Hallet’s Point project delayed due to 421-a expiration
Elected officials and developers broke ground on the project on January 14.
The Hallets Point development that was set to construct seven buildings and 2,400 units, 483 of which were earmarked for low-income housing, has come to a screeching halt.
That’s because the 421-a tax program, which was essential to the financing of the project, has expired.
“Without a new 421-a or a replacement program, we can’t continue with the project. Nothing can be done,” a Durst Organization spokesman has said. “Without the abatement, the economics for the project collapse and we couldn’t get a construction loan.”
The tax program expired the day after the project first broke ground on January 14. Mayor Bill de Blasio, local elected officials and developers all spoke at the ceremony. On January 15, the tax abatement expired.
The first building in the project started construction before the tax program expired, so that will still be built. It will house 405 units, with 81 set aside for low-income New Yorkers.
The rest of the project remains up in the air.
I think it is great that the project will not continue. It would only take away from the view from the park. These developers are in it for themselves, not the community, as are the politicians.