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Jackson Park (right), an upscale apartment complex in Long Island City, Queens, where penthouses rent for $8,500 per month, gets an annual tax break of $21 million that virtually eliminates its property tax.
The New York Times looks at whether the tax-incentive program known as 421a helps with the development of affordable housing. Five Bottom plans to open 400 new stores over the next two years, reports chain store Edge. These are must-reads from today’s commercial real estate industry.