1/3% of CRC 90% of CRC
***** 28 RCNY § 5-03(a)(11) 8 1/3% of CRC 90% of CRC
****** 28 RCNY § 5-03(a)(6) 12 1/2% of CRC 150% of CRC
****** 28 RCNY § 5-03(a)(9) 12 1/2% of CRC 150% of CRC
* Conversions within the County of New York on any tax lot bordering on or south of 96th Street.
** Conversions within the County of New York.
*** Only work specified on the Itemized Cost Breakdown Schedule is eligible for tax benefits. However, the CRC for such qualifying work shall be equal to the actual cost of the work. Notwithstanding the foregoing, the maximum allowable abatement may not exceed 50% of CRC if done in connection with a non-residential conversion located within the County of New York.
**** Non governmentally-assisted moderate rehabilitation.
***** Only eligible for 50% of CRC if done in connection with a non-residential conversion located within the County of New York.
****** Pursuant to 28 RCNY § 5-06(c)(1): governmentally-assisted moderate rehabilitation and substantial rehabilitation.
(ii) In cases qualifying for the enriched abatement described above in 28 RCNY § 5-06(c)(1), the maximum aggregate and annual abatement is:
(3) Tax abatement shall commence as follows:
(i) for cooperatives and condominiums with an average transitional assessed valuation per dwelling unit of less than forty thousand ($40,000) dollars, on the first day of the tax quarter following the filing of the Certificate of Eligibility and Reasonable Cost with the Real Property Assessment Bureau of the Department of Finance, except as provided in subparagraphs (ii) and (iii) below:
(ii) for cooperatives and condominiums with an average transitional assessed valuation per dwelling unit of forty thousand ($40,000) dollars or more, and for all other buildings, on the first day of January or July, whichever date next follows the filing of the Certificate of Eligibility and Reasonable Cost with the Real Property Assessment Bureau of the Department of Finance;
(iii) for property aided by a loan made pursuant to the authorities listed below or owned by a type of corporation listed below, on the first day of any tax quarter designated by the Office following the commencement of construction:
(A) Article 8, 8-a, or 15 of the Private Housing Finance Law or § 312 of the United States Housing Act of 1964 (42 U.S.C. § 1452b), or
(B) if commencement of construction occurred after July 1, 1988, by or on behalf of a not-for-profit corporation qualified pursuant to § 501(c)(3) of the Internal Revenue Code and which has entered into a regulatory agreement with HPD requiring operation of the property as housing for low and moderate income persons and families, or
(C) if commencement of construction occurred after July 1, 1992, Article 11, 12 or 22 of the Private Housing Finance Law or § 696-a (Article 16) or § 99(h) of the General Municipal Law or the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. §§ 12701 et seq.).
(4) Taxes may be abated each year by the amount specified in the 28 RCNY § 5-06(c), provided that in no event may taxes be abated for more than twenty years nor may the abatement in any twelve month period exceed the amount of taxes payable in such twelve month period.
(d) Tax abatement limitations.
(1) Dollar limit. For conversions, alterations or improvements commenced on or after September 15, 1983, except in special circumstances enumerated in paragraphs (2) and (3) of this subdivision (d), the certified reasonable cost of a conversion, alteration or improvement eligible for abatement shall not exceed the amounts specified in the following table:
Number of Rooms Per Dwelling Units Maximum Eligible CRC
2 1/2 $12,600
3 1/2 $15,000
4 1/2 $17,400
5 1/2 $19,800
(2) Enriched dollar limit. An abatement may exceed the limitations set forth in paragraph (1) of this subdivision (d) by a maximum of twenty-five percent (25%) of the applicable limitation if, upon written request of the applicant, the Office determines that:
(i) in the case of a conversion pursuant to paragraphs (1), (2), (3) or (4) of 28 RCNY § 5-03(a), the increased cost is necessary to comply with applicable law; or
(ii) in the case of an alteration or improvement pursuant to 28 RCNY § 5-03(a)(7), the increased cost is necessary to eliminate unhealthy or dangerous conditions or replace inadequate and obsolete sanitary facilities in a satisfactory manner; or
(iii) in the case of an alteration or improvement pursuant to 28 RCNY § 5-03(a)(8), the increased cost is necessary to conserve energy in a satisfactory manner; or
(iv) in the case of an alteration or improvement pursuant to 28 RCNY § 5-03(a)(5), the increased cost, to the extent such cost is not offset by any and all tax credits received as a result of the alteration or improvement, is necessary to comply with any provision of law regulating historic or landmark buildings or structures.
(3) Exceptions to dollar limit. The following conversions, alterations, and improvements are not subject to the limitations set forth in paragraphs (1) and (2) of this subdivision (d), but are subject to the limitations of paragraph (4) of this subdivision (d).
(i) alterations or improvements under 28 RCNY § 5-03(a)(6); and
(ii) conversions of residential units covered by Article 7-C of the Multiple Dwelling Law under 28 RCNY § 5-03(a)(2); and
(iii) alterations or improvements under paragraphs (5), (7) and (8) of 28 RCNY § 5-03(a) when carried out:
(A) with substantial governmental assistance or with the aid of grants, loans or subsidies from any not-for-profit philanthropic organization one of whose primary purposes is providing housing affordable to persons of low or moderate income as defined in 28 RCNY § 5-06(b)(4)(ii); or
(B) with mortgage insurance provided by the New York City Residential Mortgage Insurance Corporation or the State of New York Mortgage Agency; or
(C) within the areas set forth in 28 RCNY § 5-10; or
(D) pursuant to a program established by the Federal Housing Administration, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association for the rehabilitation of existing multiple dwellings for persons of low or moderate income, or a program of mortgage insurance for the rehabilitation of existing multiple dwellings pursuant to § 223(f) of the National Housing Act as amended, or a program of mortgage insurance established by the Federal Housing Administration for the rehabilitation of existing multiple dwellings for persons of low or moderate income; provided that properties receiving benefits under such programs are located in a neighborhood strategy area, as defined by HUD (24 C.F.R. Part 881), or in one of the neighborhood preservation areas listed in 28 RCNY § 5-10.
(4) (i) Tax abatement for a multiple dwelling shall be available only if:
(A) for alterations and improvements commenced after June 28, 1988 and on or prior to June 15, 1993, the actual assessed valuation of such multiple dwelling, including land, does not exceed an average of thirty thousand dollars ($30,000) per dwelling unit at the time of commencement of construction of the alterations or improvements; or
(B) for alterations and improvements commenced after June 15, 1993, the actual assessed valuation of such multiple dwelling, including land, does not exceed an average of forty thousand dollars ($40,000) per dwelling unit at the time of commencement of construction of the alterations or improvements. Unless the non-residential portion is a separately-assessed parcel, when the building is occupied in part for residential purposes and in part for non-residential purposes, the assessed valuation of the property shall be allocated by the Office between the residential and the non-residential portions based on pro rata square footage, and only the amount of valuation so allocated to the residential portion shall be considered in computing the assessed valuation per dwelling unit.
(ii) The limitations set forth in this paragraph (4) shall not apply to:
(A) multiple dwellings owned as a cooperative or condominium; or
(B) multiple dwellings in which units have been newly created by substantial rehabilitation of vacant buildings or conversions; or
(C) alterations or improvements under 28 RCNY § 5-03(a)(6); or
(D) conversions of residential units covered by Article 7-C of the Multiple Dwelling Law under 28 RCNY § 5-03(a)(2); or
(E) alterations or improvements under paragraphs (5), (7) and (8) of 28 RCNY § 5-03(a) when carried out:
(a) with substantial governmental assistance or with the aid of grants, loans or subsidies from any not-for-profit philanthropic organization one of whose primary purposes is providing housing affordable to persons of low or moderate income as defined in 28 RCNY § 5-06(b)(4)(ii); or
(b) with mortgage insurance provided by the New York City Residential Mortgage Insurance Corporation or the State of New York Mortgage Agency; or
(c) within the areas set forth in 28 RCNY § 5-10; or
(d) pursuant to a program established by the Federal Housing Administration, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association for the rehabilitation of existing multiple dwellings for persons of low or moderate income, or a program of mortgage insurance for the rehabilitation of existing multiple dwellings pursuant to § 223(f) of the National Housing Act as amended, or a program of mortgage insurance established by the Federal Housing Administration for the rehabilitation of existing multiple dwellings for persons of low or moderate income; provided that properties receiving benefits under such programs are located in a neighborhood strategy area, as defined by HUD (24 C.F.R. Part 881), or in one of the neighborhood preservation areas listed in 28 RCNY § 5-10.
(5) Tax abatement benefits shall not be available to any limited-profit housing company established pursuant to article two of the Private Housing Finance Law to reduce taxes beneath the applicable statutory minimum tax, provided however, the benefits of the Act shall apply to alterations and improvements commenced after June 1, 1986 by any such company provided the project is otherwise eligible. Such multiple dwelling shall be eligible for benefits where at least one building-wide major capital improvement as set forth in 28 RCNY § 5-03(a)(6)(i) or a new roof (at least seventy-five percent (75%) of the aggregate roof area is replaced or covered with new roofing) or building-wide submetering of all individual dwelling units is part of the application for benefits. Furthermore, to the extent that such alterations or improvements are financed with grants, loans or subsidies from any federal, state or local agency or instrumentality, such multiple dwelling, building or structure, shall be eligible for benefits only if the limited-profit housing company has entered into a binding and irrevocable agreement with the commissioner of housing of the state of New York, the supervising agency, the New York city housing development corporation, or the New York state housing finance agency prohibiting the dissolution or reconstitution of such limited-profit housing company pursuant to section thirty-five of the Private Housing Finance Law for not less than fifteen years from the commencement of benefits. The abatement of taxes on such property, including the land, shall not be an amount greater than ninety percent (90%) of the certified reasonable cost of such alterations or improvements, nor greater than eight and one-third percent (8 1/3%) of such certified reasonable cost in any twelve month period, nor be effective for more than twenty years. The annual abatement of taxes in any twelve month period shall in no event exceed fifty percent (50%) of the applicable exemption granted pursuant to article two of the Private Housing Finance Law or other applicable laws or fifty percent (50%) of payments required to be made in lieu of taxes in such twelve month period. Notwithstanding the foregoing, the annual abatement of taxes for alterations or improvements commenced prior to June 1, 1986, may not be applied to reduce the amount of taxes payable or the amount of payments required to be made in lieu of taxes in any twelve month period to an amount less than the minimum amount of taxes required to be paid pursuant to § 3 of the Private Housing Finance Law (ten percent (10%) of shelter rent or assessed value at time of acquisition of the property by the housing company, whichever is higher).
(e) Restricted eligibility projects.
(1) The following buildings shall be eligible for limited tax benefits as set forth herein
(i) For any building:
(A) in which conversion, alteration or improvement commences on or after January 1, 1982, and
(B) which is located in the County of New York within an area designated herein as a minimum tax zone, the benefits of the Act shall not be applied to abate or reduce the taxes upon the land portion of such real property, which shall continue to be taxed based upon the assessed valuation of the land and the applicable tax rate at the time such taxes are levied; provided, however, that the foregoing limitation with respect to abatement of taxes shall not apply:
(a) to any multiple dwelling which is eligible for benefits based upon moderate rehabilitation pursuant to 28 RCNY § 5-03(a)(6) or
(b) to any conversion, alteration or improvement which is carried out with substantial governmental assistance.
(ii) For any building:
(A) in which conversion, alteration or improvement commenced on or after January 1, 1982, and
(B) which is located in the County of New York within an area designated herein as a tax abatement exclusion zone, the benefits of the Act shall not be applied to abate or reduce the taxes upon such real property, which shall continue to be taxed based upon the assessed valuation of the land and the improvements and the applicable tax rate at the time such taxes are levied; provided, however, that the foregoing limitation shall not deprive such real property of any benefits of exemption from taxation of an increase in assessed valuation to which it is entitled pursuant to the Act, and provided further that the foregoing limitation with respect to abatement of taxes shall not apply:
(a) to any Alteration or Improvement designated herein as a major capital improvement, provided that the maximum amount of tax abatement which may be applied against taxes due in any tax year by any such multiple dwelling for any such alterations and improvements shall be limited to an amount not in excess of two thousand five hundred dollars ($2,500) per dwelling unit, or
(b) to any conversion, alteration or improvement which is carried out with substantial governmental assistance.
(2) The minimum tax zone in the County of New York is as follows: all tax lots now existing or hereafter created within the following designated area or adjacent or contiguous to either side of any street forming the boundary of such designated area, which area is bounded and described as follows: beginning at Central Park West and 86th Street; thence easterly along 86th Street to the East River; thence southerly along the easterly boundary of New York County to 23rd Street; thence westerly along 23rd Street to Third Avenue; thence southerly along Third Avenue to 14th Street; thence westerly along 14th Street to Broadway; thence southerly along Broadway to Houston Street; thence westerly along Houston Street to West Street; thence northerly along West Street to 14th Street; thence easterly along 14th Street to 9th Avenue; thence northerly along 9th Avenue to 57th Street; thence westerly along 57th Street to the Hudson River; thence northerly along the westerly boundary of New York County to 72nd Street; thence easterly along 72nd Street to Central Park West; thence northerly along Central Park West to 86th Street and Central Park West, which is the place of beginning.
(3) The tax abatement exclusion zone in the County of New York is as follows: all tax lots within the following designated area or adjacent or contiguous to either side of any street forming the boundary of such designated area or adjacent or contiguous to either side of any street designated as included in such area, which area is bounded and described as follows: beginning at the intersection of 96th Street and Central Park West; thence easterly to Park Avenue; thence southerly along Park Avenue to the intersection of Park Avenue and 72nd Street; thence easterly along 72nd Street to York Avenue; thence northerly along York Avenue to the Franklin Delano Roosevelt Drive; thence north-westerly along the Franklin Delano Roosevelt Drive to as far as 96th Street; thence easterly to the easterly border of New York County; thence southerly along such border to 34th Street; thence westerly along 34th Street to 8th Avenue; thence northerly, along 8th Avenue and Central Park West as far as 96th Street, which is the place of beginning. Additionally, the following north/south and east/west thoroughfares shall be included in the tax abatement exclusion zone; 96th Street between Central Park West and the East River; 86th Street between Central Park West and the East River; 79th Street between West End Avenue and the East River; 72nd Street between West End Avenue and the East River; West End Avenue from 72nd Street to 86th Street; and Riverside Drive from 72nd Street to 96th Street.
Source: City of New York, Charter, Administrative Code and Rules (American Legal Publishing XML export, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCrules/0-0-0-54712Fetched: 10/24/2026