I am proud to share that earlier this week, I secured for my client a significant package of economic benefits from the New Rochelle (Westchester County, NY) Industrial Development Agency for a multi-unit residential project my client is developing in the city.

I was able to guide my client successfully to obtaining all three of the benefit categories that the IDA is empowered to confer: exemption from sales tax on construction materials and fixtures, exemption from mortgage recording tax on financing for the project, and a 10-year scaled partial abatement of property taxes in the form of a PILOT (Payment In Lieu of Taxes) arrangement.

With this approval, my client will be able to finish the project and achieve a reasonable rate of return, while contributing much-needed new quality housing stock to the community.